On Wednesday, US President Joe Biden explained that the country’s central bank is dealing with a large part of the inflationary pressures the US economy is facing today. Biden welcomed the prospect of tightening monetary easing and said he “respects the independence of the Fed.”
US President Joe Biden says ‘important work with Federal Reserve in ensuring hiked prices’
Inflationary pressures are mounting in the US as consumers pay far more for goods and services in 2022, and prices have risen steadily over the past year. American consumers are paying more for housing, rent, food, raw materials, lumber and automobiles. More recently, Senator Rand Paul, R-Ky. published a report saying that inflation or “hiding” was “only about to get worse.” In addition, the report published on Thursday said that US jobless claims have reached a three-month high.
While inflation rose to 7% last month compared to 2020, more than 6% for the first three months in a row, and retail sales declined significantly in December 2021, US President Joe Biden feels that most of the pressure is on the US central bank. is on. Speaking at a news conference on Wednesday, Biden said Americans have faced “the biggest challenges this country has faced in the past few years.”
“But we are getting through this,” Biden said. “And not only are we getting through this – we are laying the foundation for a future where America wins the 21st century by creating jobs at a record pace, and we need to keep inflation under control.” The US President then announced that the coronavirus was to blame for most of the country’s economic issues.
“Covid-19 has created a lot of economic complications, including rapid price rise in the world economy. People see it at gas pumps, grocery stores and elsewhere,” Biden insisted. While Americans are looking at the problem for the first time, Biden remarked that the US Federal Reserve is under a lot of pressure.
“An important job rests with the Federal Reserve in ensuring that increased prices rest with the Federal Reserve: employment and stable prices,” Biden said during the press conference.
The US President continued:
The Federal Reserve provided exceptional assistance during the crisis of the past year and a half. Given the strength of our economy and the pace of recent price increases, it is appropriate – as Fed Chairman Powell has indicated – to re-examine the support that is now needed. I respect the independence of the Fed.
Peter Schiff: ‘POTS Fails With American People About Inflation Levels,’ Americans Disagree With Much Of Inflation Burden On US Central Bank
Following a message from the President of the United States (POTUS), economist and gold bug Peter Schiff called out Biden for failing to be honest with Americans about inflation.
“Today, POTUS failed to reconcile with the American people about inflation,” Schiff tweeted, “It’s a tax that pays for government spending. If people want less inflation, the government has to spend less so the Fed can print less. If Americans want [Build Back Better] They will pay for it with higher inflation.”
Furthermore, many Americans disagree that most of the burden falls on the US central bank as US citizens and businesses grapple with a loss of purchasing power. “One of my best friends owns a handful of restaurants,” says author of the Dial in Main blog, Ryan Stephens tweeted on Wednesday. “The last 18 months have been hell. All paper products = 55% growth in the last 18 months,” Stephens couple,
Stephens continued to emphasize that before the pandemic a case of bacon was $75, and now it is $187. A case of chicken was $35 pre-pandemic and is $90 today, while fry oil was $20 for a 35lb lug, today it is $43.
What do you think of Joe Biden’s comments about rising inflation in the US and the Federal Reserve’s handling of the issue? Let us know what you think about this topic in the comment section below.
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