WASHINGTON, D.C. – Today, Senator Rick Scott released the below statement following the release of data showing 6.4% annualized gross domestic product growth in the first quarter of 2021. Despite this news, the Federal Reserve refuses to change course and has indicated that it will continue to purchase $120 billion in Treasury bonds and mortgage-backed securities each month, further stoking inflation.
Senator Rick Scott said, “With America’s economy clearly returning to the pre-pandemic levels ushered in under Republican leadership, it doesn’t make any sense that the Federal Reserve is continuing to buy up bonds at its current pace. By refusing to change course and adapt to our recovering job market and economy, the Federal Reserve is playing a dangerous game that will only further stoke inflation, hurting America’s poorest families the most. Chair Powell and the Federal Reserve must take action to normalize America’s monetary policy and come back in line with its own mandate. Choosing to ignore reality and manipulate the market with these huge buys will do far more harm than good.”
Since being elected to the U.S. Senate, Senator Scott has repeatedly urged action to address America’s debt crisis and the harmful effects of inflation:
- April 28, 2021: VIDEO RELEASE Sen. Rick Scott’s Request For Inflation Crisis Information Blocked by Democrats: What Are They Hiding?
- April 23, 2021: Sen. Rick Scott: Americans are Worried About Rising Inflation – Biden Must Take Action
- April 14, 2021: Sen. Rick Scott: Biden Administration Lying About Threat of Inflation
- April 13, 2021: Sen. Rick Scott to Biden and Powell: Wake Up and Address Growing Inflation Now
- April 9, 2021: Sen. Rick Scott: Biden’s Inflation Ignorance is Unacceptable, Hurts Families
- April 2, 2021: IN CASE YOU MISSED IT… Sen. Rick Scott in Washington Post: Where’s the anti-inflation plan, Mr. Powell?
- March 24, 2021: Sen. Rick Scott to Federal Reserve: What’s Your Plan to Address America’s Debt Crisis?
- March 17, 2021: Sen. Rick Scott: We’re Watching Federal Reserve & President Biden’s Response to Inflation
- March 4, 2021: Sen. Rick Scott to National Economic Council: What’s Biden’s Plan to Stop Inflation?
- February 23, 2021: Sen. Rick Scott: Fed Chairman Jay Powell Must Address Rising Inflation
- February 16, 2021: IN CASE YOU MISSED IT… Sen. Rick Scott in the Tampa Bay Times: America Can’t Keep Spending Without Consequence, We Must Address Our Debt Crisis Now
- February 11, 2021: Sen. Rick Scott to Colleagues: Inflation from Unsustainable Federal Debt Hurts American Families
- February 3, 2021: VIDEO RELEASE: Sen. Rick Scott: Congress Must Address Our National Debt and Rein in Spending
- January 26, 2021: Sen. Rick Scott: Congress Must Get Serious About America's Debt
- May 4, 2020: After coronavirus, for US to survive, we must tackle looming debt crisis: Sen. Rick Scott
- February 5, 2020: Sen. Rick Scott to Chairman Powell: Take Action to Roll Back Growing Size of Federal Reserve’s Balance Sheet
- August 1, 2019: Sen. Rick Scott: Debt will destroy our country, if we let it