FLASHBACK: Thomas Massie Stands Up to the DC Regime’s Reckless Spending and Monetary Policies

  |  
Jun 11, 2022

Fiscal conservatism is pretty much dead in Washington, DC. On a yearly basis, the United States Congress signs off on multi-trillion budgets that contribute to the country’s ever-worsening fiscal situation. As of now, the US has a national debt total of $30.5 trillion. 

These frightening numbers will continue to grow as the US government maintains its fiscally profligate course. 

Individuals like Kentucky Congressman Thomas Massie have been lone voices in the wilderness who have exposed Congress’s fiscal dereliction. 

On June 10, 2022, Massie reminded his followers about his steadfast commitment to fiscal conservatism. He tweeted, “.@PeterSchiff’s 100% accurate prediction on March 27, 2020, the day I was the only member of the House of Representatives to stand up to the money printing madness that’s now inflicting so much financial pain on so many Americans. It’s a thread worth re-reading.”

Massie was referring to a Twitter thread he published on March 27, 2020. In the tweet, he stated: 

$2 trillion (Congress)

+$4 trillion (Fed & Treasury)

———————————

$6 trillion stimulus

$6 trillion divided by 350 million citizens  = $17,000 per citizen

times a family of 4

=$68,000 per family of new national debt and dollar devaluation in this stimulus.

not a good deal

This came at a time when the federal government was promoting a $2 trillion stimulus package to allegedly combat the Wuhan virus pandemic. 

Peter Schiff, the CEO of Euro Pacific Capital, responded to Massie’s tweet, stating “As the Fed will create all this money out of thin air the people will pay the cost through inflation. Consumer prices are about to soar, wiping out the savings of millions of Americans, and destroying the purchasing power of wages for millions more.”

Schiff and Massie are two of the staunchest voices of fiscal restraint in their respective fields. They’ve long warned about how the US government’s spending and monetary policies would put the country on the road to an inflationary and fiscal collapse.

While full-blown laissez-faire economics is not feasible in the short-term, right-wing populists should take into account some of Massie’s and Schiff’s warnings. Namely, they should embrace a war against the regulatory state and the Fed. These are some of the most high-yield economic battles that go beyond the bland pro-tax cut approach that Republicans have been wedded to in past Republican-controlled administrations.

Now with a growing inflation crisis, right–wing populists can separate themselves from the rest of the crowd by talking about structural economic issues that matter. Enough with the obsessive focus on marginal tax cuts. 

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