Fed Chairman Expects Economy to Grow Despite Calls for a $1.9 Trillion ‘COVID’ Stimulus Package
Washington, February 24, 2021
Rep. Barry Loudermilk (R-GA) issued the following statement after questioning the Chairman of the Federal Reserve, Jerome Powell, in today’s House Financial Services Committee hearing entitled Monetary Policy and the State of the Economy.
“Today, Chairman Powell publicly told me that the Fed expects the economy to grow ‘strongly’ this year. The growth could be as high as 6 percent, depending on how we respond to COVID [i.e., vaccines, treatments, etc.]. However, Speaker Pelosi is ramrodding through Congress the second largest spending bill in history, with almost $2 trillion of hardworking American taxpayer’s money.
“Economists are warning that this bill is 6.5 times larger than is needed, and only 9% of the bill is targeting COVID. The $2 trillion does not include the devastating costs the policies in this ‘emergency’ bill will have on middle-income Americans and small and medium sized businesses, but does include pet projects like Pelosi’s $100 million for a subway tunnel, $86 billion to bail out union pensions, and $200 million museums and libraries, among others. This type of reckless spending is an atrocity that our children, grandchildren, and great grandchildren will pay for.”
To watch Rep. Loudermilk's full Q&A, please click here.