Joe Biden is letting socialists like Alexandra Ocasio-Cortez run his regime.
His policies are destroying the country’s economy.
But now he’s panicking after the Federal Reserve said these three words.
Joe Biden has run the economy into the ground with his radical socialist policies.
The country is stuck in Jimmy Carter era stagflation with a supply chain crisis, empty store shelves, and labor shortages.
After going on a spending spree that would make a drunken sailor blush, inflation is skyrocketing to its highest levels in 40 years.
Federal Reserve chairman Jerome Powell is Biden’s point man in trying to tame the rampant inflation.
In a rare rejection of the socialist wing of the party, Biden re-nominated him to another four year term as Fed Chair.
In his confirmation hearing he gave Biden some bad news about inflation.
In his prepared remarks before a Senate committee Powell acknowledged that the soaring inflation “exacts a toll.”
“We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation,” he said.
“Inflation is running very far above target,” he added.
2% is the target rate for inflation for the Fed and it’s currently at 6.8% in November’s numbers.
The fight against inflation is one of the top challenges for Powell.
He said it is “very near the top of the list” of risks to the economy.
Getting inflation tamed was a key to getting people back to work and ensuring the economy is growing.
“We see now the great benefits of a strong labor market can bring right across the whole population for the whole economy, high inflation is a severe threat to the achievement of maximum employment and to achieving a long expansion that can give us that,” he added.
Powell promised that “if we see inflation persisting at high levels longer than expected . . . we will use our tools to get inflation back.”
This was disastrous testimony for the Biden regime on several levels.
The regime has tried to spin inflation as transitory and once that failed they tried blaming it on “greedy” corporations raising prices.
Now Biden has to own the fact that inflation is here to stay.
Powell also promised to fight inflation if it lasts longer than expected.
That would involve raising interest rates, which many economists believe could cause a recession.
With the economy polling as one of voter’s top concerns, this is a problem that isn’t going away.
The Democrats up in the 2022 midterm elections could face major losses thanks to Biden’s weak economy.
Stay tuned to Conservative Underground News for any updates to this ongoing story.