NATIONAL HARBOR, Maryland–Freshman Congressman Jim Bridenstine (R-OK) warns that unless Washington fixes its spending and monetary policy, massive inflation is sure to come.
Speaking at the Breitbart News’s “Univited II” National Security Action Summit, Congressman Bridenstine warned that a financial disaster is waiting just over the horizon unless Congress and the administration make reforms.
He also noted that Obama is failing to secure the border from dangerous drug cartels. He was critical of Obama’s tendency to push social agendas over security and, like others at the conference, warned that budget cuts are seriously hampering our armed forces.
Bridenstine opened his remarks by discussing the drug problem at our southern border. He said that all the drug cartels in Mexico and the nations to its south spend tremendous amounts of energy getting their drugs to northern Mexico because that is where the drugs can more easily be transported into the United States.
This confluence of criminals naturally causes mob warfare, as the cartels fight to be the ones getting the drugs into the U.S.
Moreover, it isn’t just cocaine and marijuana these cartels transport northward, Bridenstine reported. “They are also transporting young girls and guns,” he said.
However, Obama is hampering America’s ability to stop these drugs from crossing our border, the Congressman said.
“Obama is holding national security hostage to some kind of social reform agenda,” Rep. Bridenstine said.
Obama is doing the same to defense, Bridenstine said. “While Obama is holding drug policy hostage to a social agenda, we are also seeing him hold defense hostage to a social agenda.”
The Oklahoman went on to give other warnings, this time on fiscal policy. With the constant printing of money and the artificially low interest rates as well as other policies, the nation could be on the verge of massive inflation.
Several things are hitting the economy all at once. “When you print money you artificially drive up the desire for bonds. We also see businesses refusing to borrow for growth because of Obamacare and other regulations,” he said.
The Congressman explained that, despite low interest rates, thousands of businesses are sitting on the sidelines and not borrowing for expansion and growth.
Bridenstine said that this reticence is due to Obamacare and other regulations. These are putting a wet blanket on economic recovery and laying a trap for the future. However, it won’t stay like this forever; that trap is sure to snap shut on us all, he warned.
“A day is coming when all the money sitting on the sidelines will try to come back into the economy, and that will cause inflation,” he said. This will cause interest rates to climb quickly. “We aren’t talking about a one percent rise in interest rates, we’re talking five percent or more” in a short time span.
The Congressman said that the only cure is to grow the economy by eliminating Obamacare and other stifling regulations, cut government spending, and stop printing money.
However, Bridenstine also warned that cuts in spending have to be smart, saying, “We cannot balance the budget on the back of defense.”
The one-day-long conference is sponsored by Breitbart News and EMPact America.