U.S. Senator Pat Toomey (R-Pa.) issued the following statement today on the Federal Reserve's announcement that it will move forward with a third round of quantitative easing by expanding its holding of long-term securities:
"The problems damaging our nation's economy are not caused by our monetary policy. Rather, they are caused by our unsustainable deficit, new regulatory burdens, and the threat of a looming debilitating tax increase. Printing more money might reflate certain assets in the short term, but a third round of quantitative easing will not solve our underlying fiscal mess or put our economy on the right track. This mistake will likely lead to future inflation, and we'll have little to show for it, especially those who are looking for jobs."