Out-of-control Congress and Fed need binding rules

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“May you live in interesting times,” goes the old Chinese curse. When it comes to economics, “interesting” usually means the sky is falling.

Inflation reached seven percent at the end of 2021, a rate not seen in forty years. The Federal Reserve’s balance sheet more than doubled to $8.8 trillion since early 2020. And Uncle Sam’s fiscal house is in shambles. The 2021 budget deficit was almost $2.8 trillion, putting the national debt at $28.5 trillion—nearly 130 percent of U.S. gross domestic product.

To call this imprudent would be a massive understatement. We need fiscal and monetary rules now.


FILE PHOTO: Gas prices grow along with inflation as this sign at a gas station shows in San Diego, California, U.S. November, 9, 2021. REUTERS/Mike Blake/File Photo
( REUTERS/Mike Blake/File Photo)

Money mischief and fiscal follies are…

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