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On Wednesday, U.S. President Joe Biden explained that the country’s central bank is tackling most of the inflationary pressures the U.S. economy faces today. Biden welcomed the possibility of tightening monetary easing, noting that he “respects the independence of the Fed.”
U.S. President Joe Biden says “making sure that high prices don’t become an important job for the Fed”
Inflationary pressures have been building in the U.S. as consumers pay much more for goods and services in 2022 and prices continued to rise last year. American consumers are paying more for housing, rent, food, raw materials, lumber and cars. Just recently, Republican Senator Rand Paul of Kentucky, published a report That is to say that inflation or “hidden taxes” “will only get worse”. also, Report A report on Thursday said the number of Americans filing for unemployment benefits had risen sharply to a three-month high.
Compared with 2020, inflation rose to 7% last month after three consecutive months of over 6%, while retail sales fell sharply in December 2021, but U.S. President Joe Biden believes the U.S. central bank is under the most pressure.Biden speaks during Wednesday’s news conference Say Americans “have faced some of the biggest challenges we’ve faced in this country over the past few years.”
“But we’re getting through this,” Biden Add to“Not only are we getting through this — we’re laying the foundation for America’s future in the 21st century with record job creation, but we need to get inflation under control.” The U.S. president then declared that much of the country’s economy The problems are all to blame on the coronavirus.
“Covid-19 has caused many economic complications, including rapid price increases in the global economy. People are seeing it at gas stations, grocery stores and other places,” Biden Emphasize. While Americans are seeing the problem firsthand, Biden said the Fed is under a lot of pressure.
“The key job to ensure that high prices are not entrenched lies with the Fed, which has a dual mission: jobs and stable prices,” Biden said at a news conference.
The President of the United States continued:
During the past year and a half of the crisis, the Federal Reserve has provided extraordinary support. Given the strength of our economy and the pace of recent price increases, it is appropriate to recalibrate the support needed now, as Fed Chair Jerome Powell has pointed out. I respect the independence of the Fed.
Peter Schiff: ‘The President of the United States has failed to align with the American people on inflation’, Americans disagree with the bulk of the burden of inflation on the US central bank
Following a message from the President of the United States (POTUS), economist and gold bug Peter Schiff accused Biden of failing to be honest with Americans on inflation.
“Today, POTUS failed to align with the American people on inflation,” Schiff tweet“It’s a tax that pays government spending. If people want to reduce inflation, the government has to spend less so the Fed can print less money. If Americans want to [Build Back Better] They will pay for it with higher inflation. “
Also, many Americans disagree with the bulk of the burden on the U.S. central bank as U.S. citizens and businesses grapple with the loss of purchasing power. “One of my best friends owns several restaurants,” author of the book Dial in male blog, Ryan Stephens tweeted on Wednesday. “Last 18 months have been hell. All paper products = 55% increase in last 18 months,” Stephens Add to.
Stephens went on to stress that a box of bacon was $75 before the pandemic and is now $187. A box of chicken was $35 before the pandemic and is $90 today, while frying oil is $20 and a 35-pound lug is $43 today.
What do you think of rising U.S. inflation and Joe Biden’s comments on the Fed’s handling of the issue? Let us know what you think about this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, Bloomberg Intelligence,
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