During a Senate hearing on Wednesday, Democratic Sen. John Kennedy of Louisiana ratcheted up the pressure on Federal Reserve Board Chairman Jerome Powell over inflation and the economy’s health.
“Look, Mr. Chairman, we have a real problem here. Inflation is striking my staff so badly that they are coughing up bones,” Kennedy told Powell during the Senate Committee on Banking, Housing, and Urban Affairs hearing.
“President Biden, I don’t hold it against him; I understand politics. He says, ‘Well, your 401(k) has fallen apart,’ and gas has gone from $2 to $5 a gallon because the economy is so strong,’” Kennedy added. “The American people are aware this this is untrue.”
In May, the Consumer Price Index rose 8.6% year over year, according to the Bureau of Labor Statistics. Inflation has been fueled by high energy costs, which have prompted landscaping businesses to raise prices and also boosted food and healthcare expenses.
Powell also revealed during the hearing that the Fed was attempting to “cool down” economic growth in order to deal with price inflation, prompting Kennedy to question him about additional gasoline and diesel supplies.
“You can lower demand but you can increase supply, can’t you?” Kennedy asked Powell.
“Yes,” Powell responded, agree that expanded energy supply might help to control inflation.
Kennedy rebuked the Biden administration for failing to stimulate the economy and asked Powell whether incentives for oil refineries to reopen would help minimize supply shortages.
America has suffered under sky-high inflationary prices, supply shortages, and high unemployment for months now, but the Biden administration has done little to help. With gas prices soaring and the cost of living increasing, it’s time for the president to take action.
Unfortunately, it seems that Powell is more concerned with cooling the economy than he is with helping American families. If the Fed chairman were focused on doing his job he would at least publicly demand that the White House stop playing politics and start increasing America’s supply of gasoline.