A Washington Post article includes Dave Doctor’s inflation testimony given at a public hearing on a proposed metro fare increase. After ten or more people stood at the podium complaining about the increase, Dave suggested they blame the deficit ridden US government and its enabler, Federal Reserve for issuing 20 percent more dollars in the past two years. These new dollars will reduce the value of the dollar and thereby force the DC metro and ALL OTHER BUSINESSES to raise their prices.
No one applauded or cheered. But the Washington Post writer interviewed Dave and printed part of his testimony. The people on fixed incomes such as social security need to call their representatives and say that if the money supply increases by 20 percent than their payments should increase similarly.
Here are the quotes from the article, followed by a recording of Dave’s testimony.
“There was Dave Doctor, 43, of Arlington, holding forth on the nation’s monetary system, then pivoting to the issue of subway dust.”
“If you’re upset about the increase, the place to go is not to these people, it’s to the federal government,” said Doctor, in defense of Metro. After rattling off a bunch of percentages regarding growth in the nation’s money supply, he said: “There are so many more dollars out there now. The Federal Reserve created this. . . . The fares actually are not going up. The value of our money has gone down.”
Doctor, who manages an apartment building, said: “To put it in perspective, let’s say they charged one bottle of water for a fare. Then they increased it to two bottles of water. But then you find out the bottle only has 25 percent as much water as it used to.” He went on in this vein until a buzzer sounded, signaling his three minutes were up.
Here’s the recording:
— The Cobden Centre (@CobdenCentre) February 11, 2014