As referred to in another post, inflation occurs as a temporary economic disturbance when demand exceeds supply. The pandemic and the China COVID manufacturing total shutdown severely interrupted the world’s supply chain. Hence, inflation results–as expected. This would have happened regardless of who governed from the White House. It is an economic fact of life. We are disappointed that the Democrats failed to mention a very pertinent fact. Chairman Powell of the Federal Open Market Committee–which oversees our defense against inflation by raising interest rates–was first hired by the Bush (read as “Republican”) Administration as a major player in the US Treasury Department. He was re-appointed by President Trump (Republican) during his presidency. And President Biden followed suit by continuing Mr. Powell’s role in the Federal Reserve Agency. Our point: BOTH THE GOP AND THE DEMS HAVE REPEATEDLY VOICED THEIR CONFIDENCE IN CHAIRMAN POWELL TO BE THE BEST PERSON FOR THE JOB AT HAND–NAMELY, CONTROLLING INFLATION. It is ludicrous for the GOP to blame Biden for his failure to control inflation when the GOP’s own choice for that key job is in-place now. We are disappointed that the Dems failed to make this known during the campaign. And, as further indication of the criticism of Biden, the GOP refuses to even hint at their solution to the inflation problem The only Republican to go public was an advisor to the GOP, Grover Norquist. Mr. Norquist–when asked how the GOP could attack inflation–advised that general spending like the $80 million going to the IRS for new vehicles should be re-evaluated…BIG DEAL!!!! So the next time you pay more at the supermarket or the gas pump, know 2 facts: (1) this higher price is only temporary; and (2) the Dems and the GOP support the best man–Chairman Powell–as the champion of our fight against inflation.
Comments are closed