All The Reasons Trump Should Fire The Fed's Powell
Date
11/15/2024 9:05:39 AM
(MENAFN- Asia Times)
October's employment report helps explain Donald Trump's landslide electoral victory . Private payrolls shrank for the first time since the post-Covid recovery.
American households, especially lower-income families, were crushed by inflation rates double the officially reported level. Now, jobs are drying up. The Economy is much worse than reported by official readouts.
Biden set in motion the worst inflation since the 1970s, and perhaps since the US Civil War, by handing out trillions in so-called stimulus checks after the US economy had already begun to cover from the 2020 COVID recession.
The Federal Reserve spent a year pretending that inflation was a problem and then jacked up interest rates, pouring gasoline on the fire. It should cut the federal funds rate by 2 percentage points immediately, taking pressure off households as well as the federal budget.
Graphic: Asia TimesThe US economy is still expanding, according to government statisticians, entirely due to higher personal consumption – investment in businesses and homes remains in the dumps. The American public didn't buy the official version, because it just isn't so.
Graphic: Asia TimesMENAFN15112024000159011032ID1108890239
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