Posted on 09/20/2022 4:51:00 AM PDT by lasereye
The headline numbers are looking good for Joe Biden lately. He’s recently won a big legislative victory, and his approvals are ticking higher, which means maybe the manifold failures of his presidency are a thing of the past.
Yes, that is what the White House wants you to believe. But the spin oozing about the Biden-renaissance narrative obscures, at least for now, some really nasty bits of economic reality that the president’s feckless policies have created.
If you don’t believe me, listen to some of the comments recently made by Larry Fink, the CEO of money manager BlackRock. No one will ever confuse Fink with a GOP talking head. He has strong ties to the Democratic Party and is a perennial contender for Treasury secretary under a Democratic president.
Now he’s sounding the alarm on the potential economic harm being done in DC — much of it by his own party — that will make the Fed’s job of fighting inflation while attempting to engineer a so-called “soft landing” nearly impossible. Fink calls it an “irreconcilable disconnect” between what the White House is doing and Fed Chair Jerome Powell’s inflation-fighting mandate.
Inflation is a nasty tax on the working class. If left unchecked, it leads to economic hardships that history shows creates social unrest. To tame inflation, our central bank, the Federal Reserve, engages in a balancing act. It tries to raise rates and tighten credit on businesses to achieve a soft landing of the economy, in which GDP declines just enough to subdue inflation but the economy avoids a full-on recession, or at least a severe one.
Not easy to do, though the Fed has pulled it off in the past by coordinating its monetary policy with the fiscal policy of the White House and Congress.
(Excerpt) Read more at nypost.com ...
A vote for any Democrat is a vote for you own personal economic Armageddon. Wave goodbye to your 401K as it swirls down the bowl.
When did this so called "soft landing" happen previously?
It was so soft we didn't even feel it. Now get back to work and pay your fair share, lemming!
“president’s feckless policies”
More reckless than feckless. His policies have had plenty of effect, mostly ruinous.
A vote for a Dem is a vote for personal destruction...financial and otherwise
Does anyone here believe the Fed achieves anything positive by interfering in the economy?
We are in a recession. Biden admits that inflation has only gone up an inch since the recession started....
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