WASHINGTON—Richard Stern, director of the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation, released the following statement today in response to fears of a U.S. economic slowdown following the bloodbath on Wall Street.  

“The turmoil of the past several weeks underscores the fragility of an economy built on government interventions rather than productivity and job growth furthered by a government not living within its means. This reckless stewardship of the American taxpayers’ money is saddling them with skyrocketing costs surging faster than income. This devastating reality directly results from an administration hellbent on legislating more liberally than FDR.  

 

“With the debt surpassing $267,000 per American household, there is no doubt that the federal government has been eating everyone else’s lunch. The 20% overall spike in prices felt by Americans in the last four years, mixed with significant declines in growth and job opportunities, has been just a portion of the mounting burdens of Bidenomics and now Kamalanomics.  

 

“Through the reckless printing of new dollars—divorced from the real production of real products—they have dumped water into the wine of Americans’ life savings, diluting purchasing power as the federal government grows by leaps and bounds. If we do not work to curb their power, cut the bloated government, and return this money to the hard-working Americans who earned it, we will continue to see more economic hardships.”