Heritage Foundation distinguished fellow Stephen Moore testified before a hearing hosted by House Republicans June 21 on Bidenflation and President Biden’s energy crisis.

The hearing, held at Heritage and led by Rep. Andy Biggs of Arizona, examined how the Biden administration’s reckless policies have led to a historic economic and energy crisis in the United States. 

In his opening statement, Moore addressed how massive spending has been one of the main causes of inflation:  

“We have spent in my estimates roughly $5 trillion because of COVID.  

 

“This is not complicated. The fact is when you pour that much money into the economy, it was all basically paid for by borrowing, and how did the Fed accommodate that borrowing? It basically printed money. It’s really simple. So how would that not cause inflation?” 

Moore also noted:  

“Energy is the master resource. Everything that we have is a derivative of energy, so it’s pretty obvious that when you drive up the cost of energy, whether it’s electric power bills or transportation fuels, that makes everything else in the economy more expensive. And so that’s a leading cause of this higher inflation.” 

He added:  

“Wages are growing at 5%. This is simply math. If month after month after month, people’s incomes are growing much more slowly than the inflation rate, they’re becoming poorer over time. Joe Biden is making America poor.”  

You can watch Moore’s full opening statement here. 

Lawmakers heard testimony from Rick Perry, former energy secretary and Texas governor; Kathleen Sgamma, president of Western Energy Alliance; and Alex Epstein, president of the Center for Industrial Progress.