(JustPatriots.com)- Jerome Powell, the chairman of the Federal Reserve, told reporters last week that the current inflation rate is unpredictable.
The only people who did not see the inflation train coming down the tracks were the elites and “experts” like Jerome Powell.
After Joe Biden was sworn in, inflation accelerated and never subsided. When Democrats spend like inebriated socialists, that is what happens.
Starting a year ago, inflation has climbed nearly every month. How was Powell able to be so blind?
In his testimony earlier today, Jerome Powell stated that the US economy is in “good health.” Evidently, Jerome Powell was unaware that the US economy had entered a recession following the second quarter’s slump.
When measured by gross domestic product, recessions are often identified by an economy that contracts in successive quarters, similar to how things are now.
You may assume Powell is aware of this.
During an economic forum in late June of this year, Powell had this exchange:
Jerome Powell: “I think we now understand better how little we understand about inflation.”
Host: “That’s not very reassuring.”
Jerome: “This was unpredicted.”
In late June, Gina Raimondo, the commerce secretary under Joe Biden, also shifted blame for the US inflation crisis back onto Russia’s war in Ukraine. This came just days after another Cabinet member admitted the presidential administration had failed to predict the conflict’s impact on the economy.
The United States Secretary of the Treasury, Janet Yellen, said that she erred in 2021 when she declared that inflation, which has recently reduced from a nearly 40-year high, constituted simply a “small risk.” Yellen made the admission during a press conference.
“I think I was mistaken then about the road that inflation would follow,” Yellen told CNN.
“I think I was wrong then about the direction inflation would take.”
During her appearance on the same network’s program titled “State of the Union,” Governor Gina Raimondo alluded to “unexpected” occurrences that have derailed the global economy, and she assured that “We will bring inflation under control.”
Do you feel reassured?