It's Not Biden's Job to Reduce Inflation. That's Jerome Powell's Job.
by John Lawrence
Republicans are so stupid. They blame Joe Biden for not doing something that's not his job to do. Furthermore, the way Powell is going about his job requires him to create more unemployment, to reduce economic activity. That's the traditional way to reduce inflation. So getting rid of inflation requires more economic pain not less. Then if there is a recession, they'll blame Joe Biden, not Jerome Powell, for that. As far as house prices being out of sight for more and more people, how about blaming the hedge funds and other entities that are bidding up asset prices. Eventually houses will be unaffordable for the masses of people which will turn the American people into renters and basically debtors. Is that Joe Biden's fault or the fault of hedge finds and other cash flush investors who are entering this market? In fact they are in the process of cornering this market. Higher interest rates are also hurting would be home owners and car buyers. Is that Joe Biden's fault or Jerome Powell's fault for raising interest rates? Joe Biden has no control over interest rates. The American consumer is all about me, me, me not what is best for the country as a whole.
Biden has done more than any President since Lyndon Johnson to improve the economy with the Chips Act, the Inflation Reduction Act, the American Rescue Plan and more. Nearly 11 million jobs have been created since President Biden took office – including 750,000 manufacturing jobs. It's the first time the US government has had an industrial policy. He kept the economy afloat during the COVID lock down. The US economy has been left to free enterprise for too long. With deregulation this has allowed corporate entities to pollute, to create dangerous products, to do nothing about carbon dioxide emissions.The government was just supposed to be hands off and let corporations run wild, all in the name of maximizing GDP. Well there are more important things than maximizing GDP like saving the planet from global warming. It is all ready too late to do that. It's only a question at this time of how bad it will get before some of the measures that are being taken today will kick in and save the planet, hopefully, from complete destruction. Each year heat waves and floods are getting more severe. Each year is hotter than the previous year. How important is it to maximize GDP under these conditions?
During World War II, the government made sure that the economy was completely focused on the war effort. Consumer consumption was kept low in order to support the war effort. Today with an even larger danger looming, the economy is going on its merry way with so many elements of it not focused on climate change. In fact I call it the Taylor Swiftization of the economy. Entertainment including professional athletics are very large components of GDP. Nero fiddling while Rome burned is nothing compared to what is happening today. Perhaps the energy going into these frivolous sectors should be refocused on climate change. But the American people don't even all agree that climate change is even a serious situation. They want more fossil fuels, more drilling, more pipelines, more gas production. Fortunately, some states like California are doing more like outlawing gas powered cars by 2035. However, 2035 is too late. Too little, too late is the story of the world's response to climate change. So major disasters will continue with the government's fiscal budget increasingly committed to bailing out these disasters. FEMA, by the way, is bankrupt, and insurance companies no longer want to insure.
