Congressman Tom Price (R-GA) issued the following statement after the Federal Reserve announced it will embark on another round of “quantitative easing” by purchasing $600 billion of Treasury bonds over the next eight months. This comes after the Fed has already expanded its balance sheet – and thus the number of dollars in existence – by $1.7 trillion over the last two years.

“Quantitative easing is a fancy way of saying that the money in Americans’ pockets is about to buy a lot fewer groceries, clothes, and gasoline,” said Congressman Price. “Printing $600 billion of new currency does not make us $600 billion richer. It does not create jobs or prosperity. It simply makes Americans’ savings less valuable while laying the foundation for future asset bubbles and crises.

“Printing hundreds of billions of dollars is a risky gamble by the Fed. Voters just handed a staggering defeat to the idea that Washington should have more control over the distribution and value of Americans’ money. They clearly want a more limited and responsible government that will remove barriers to job creation instead of speculative economic engineering.”