Ohio Rep. Bill Johnson predicted that inflation will ''go through the roof'' if Democrats pass the more than $5 trillion in spending that they're proposing but is being held up in an intraparty fight between liberals and moderates.
The 66-year-old Republican, who represents Ohio's 6th Congressional District along the state's eastern border with Pennsylvania and West Virginia, is a member of the House Energy and Commerce Committee. He told Newsmax on Thursday that prices already were climbing sharply because of the significant government spending over the past year and a half.
''Well, we've got to stop pumping cash into the system,'' said Johnson, a six-term member of the House. ''The more cash that's floating around out there, the less the dollar is worth, and keep in mind the inflation that we've got right now, is even before the massive $5.5 roughly trillion additional spending that the Biden administration wants to do.''
The consumer price index was calculated at 5.4% in September from a year ago, up from 5.3% in August, while the month-to-month gauge was listed at 0.4%.
''You know, you've got two sides,'' Johnson explained on ''American Agenda.'' ''Of the inflation formula, you've got supply-side inflation, where you've got problems with being able to get products to market, and you've got demand-side inflation, where you just got a lot of people wanting the same things at the same time.
''We've got a confluence right now. Both sides of that formula; both supply-side inflation and demand-side inflation. We haven't seen anything like this since the Carter administration.''
Johnson said two spending plans pushed by Biden and congressional Democrats, a $1.2 trillion proposal of regular infrastructure spending and $5 trillion in social welfare and what have been deemed ''green energy'' initiatives, would merely inflame already rising prices.
The two bills are being held up between the Democrats' warring factions: the moderates who don't want the $5 trillion package and the liberals who won't vote for the $1.2 trillion without the other $5 trillion. With only a handful of votes' difference between Democrats and Republicans in the House, Democrats need virtually every vote since the GOP has declared it will not support the larger package.
''You're going to see inflation go through the roof,'' Johnson said if both packages are passed. ''You're going to see higher prices everywhere. And let's keep in mind ... you're not just talking about the amount of money that the Biden administration wants to spend.
''Look at the policies that are in this $5-plus trillion package. The rush to green ... we were for the first time in 70 years under the previous administration, we were energy-independent. Now we've got President Biden having to go to OPEC to get them to make adjustments so we can stave off what is going to be higher energy prices for the American people during the upcoming cold winter.''
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