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Americans continue to suffer from sky-high inflation. In an attempt to avert some of the worst consequences, Federal Reserve Chair Jerome Powell raised interest rates by .75%.
But is this enough? And what else can the Biden administration be doing to curb inflation?
Dave Brat, dean at the Liberty University School of Business and a former Virginia congressman, thinks this is a good start, but that officials must do more. Brat, whose doctorate is in economics, also says it’s mostly the Fed’s fault anyway for getting us into this situation in the first place.
“The Fed’s had 0% interest rate for 10 years and created this everything bubble,” Brat says. “So now it’s not just real estate, it’s stocks, bonds, commodities. Everything’s overvalued and it’s going to pop. And that’s a disaster. So the Fed’s walking a tight rope.”
Brat joins “The Daily Signal Podcast” to discuss the intricate workings of the U.S. economy and what the Fed and the Biden administration can be doing to fix it.
We also cover these stories:
- The director of the Texas Department of Public Safety tells state senators that law enforcement’s response to the Uvalde school shooting was an “abject failure.”
- Supreme Court Justice Sonia Sotomayor accuses the court’s conservative members of eroding the barrier between church and state.
- Twitter’s board recommends to shareholders that they go ahead with selling the company to entrepreneur Elon Musk for $44 billion.
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