Biden-Powell economic policies continue to fail
COMMENTARY
By Peter Morici - - Tuesday, July 11, 2023
OPINION:
Inflation is proving one tough dragon to slay.
A Federal Reserve infected by pseudoeconomics and a profligate Biden administration are imposing a trifecta of pain: inflation well above the Fed’s 2% target, high interest rates and falling living standards.
COVID-induced supply chain disruptions can be blamed for about half the surge in inflation that began in 2021 as the economy reopened.
The other half can be laid at the feet of the $4.6 trillion in emergency aid and stimulus spending, especially the final tranche — President Biden’s $1.9 trillion American Rescue Plan — which was criticized even by some liberal economists.
That spending required a huge jump in Federal debt and to keep interest rates from skyrocketing, the Fed dramatically increased its balance sheet. That’s econspeak for creating money out of thin air at the cosseted confines of the Fed’s Constitution Avenue cloister.
Federal Reserve Chairman Jerome Powell told us printing money doesn’t cause inflation in 2021, but it peaked at 8.9% in June 2022.
The Fed was slow to act.
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READ MORE: https://www.washingtontimes.com/news/2023/jul/11/biden-powell-economic-policies-continue-to-fail/
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