Team Biden has been slapping itself on the back for passing the Inflation Reduction Act and for the price of gas falling from being at a stomach-churningly high level to a “merely” painful level, bragging about how gas is now a bit off its highs (despite still being up over a dollar a gallon since Trump left office).
In a recent “fact sheet” about the Inflation Reduction Act, for instance, the White House bragged that the bill would “fight inflation” (though without specifying how, exactly, it will do that), saying:
126 leading economists – including 7 Nobel Laureates, 2 former Treasury Secretaries, 2 former Fed Vice Chairs and 2 former CEA Chairs – have said reducing the deficit will help fight inflation and support strong, stable economic growth.
Similarly, Brandon himself, bragging about the price of gas falling, recently said:
In fact, gas prices have fallen every day this summer for 38 days in a row. Now, you know, you can — you can find gas for $3.99 or less in more than 30,000 gas stations in more than 35 states. In some cities, it’s down almost a dollar from last month. We’ve been working really hard to bring the price down.
That was back in June and since then he’s ke[t talking about the falling price of gas, all the while ignoring that it’s still quite elevated compared to where it was when he entered office.
Well, brag as Brandon might, the reality, at least according to the Federal Reserve minutes, is that inflation is going to stay “elevated” for quite a while. And not only that, but the inflation level will be “uncomfortably high” as it remains elevated.
Such is what Just the News found in a review of the minutes of a recent Federal Reserve meeting, reporting that:
The minutes of July’s Federal Open Market Committee, released on Wednesday, record that participants in that meeting—including the Federal Reserve Board of Governors—believe that inflation will “respond to monetary policy tightening and the associated moderation in economic activity with a delay and would likely stay uncomfortably high for some time.”
“Participants also observed that in some product categories, the rate of price increase could well pick up further in the short run, with sizable additional increases in residential rental expenses being especially likely,” the minutes continue.
So there’s that little tidbit; much as Brandon wants to convince people that the inflation crisis is over before Democrats get massacred by furious voters with wallets emptied by inflation in November, the reality is that it looks like prices are not just going to stay high, but keep getting higher.
What will be interesting to watch is if the Fed’s dismissal of Brandon’s bragging about inflation will encourage Republicans to be less hostile to it. Steve Bannon, for instance, recently called for ending the Fed in a barn-burner of a speech, but we’ll see if similar calls end as the Fed takes a more hawkish stance on inflation than Biden might like.
This story syndicated with permission from Will, Author at Trending Politics
Notice: This article may contain commentary that reflects the author's opinion.
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