We're already beginning to feel the negative impacts of President Joe Biden's fiscal policy. This administration has pumped trillions of dollars into an already-recovering economy, incentivized people to stay unemployed, and promised to continue massive government spending into the future.
The predictable result? Massive inflation. Some observers didn't believe we'd see much inflation until the economy fully recovered, but Biden's fiscal policies are so bad that they're beating the projections (not in a good way).
Dr. Ben Carson is a keen observer of American life, the former Secretary of Housing and Urban Development under President Trump, and a bonafide genius. He's sounding the alarm about the rising inflation, and he outlined a few possible outcomes in his recent op-ed on Fox News:
...the present and coming inflation will disproportionately harm the poorest among us. Inflation erodes purchasing power, and individuals with lower incomes and lower wealth rarely benefit from the "upsides" of inflation such as wage growth – which is least likely to accrue to less productive, lower skilled, lower wage workers – or higher equity and asset prices. Low interest rates and rising price levels generally erode the purchasing power and wealth of households, and harm those who save small amounts, since interest rate returns are effectively outstripped by inflation.
In addition, Dr. Carson points out, inflation will mean that even more Americans are dependent on big government for their survival.
Generally, inflation has unequal effects, including the "modest, stable" price level increases supported by the conventional view of Federal Reserve intervention, with low-income, older households hit the hardest. This is because prices for goods consumed by low-income households are often more sensitive to inflation than are goods consumed by high-income earners. Consumption data between 2004 and 2015 show that prices of products purchased by households in lower income quintiles increased faster than prices for products purchased by higher income quintiles.
So, in other words, the very policies that Joe Biden has pushed to "help" lower-income Americans are hurting those very communities by decreasing their purchasing power and increasing their dependency on government programs. Rather than lifting people out of poverty, Biden's reckless spending is ensuring that more Americans stay impoverished for longer.
And we haven't even mentioned how massive government spending hurts future generations who have no say in how their money is being spent.
Dr. Carson's point is clear: big-government spending hurts the most vulnerable Americans. They're least able to weather economic collapse, and the future generations who will carry the burden aren't even here to object.
Neither party in Congress has shown any willingness to get our nation's finances under control, shrink the deficit, and reduce inflation. That's why millions of Americans -- including Dr. Carson -- have voiced their support for an Article V Convention of States.
An Article V Convention of States is called and controlled by the states and has the power to propose constitutional amendments that force Congress to be fiscally responsible. These amendments can mandate a balanced budget, cap spending, and limit taxation.
When asked if he supported the Convention of States option, Dr. Carson said, "Very much so. Our Founders knew there would probably come a time when you would need to make some adjustments."
The solution to our nation's problems is clear: reduce federal power, empower the states and the people, and propose constitutional amendments that force Congress to spend our money wisely. To join the movement, sign the petition below!
