Because he committed the crime of being honest, Fed Chairman Jerome Powell will be reprimanded over the coming days. He was questioned regarding Biden’s claim that inflation was caused by the invasion of Ukraine.
Powell stated that inflation started much earlier than the invasion. On the day of his inauguration, Trump gave Biden a 12.4 percent inflation rate, which Biden increased to 7 percent before the invasion. Just 1.6 percent more inflation has occurred since then.
The war in Ukraine, according to Biden’s claim on Monday, was “the biggest single driver of inflation.” a blatant lie
Even at a 1.6% increase, not all of that can be attributed to the invasion because inflation was rising under Biden’s watch prior to the invasion every month. Sen. Bill Hagerty questioned Powell during his testimony before the Senate Banking Committee and said:
“I realize that a number of factors, including supply chain disruptions, regulations that limit supply, rising inflation expectations, and excessive fiscal spending, contribute to the historic inflation that we are currently experiencing. But the issue did not appear overnight. Inflation in January 2021 was 1.4 percent. By December 2021, it had increased fivefold to 7 percent. Considering that the conflict in Ukraine started in late February, The current rate of inflation is 8.6 percent, up 1.6 percent from the previous level. Hence, the increase from 7.6 to 8.6 percent.
Would you say that the war in Ukraine is the main reason for inflation in America, given how inflation has increased over the past 18 months?
Powell answered:
“No, inflation was high before, most definitely before the start of the war in Ukraine.”
Source: The Blaze
On the other hand, Larry Summers, a former Treasury secretary, thinks that a recession is almost certain as a result of the Fed raising interest rates.
Summers said on NBC on Sunday, “Look, nothing is certain and all economic forecasts have uncertainty. “A recession is coming, at least that’s my best guess.
He continued, “I base that on the fact that we haven’t had a situation like the present with inflation above 4% and unemployment above 4% without a recession following within a year or two. And so, “I think the likelihood is that the Fed will raise interest rates enough that the economy will enter a recession in order to do what’s necessary to stop inflation.”
Biden is nothing but a Lying piece of shit dumb ass He cheated his way to the White House and turned it into the clown house He is destroying this country on purpose because he knows the democrats aren’t getting back in there The whole Democratic Party is a disgrace to the human race They all lie cheat And steal You have to keep an eye on the whole party because they are always up to something no good Pathetic human beings Disgrace
Right on, Mr. Chairman, I applaud u for u’r convictions on facts….👏👏👏
Take a stand for what’s right, and a good, descent folk; will appreciate u’r stand! 😊👍
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