I heard some commentator say that if the Fed doesn’t raise rates they will have nothing to use (lowering rate) if the economy turns south. Sounds like BS to me.
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You’re correct. That is 100% elitist BS.
If we were ever in such a situation the correct course would be to cut taxes.
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There is still price inflation and no wage inflation while energy prices are low.
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Any inflation we have today was created in the past with quantitative easing. Economic growth does not cause inflation. What caused the inflation in Venezuela?
But since we're already running trillion dollar deficits the ability to cut taxes without the deficit doubling or tripling is limited.