Americans are doomed. In the last two years, they have seen enough of Joe Biden’s foreign policy failure. Firstly, they saw America getting insulted on a world scale due to its debacle withdrawal from Afghanistan, and now, another one due to the Russia-Ukraine war.
As a consequence, inflation has skyrocketed in the United States and Joe Biden has failed to tackle the rising inflation. Earlier, he blamed Vladimir Putin for the rising inflation despite the fact that US sanctions are responsible for the sudden rise in inflation. Now, Joe Biden faces a major challenge this November i.e. midterm elections.
But rather than focusing on the issue, he is busy finding scapegoats for the mess he has created. This time the scapegoat is Federal Reserve.
Biden blames Federal Reserve
Joe Biden knows he has done a blunder while tackling inflation. Now, when nothing is working out. Joe has blamed Federal Reserve for the inflation. As per Bloomberg, Joe Biden chaired a rare meeting with Federal Reserve Chair Jerome Powell.
In this meeting, Biden declared that he has been respecting the central bank’s independence but now, it’s their responsibility to curb decades-high inflation ahead of the November midterms. Joe Biden arrived at the Oval Office promising to fight price increases naming it as his top priority, but now he has declared that the work primarily falls under the purview of the Federal Reserve.
Joe Biden has been constantly attempting to portray that he’s maximizing efforts to curb the highest inflation in 40 years heading into November midterms as Democrats risk losing their slim congressional majority.
Though, Biden used this session just to stress that he’s giving the central bank “space to operate” independently to address the inflation crisis. But, he blames the Federal Reserve for not slowing down the inflation.
Jerome Powell has been criticized for being ‘too slow’ in confronting inflation. However, he calls it his top priority and has launched the most aggressive tightening campaigns in decades but all in vain.
The blame game continues
Although this has not been the first time that American authorities have pushed blame or responsibility on someone else. This has been in his nature for quite a long.
First, President Joe Biden blamed Vladimir Putin and Trump. Then, Republicans blame Biden and the Democrats. While some economists and Wall Streeters put it all on the Fed.
Everyone is pointing fingers over the dramatic spike in inflation in the U.S. over the past year that has wiped out wage gains, driven stocks to their worst start to a year since 1970 and has pushed Americans on a verge of a recession.
But, what is the solution to this problem? At this moment, no one knows the answer. Joe Biden is currently pushing the blame to federal reserves because opinion polls show rising costs are voters’ top concern ahead of the midterms.
Moreover, the inflation rate is one of the reasons that has driven 75 percent of Americans to say the nation is on the wrong track and squashed Biden’s approval rating below 40 percent.
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The American economy is today at its weakest. During the Cold war, the Soviet Union threatened America’s military dominance but never came even closer in terms of economic competition. But currently, China and other nations like India or Japan have much better economic output than the USA.
Let the White House say what they want to say, the truth remains that Joe Biden’s blunder during the Russia-Ukraine war has made the situation worse for America, and so for the world. This blame game isn’t going to work out for Biden this time.