Feds Sound Alarm on Economic Disaster Looming


OPINION: This article contains commentary which may reflect the author's opinion


The Federal government is out of control, giving away America’s wealth as fast as it can, and that is a drastic change from what America experienced under President Donald J.Trump- who put Americans first before foreigners.

Everywhere we look, the Biden administration and Biden’s allies are looting the American tax base and making the country weaker. One of the people responsible for that is the man who is acting as the “Federal Chair” and who appears to be openly bragging about his powers to promote a social justice agenda- over securing prosperity for the American people.

The job of the Federal Chair is described by Investopedia as follows: “The chair of the Federal Reserve Board is the active and most visible executive officer of the Federal Reserve Board. The chair provides leadership and executes the mandate of the central bank, pushing for maximum employment, stable prices, and long-term interest rates in the moderate range.”

So what the Fed is doing now, is a great usurpation of the promise to the American republic. Check out what the Federal Chair said recently.

‘I don’t want to hear any more of these lies about reckless spending,’ he said. ‘We’re changing people’s lives,” said Fed. Chair Jerome Powell.

Powell, a Republican, was initially appointed to the Federal Reserve board by then-President Obama in 2012 and elevated to chairman by then-President Trump. Powell was confirmed to his first term heading the central bank by a 84-13 Senate vote, NPR reported, admitting that Trump and Powell never really saw eye to eye.

Which begs the question- Which people is Powell helping now? Elite politicians? Leftists Nonprofits? Foreigners? NonGovernment Organizations? The Swamp? Illegal invaders?

One poster on Twitter, media owner David Sirota, explained the Fed’s recent moves as:
“NEWS: As workers are getting crushed, Biden’s Fed Chair Jerome Powell just said his goal is to “get wages down. Powell is a former private equity mogul.”

Sirota was retweeting an article by Julie Rock titled, “To Fight Inflation, The Fed Declares War On Workers, By leaving the problem of inflation to the central bank, Democrats are accepting an attack on labor power.”

Rock reported in early May: “Powell is saying that the primary, blunt financial instrument at his disposal to address sky-high inflation — hiking interest rates — will limit job opportunities and suppress pay.”

That is a far cry from Trump’s action plan for Americans: Jobs, Jobs, Jobs!

“Biden and the Democrats who control Congress continue to sit on their hands and fail to take real action to address skyrocketing energy prices, the supply chain crisis, and corporate greed, they will be accepting a response that will force workers to bear the brunt of the crisis,” Rock wrote.

My point- Powell is not America First.

The Daily Mail reported on Powell’s latest antics on Wednesday:

“Federal Chair Jerome Powell has warned the American economy will see even more damage before inflation comes down from a 41-year-high of 8 percent – which Republicans have blamed on Biden’s spending.

On Wednesday, the Federal Reserve raised interest rates by 0.75 percent – their biggest increase since 1994 – in an attempt to rein in inflation. Powell had warned last month that more hikes are likely in the near future.

‘It’s not going to be easy. And it may well depend, of course, on events that are not under our control. But our job is to use our tools to try to achieve that outcome, and that’s what we’re going to do,’ Powell said on May 5.

Speaking at a press conference after the central bank’s two-day policy meeting that ended Wednesday, Powell reinstated that bringing down the inflation, which currently sits at 8.6 percent, was a high priority.

But Americans must now brace for a double-whammy of higher repayments and ongoing rises in the cost of living as the Fed’s planned remedy for inflation begins to kick in.”

‘We’re strongly committed to bringing inflation back down. And we’re moving expeditiously to do so,’ Powell said.

‘Inflation has obviously surprised to the upside over the past year, and further surprises could be in store. We therefore will need to be nimble in responding to incoming data,’ he said.

‘We think that the public generally sees us as as very likely to be successful in getting inflation down to 2 percent. and that’s critical,’ he noted. ‘It will take some time to get inflation back down but we will do that.’

The high inflation rate has resulted in increased prices of food, gas and housing – areas that affect most Americans. Republicans have hammered Democrats politically on the high prices of good and services for Americans and many Democrats are worried they will take a battering at the polls in this November’s midterm election.

“The GOP has largely blamed Biden’s spending policies, including his $1.9 trillion American Rescue Plan and the $1.2 trillion Infrastructure Investment and Jobs Act, for the stark inflation rise,” The Daily Mail reported.

‘Whether it’s not taking inflation seriously, letting gas reach more than $5 a gallon, or not having baby formula shelves stocked, Americans are feeling the weight of President Biden’s disastrous decisions,’ Rep. Dan Bishop, R-N.C., said in a statement to DailyMail.com. ‘The stressors of the Biden economy keep piling on with no end in sight. Today’s announced interest rate hike will only add to it.’

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