U.S. Senator Pat Toomey (R-Pa.) issued the following statement today on the Federal Reserve's announcement that it will continue monetizing our deficits by buying additional long-term Treasury securities:
"The problems damaging our nation's economy are our unsustainable deficit, new regulatory burdens, and the threat of a looming, debilitating tax increase. Creating evermore money to fund our irresponsible deficits might reflate certain assets in the short term, but more quantitative easing will not solve - and might exacerbate - our underlying fiscal mess. This mistaken policy could be very difficult to unwind, will likely lead to future inflation, and will likely not result in stronger job growth."