Dr. Ben Carson: Biden's inflation crisis – here's the price we'll pay if we don't get spending under control

The government spends trillions more than it takes in every year. For decades, our politicians have been more concerned with making speeches and raiding the treasury than sound economics and fiscal responsibility. 

Inflation, or increases in general price levels of goods and services consumed across the economy, results when there is an increase in money available to spend, but not a corresponding increase in goods and services to spend it on. As Milton Friedman famously observed, "Inflation is always and everywhere a monetary phenomenon." The present and coming inflation will disproportionately harm the poorest among us. Recently, there has been a substantial spike in federal spending, exceeding $8.5 trillion (that’s eight-and-a-half million million, or $8,500,000,000,000) each of the past four quarters, and twice exceeding $10 trillion in a quarter. Congress decided that this spending was necessary to stave off the ill effects of the pandemic.