Caring for Americans with Supplemental Help Act of 2020
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Mr. GROTHMAN. Madam Speaker, as I look around the room here, it looks like I am in the U.S. Congress. I mean, I see the American flag there; George Washington is over there; it says ``In God We Trust.'' But looking at this bill today, it makes me feel like we are in the Parliament of Afghanistan, Burundi, Yemen, or Bolivia.
Do we really think the way to improve the quality of life for Americans is to just print more money from the Fed? If you look around, we are going to be printing another $400 billion.
Has anybody looked lately at what is going on with the monetary supply? M1 up 50 percent; M2 up 20 percent.
Don't people realize that just printing more is not a way to make our citizens wealthier; it is just a way to debase the currency?
The way for a wealthy country is to work hard through frugality and through improving one's skills, not by having the Fed print money.
Last time, when we sent out $1,200 checks, I stopped by my local Walmart, and the people in charge of the electronics section said they had never seen such sales in their life.
Is that really going to improve the lot of Americans, to go over and buy some more electronic junk from China? Apparently so.
And let's not forget when we look at inflation. We have inflation right now. Twice, in the recent past, we have changed the definition on what inflation is.
So we do have inflation; it is just that we keep changing the definition to mask it. That is why the market is up. The market is up because we really do have inflation.
We are in the U.S. Congress. We should not think the way to prosperity is just printing money. We should act like we are the United States. That is why, for my whole life, other countries like to invest in the dollar. They respect the value of the dollar more than the national currencies of Burundi, Afghanistan, Yemen, and Bolivia. Those are four poor countries; that is why I picked them out.
So I encourage Senator McConnell to hold the line here, to act responsibly.
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