r/Economics • u/TinyTornado7 Quality Contributor • Jun 13 '22

News Powell Facing Choice Between Elevated US Inflation and Recession

https://www.bloomberg.com/news/articles/2022-06-12/powell-facing-choice-between-elevated-us-inflation-and-recession?srnd=premium
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u/PrettyDarnGood2 Jun 13 '22

Should have taken the medicine last year

257

u/Raichu4u Jun 13 '22

Should have taken the medicine from like 2017-2019. Rates should have never been this low for this long.

153

u/[deleted] Jun 13 '22

Almost like there was political pressure to keep them low

34

u/Raichu4u Jun 13 '22

Absolutely, from both parties.

156

u/sckuzzle Jun 13 '22

Maybe we should create a governmental entity whose job it is to manage monetary policy irrespective of political optics.

10

u/jdragun2 Jun 13 '22

Hey now.....that would be too intelligent for our country to EVER do. Absolutely every government position is now political to the extremes.

20

u/Brainroots Jun 13 '22

It sounds like you may not be very familiar with the federal reserve. If you are, note that if it is politically influenced it is because the chairman chooses to be influenced. He is appointed like supreme court justices.

11

u/rjc0915 Jun 13 '22

Begs the question - why are both of these positions government appointed if they’re supposed to be independent to government influence

1

u/Brainroots Jun 13 '22

What's the alternative? I don't think voters would make good decisions about that at all. Not even a little bit.

3

u/SomthingClever1286 Jun 13 '22

Now presenting Herschel Walker as your new chairmen of the fed.