Fed Chair Powell Says Economic Pain Coming

Nope, BA says

 

Yet despite persistent inflation, Dems continue to pass inflationary legislation.

 

As expected.

 

Gee, who knew that injecting almost $7T of excess capital into an economy already on steroids after a decade of cheap capital, low interest rates, low unemployment and unprecedented consumer spending would result in inflation?

Asked no one ever.

The shoe was going to drop eventually. Just a matter of who the driver of the car was while getting the blame.

If anything, Powell is late to the party and effectively a trailing indicator when he’s supposed to lead.

 

20 million people are behind on their electric bills and these buffoons double down every chance they get.

 

So you mean the Marxist pushing socialist Biden admin that believes in the Marxist ideology of Modern Monetary Theory doesn't work???? I am SHOCKED!!!! LMAO!!!!

 

It’s disingenuous to think the current situation is from anything other than bipartisan failure. The last guy ran the largest expansion deficits ever when we should have been paying down debt instead of adding trillions to it pre-Covid.

 

Agree, both parties ( govt in general) has lead us to today.

 

Good. Glad he is committed to fighting inflation.

 

While I hate the republicans these days more than never a narrow Republican house majority and narrow democrat senate will bring some fiscal sanity.

 

I hope they just block each other.
Nothing will change until enough in both parties agree that govt is just too big and needs to be scaled back and become more efficient.

 

According to MMT, tax increases will absorb that excess capital right out of the system.

 

I disagree somewhat - I support much of the current legislation like IRA and infrastucture, but at this point I think it is enough for now and I’d rather just digest what has been done and focus on budget sanity and inflation.

 

87,000 more irs agents is just more big government. How about actually rolling up their sleeves and simplify the tax code. That would require actual doing their job

 

I don’t know if it is the best way to tackle the issue but more IRS agents will probably pay for themselves. I’m skeptical they will be able to hire near anywhere that many. I don’t think people have the right to cheat on taxes.

Nobody is really for simplifying the tax code to an extent it is actually simpler.

 

And MMT also says once full employment is hit, the biggest risk is inflation, which is exactly where we are (which is not my endorsement of it)

 

Who stands to benefit from a complicated tax code?

 

Trumptards love to root against America.

 

So I’m supposed to believe that the government will bring in thousands of new IRS experts who already know how to catch all these so called cheaters? Smell test fail.
I doubt seriously that more is better. Bigger is less efficient and cost a boat load more. They won’t capture more taxes, it will just cost more and sounds good to the Karens.
Government is not efficient.