Biden undermining Federal Reserve’s efforts to curb inflation
The spending needs to stop -- now
COMMENTARY
By Peter Morici - - Tuesday, October 11, 2022
OPINION:
Federal Reserve Chairman Jerome Powell has gone to considerable effort to convince observers that he will raise interest rates as much and as long as necessary and risk a recession to bring inflation under control. With varying measures of resolve, central bankers in other Western industrialized countries, save Japan, are joining him in tightening monetary policy.
Almost like a morality play, however, the excesses of politicians and fiscal policy are conspiring to limit the potency of higher interest rates and stoke inflation.
In a nutshell, monetary and fiscal policy are pulling most advanced economies in opposite directions, and badly conceived climate change and wartime economic policies make it all worse.
The European Union is distributing and member states are spending about $800 billion in pandemic recovery funds. These are intended for investments in green energy, modernization and national competitiveness — not to shore up national budgets.
This program was conceived before the invasion of Ukraine, sanctions and termination of Russian natural gas, which may be shuttering permanently much energy-intensive manufacturing in Germany and elsewhere.
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READ MORE: https://www.washingtontimes.com/news/2022/oct/11/biden-undermining-federal-reserves-efforts-to-curb/
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