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Jim Pfaff: Abolish the Federal Reserve, Expand DOGE, and Cut Federal Spending to Save the Economy

Jim Pfaff: Abolish the Federal Reserve, Expand DOGE, and Cut Federal Spending to Save the Economy

Published: November 18, 2025
Network: Real America’s Voice
Analysis: Conservative Caucus President Jim Pfaff

Topics Covered

Biden’s Inflation Legacy: $3,000 Lost Per Household

As Gen Z voters express frustration that “things are still too expensive,” the economic reality facing American families remains stark. The Biden administration’s 9.1% peak inflation didn’t just raise prices—it destroyed purchasing power that takes years to recover.

The Purchasing Power Gap

  • Lost spending power: $3,000 per household on average
  • Recovery so far: Only $1,200 regained
  • Remaining gap: $1,800 still to recover

While Donald Trump has leveled off the inflation trajectory, the damage from years of reckless spending cannot be undone overnight. American families are still feeling the squeeze.

The Case for Abolishing the Federal Reserve

Jim Pfaff didn’t mince words when asked about the most impactful solution to America’s economic woes:

“The number one thing we could do, by the way, just to get quickly to the chase, is to get rid of the Federal Reserve.”
— Jim Pfaff, President, The Conservative Caucus

Pfaff explained the fundamental problem: when Americans pay taxes, they’re essentially paying back the Federal Reserve, which prints money so the government can “spend like drunken sailors.” This was the core dysfunction of the Biden administration—unconstrained spending enabled by a complicit central bank.

The appointment of the next Federal Reserve Chairman isn’t just about interest rates—it’s about controlling the money supply that fuels government excess.

Reviving DOGE: More Spending Cuts Needed

Pfaff issued a direct call for the Trump administration to reinvigorate its cost-cutting agenda:

“I’ve been calling for Donald Trump and the administration to get back together with Elon Musk and make DOGE a big issue again. Let’s do more cuts.”
— Jim Pfaff

The Department of Government Efficiency (DOGE) initiative showed early promise in identifying wasteful federal spending. But with inflation still burdening households, now is not the time to let up—it’s time to accelerate.

The Reconciliation Bill Opportunity

A powerful legislative tool is on the horizon. The upcoming reconciliation bill—the same mechanism that enabled the “big, beautiful bill”—allows Senate Republicans to pass major legislation without Democratic votes.

Pfaff’s recommendation is clear: expand the bill and do even more cuts to federal spending. This is the moment to inject provisions that can help American families in the short term while addressing the structural spending problems that created this crisis.

Return to the Gold Standard?

When asked whether abolishing the Fed is even possible, Pfaff pointed to a deeper historical context. The Federal Reserve was created in 1913—the same year as the federal income tax. These twin innovations, Pfaff suggested, sent America “right over the cliff.”

Economist Peter Schiff has made a compelling case for returning to the gold standard, and Pfaff agrees it’s possible:

“I would argue you definitely can [return to the gold standard]. But the thing that really got us in the worst part of this problem was when Richard Nixon stopped trading in dollars for gold in 1972.”
— Jim Pfaff

Nixon’s 1972 Decision That Changed Everything

Pfaff traced the roots of today’s monetary dysfunction to a single pivotal moment: Nixon’s decision to abandon gold convertibility in 1972. Facing the fiscal pressures of LBJ’s Great Society programs and Vietnam War spending, Nixon unshackled the Federal Reserve from any constraint on money creation.

The consequences were immediate and lasting:

  • The Fed gained unlimited power to print money
  • The dollar’s value became subject to government whims
  • Inflation became a permanent feature of American economic life

It took Paul Volcker’s aggressive reduction of the money supply to break the inflationary cycle—a key factor in the success of the Reagan economic revolution.

Key Takeaways

  1. Abolish the Federal Reserve – The root cause of endless government spending and dollar devaluation
  2. Revive DOGE – Trump and Musk must make aggressive spending cuts a priority again
  3. Expand the reconciliation bill – Use this legislative tool to cut federal spending without Democratic votes
  4. Consider the gold standard – A return to sound money is possible and necessary
  5. Recovery takes time – Families must understand why immediate relief isn’t possible after years of damage
  6. Trump must communicate the plan – Clear messaging about the economic strategy is essential heading into 2026

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About The Conservative Caucus:
The Conservative Caucus is a grassroots public policy action organization, formed in 1974. Headed by President Jim Pfaff, the Caucus is committed to advancing free enterprise, limited government, and traditional values.

Related Topics: Federal Reserve | Inflation | DOGE | Elon Musk | Spending Cuts | Gold Standard | Reconciliation Bill | Nixon | Economic Policy | Trump Economy

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Help fellow Americans understand what’s really driving inflation and what bold solutions can restore economic prosperity.

Originally broadcast November 18, 2025 on Real America’s Voice.

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