{"product_id":"2940013492332","title":"The State of the U.S. Economy","description":"The purpose of today's hearing is to discuss the fiscal and monetary policies that have led us here. On the fiscal side, CBO projects a $1.5 trillion deficit this year with publicly held debt raising to 69 percent of GDP by the end of the year: that is up from 40 percent in 2008. In a few short years, the CBO projects government spending to drive our debt to crisis levels, overwhelming the entire economy and drowning the next generation in red ink. Endless borrowing is not a strategy. We must restore the foundations of economic growth: low taxes, spending restraint, reasonable regulations, and sound money. To help restart the engines of economic \u003cbr\u003egrowth and job creation, that is so essential. We must not neglect the sound money part of the equation. \u003cbr\u003e\u003cbr\u003eThe Federal Reserve is undertaking another round of quantitative easing, purchasing Treasury bonds in an attempt to lower borrowing costs and stimulate the economy. My concern is that the cost of the Fed's current monetary policy, the money creation and massive balance sheet expansion, will come to outweigh the perceived short-term benefits. I hope that is not the case. These costs may come in the form of asset bubble and price pressures. We are already witnessing a sharp rise in a variety of key global commodity and basic material prices, and we know that some producers and manufacturers here in the United States are starting to feel the cost pressure as a result.","brand":"U.S. House of Representatives","offers":[{"title":"Default Title","offer_id":47147564794096,"sku":"2940013492332","price":9.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/2940013492332_p0.jpg?v=1763581563","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/2940013492332","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}