Peter Schiff: Political Hypocrisy Provides Cover for Fed on Inflation
From 2016 to 2020, Republicans were constantly trying to play up the economy. You’ll recall Donald Trump claiming it was the greatest economy in history. Meanwhile, Democrats were trying to play it down. Now, the roles have reversed. Since the Democrats own the economy now, they’re talking about how great the recovery is while Republicans are sounding warnings. As Peter Schiff explained in his podcast, this political hypocrisy is letting the real culprit get away without blame.
We saw this political hypocrisy on display during Jerome Powell’s recent testimony before the House Select Committee on COVID-19. The Democrats on the committee took the opportunity to grandstand about how great the economy is doing. As Peter put it, “They own the economy and they want to pretend that everything is great.” Their questions and statements focused on what a good job Powell is doing.
It’s interesting in that the Democrats are the ones that are trying to play down the inflation fears. They’re the ones that are trying to agree with Powell and reiterate the fact that everything is transitory and so we’ve got nothing to worry about.”
The Democrats don’t want to admit there is an inflation problem because that would be a blemish on this otherwise wonderful economy.
Meanwhile, the Republicans are pushing Powell on inflation and talking about it as a tax. But they’re not blaming Powell or the Fed. They’re placing the blame on Biden and the Democrats’ spending.
They’re not even really trying to blame the Fed for all the money printing. They’re just blaming Biden for all the money spending. But of course, Biden couldn’t be spending any money if the Fed wasn’t printing it…
…click on the above link to read the rest of the article…
