Rep. Jim Jordan, R-Ohio, went on Newsmax and dropped the hammer on the Biden administration’s two spending bills calling them a “recipe for disaster.”
Jordan said: “The arrogance coupled with the bad policy and now we might get a $5 trillion spending package that is a complete recipe for disaster. But that’s where we’re headed under this administration because, frankly, they haven’t done one thing right.
“Look, real wages are actually down because inflation is at a record high and The Wall Street Journal just did a piece where 4.3 million workers are no longer in the workforce.
“They permanently left because when you pay people not to work, you shouldn’t be surprised when you can’t find workers.
“When you tell people, they can’t be evicted, you shouldn’t be surprised when they quit paying their rent.
“So the Biden administration’s economic policy is lockdown your economy, spend like crazy, pay people not to work.
“And then for the people who are working and who are paying their rent, ‘oh, by the way, we’re getting ready to raise your taxes in this $5 trillion monstrosity of a package.’”
Billionaire hedge fund manager Paul Tudor Jones believes that inflation is here to stay, posing a major threat to the U.S. markets and economy.
“I think to me the No. 1 issue facing Main Street investors is inflation, and it’s pretty clear to me that inflation is not transitory,” Jones said Wednesday on CNBC’s “Squawk Box.” “It’s probably the single biggest threat to certainly financial markets and I think to society just in general.”
Jones said the trillions of dollars in fiscal and monetary stimulus is the impetus for inflation to run hotter for longer.
To rescue the economy from the Covid-19 pandemic, the Federal Reserve has added more than $4 trillion to its balance sheet through its open-ended quantitative easing program, while the U.S. government has unleashed over $5 trillion in fiscal stimulus.
“Inflation can be much worse than what we fear. We have the demand side of the equation … and that is $3.5 trillion greater than what it normally would have … just sitting in liquid deposits,” Jones said.
“They can go into stocks, or crypto, or real state, or be consumed, so that’s a huge amount of dry powder just sitting waiting to be utilized at some point, which is why inflation is not going away.”