Republican SLAMS Biden Over Federal Reserve Pick
Did Biden make a mistake?
In a recent interview with Breitbart, Sen. Rand Paul (R-KY) slammed President Biden over his decision to keep Jerome Powell as the Federal Reserve chairman and said that it will do nothing to stop “America’s inflationary spiral.”
Since President Biden came into office, inflation has been soaring and Sen. Paul does not believe keeping Powell in the top position was a very good idea.
Paul who was upset with the decision stated, “In an era of unprecedented debt accumulation, the Fed will, without a doubt, accommodate the big government spenders. I see nothing to indicate Jerome Powell will do anything to prevent the inflationary spiral that has already begun.”
“[The federal government] gets debt, then the Federal Reserve prints up new money to pay for the debt, that new money enters circulation, and that expansion of the money supply [leads to] inflation,” Paul explained.
Paul then criticized the Fed along with Congress for being responsible for the rising inflation rates. Paul explained that Congress deserve the initial blame for senselessly spending so much money that it does not have. Then he blamed the Federal Reserve for printing more money to afford all of this and doing so irresponsibly. “So really both Congress and the Fed are to blame and they go hand in hand,” Paul explained.
