Posted on 05/31/2022 2:58:06 PM PDT by Oldeconomybuyer
WASHINGTON (AP) — Focused on relentlessly rising prices, President Joe Biden plotted inflation-fighting strategy Tuesday with the chairman of the Federal Reserve, with the fate of the economy and his own political prospects increasingly dependent on the actions of the government’s central bank.
Biden hoped to demonstrate to voters that he was attuned to their worries about higher gasoline, grocery and other prices whiles still insisting an independent Fed will act free from political pressure.
Like Biden, the Fed wants to slow inflation without knocking the U.S. economy into recession, a highly sensitive mission that is to include increasing benchmark interest rates this summer. The president said he would not attempt to direct that course as some previous presidents have tried.
“My plan to address inflation starts with simple proposition: Respect the Fed, respect the Fed’s independence,” Biden said.
Biden is running out of options on his own. His past attempts — oil releases from the strategic reserve, improving port operations and calls to investigate price gouging — have fallen short of satisfactory results.
Republican lawmakers were fast to criticize Biden’s $1.9 trillion coronavirus relief package from last year as pumping too much money into the economy and causing more inflation. That narrative also has held some sway with leading economists who say the financial support was excessive even though it helped the job market roar back.
In contrast, President Donald Trump repeatedly attacked Powell after the Fed chair oversaw moderate interest rate hikes in 2018 and continued his public criticism even as Powell cut rates in 2019.
(Excerpt) Read more at apnews.com ...
Even the Associated Press is in full panic mode over Biden.
Translation: Y’all better head for high ground !
So which is it...he’s working with the Fed or he’s respecting them and letting them do their jobs?
And all those paychecks that went up....how’s that working for y’all.
Biden’s plan to combat inflation?
Assign blame.
Everything that biden (and obama?) touches crumbles into dust!!!!
He cannot fix inflation or anything else!!!!
Replace “Biden” with “Trump” and the AP gives this story an entirely different tone.
Fed Chair vs. Empty Chair.
Those half-point rate increases will be kicking in — by about 2029.
After another 32 months of the Biden administration, inflation will be soaring to unknown heights.
The Biden years will make the Obama and Carter years look like nirvana.
Nation worries because its Biden who is plotting the inflation response.
The meeting lasting ten minutes of photo op moments, five minutes
of a rambling, degenerating, babblin' biden's demented, disjointed,
illogical objectives.
‘Biden plots’ - that’s rich. The only plot I want to see him in is the family plot.
Well, there you have it. The Fed deserves zero respect. They have more economic data than anyone else and they continuously make wrong decisions. Remember "transitory inflation"? That was the Fed and Freepers were calling them morons the first time they said "transitory".
The Fed is the problem and needs to be shuttered. Same goes with the vast majority of the federal government.
Has inflation ever been fought successfully without creating a recession?
Biden hoped to demonstrate to voters that he was attuned to their worries about higher gasoline, grocery and other prices ...
Tweedle Dee and Tweedle Dummy.
The Powell Fed will end up doing the very same thing that Paul Volcker did to kill the Carter inflation.
They will choke off any growth of the money supply. Interest rates will go up dramatically, and that means above the rate of inflation.
If inflation is running at 8% then you can count on interest rates going above that.
But that’s all that the Fed can do. The other major factor that started this current inflation is the Biden progressive’s war on fossil fuel.
High fuel prices mean high costs for everything that gets transported. And in his first day in office Biden enacted energy policies that made him Carter version 2.0
When he shut down the Keystone Pipeline he killed a building program that was taking years to play out. All of the investment that had been done was rendered worthless. Energy companies will not invest in bringing new American energy resources online as long as environmental extremists control the government.
The Carter war on oil companies ended when Reagan took office. Energy prices dropped. We better hope that we get a new administration that promotes energy production and not one that worships at the shrine of the climate change religion.
The horse is out of the barn. Inflation is the result of past excesses and there’s no easy way out. Except say soothing things and have the little guy bear the brunt.
“Biden plots”
Yeah that is rich. As if, great how the a-holes at AP gives the impression that the Fed chair is the problem and not the idiot-in-cheif.
Wait, the media was writing stories just the other day that inflation has peaked...
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