Joe Biden s Inflation Guide – WSJ

In his remarks, Mr. Biden offered the ritual bow that the Federal Reserve is independent. But he ignored that someone has to finance Mr. Biden s new entitlements, and the more Democrats spend, the harder it is politically for the Fed to raise interest rates because it costs the Treasury more to finance deficits. But if the Fed doesn t raise rates soon enough, inflationary pressures can build.

Mr. Biden ought to be enjoying an economic boom from the ebbing pandemic as the government lockdowns end. Instead his policies have abetted a spike in inflation that is outstripping gains in wages. Telling people not to believe what they see with their own eyes is rarely a good political strategy.

via www.wsj.com

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