Joe Biden claims that the inflation pressure is at the Federal Reserve, praises the extraordinary support of the Fed Economics
Joe Biden claims that the inflation pressure is at the Federal Reserve, praises the extraordinary support of the Fed Economics
On Wednesday, US President Joe Biden said that the country's central bank had to deal with a large part of the inflation pressure with which the American economy was struggling with today. Biden welcomes the possibility of tightening the money policy relaxation and found that he "respects the independence of the Fed".
US President Joe Biden says a “crucial task to ensure that increased prices do not solidify, rests with the Federal Reserve“
In the United States, inflation printing has built up, since consumers pay far more for goods and services in 2022 and prices continued to increase last year. American consumers pay more for apartments, rents, food, raw materials, timber and cars. Recently Senator Rand Paul, R-Ky., published that inflation or the "hidden tax" "would only get worse". In addition, reports the note published on Thursday that the US unemployment claims have increased significantly to a three-month high.
While inflation rose to 7 % in comparison to 2020 last month, three months in a row earlier to over 6 %, and while retail sales in December 2021 significantly decreased, US President Joe Biden believes that the greatest pressure on the American central bank is. Speech at a press conference on Wednesday, bids said The last few years ago were there for some of the greatest challenges that we ever faced in this country ”.
"But we get through there," said Biden . "And we not only make it - we lay the foundation for a future in which America wins the 21st century by creating jobs at record speed, and we have to get inflation under control." The US President then stated that the Coronavirus was responsible for a large part of the country's economic problems.
"Covid-19 has caused many economic complications, including quick price increases in the entire global economy. People see it at the petrol pump, in the grocery stores and elsewhere," said Biden emphasized . While the Americans see the problem first-hand, Biden noticed that a lot of pressure falls on the US Federal Reserve.
"A crucial task to ensure that increased prices do not get stuck is due to the Federal Reserve, which has a double mandate: employment and stable prices," remarked Biden during the press conference.
The American President continued:
The Federal Reserve has made extraordinary support in the past year and a half. In view of the strength of our economy and the pace of the latest price increases, it is reasonable-as FED chairman Powell indicated-to calibrate the necessary support. I respect the independence of the fed.
Peter Schiff: "Potus has failed to equalize inflation with the American people", the Americans disagree.
According to the Message of the President of the United States (Potus), the economist and gold bug Peter Schiff bids to fail to be honest with the Americans about inflation.
"Today Potus failed to draw the same with the American people in relation to inflation," said Schiff . "It is a tax that is paid for government expenditure. If people want less inflation, the government has to spend less so that the Fed can print less. If the Americans want [build back better] they will pay for it with a higher inflation."
In addition, many Americans disagree that the majority of the burden on the US Federal Reserve is struck because US citizens and companies have to struggle with the loss of purchasing power. "One of my best friends has a handful of restaurants", according to the author of the dialed men blog, Ryan Stephens tweeted on Wednesday. "The last 18 months have been hell. All paper products = 55 % increase in the last 18 months", Stephens .
Stephens continued to emphasize that a box of bacon cost $ 75 in front of the pandemic and now costs $ 187. A box of chicken cost $ 35 in front of the pandemic and today $ 90, while frying oil cost $ 20 for a 35-pound piece, today $ 43. What do you think of the increasing inflation in the USA and the comments from Joe Biden to treat the problem by the Federal Reserve? Let us know your opinion on this topic in the comment area below. Bedy verification : Shutterstock, Pixabay, Wiki Commons, Bloomberg Intelligence, 