Florida Republican Sen. Rick Scott demanded that Federal Reserve Chairman Jerome Powell resign, after detailing a host of economic woes experienced by everyday Americans during the Biden years.
Powell on Friday spoke at the Jackson Hole Economic Symposium in Wyoming, where he suggested an additional hike in interest rates may be coming in September in the continued fight to keep inflation under control.
As Reuters reported, Powell told the gathering, “We will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data. It is the Fed’s job to bring inflation down to our 2% goal, and we will do so.”
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Inflation stands at 3.3%, which is down from the 9.1% spike from last year. But, as Powell noted, despite this “welcome development,” inflation “remains too high,” Reuters reported.
That was not good enough for Sen. Scott, who on Friday issued his call for Powell to go.
“The only announcement that Jay Powell should be making today [Friday] is his resignation, effective immediately. His gross mismanagement of the Federal Reserve has stolen the American Dream from millions of families and caused massive damage to our economy,” Scott said in a statement.
The senator, who has offered routine updates on the dire state of the economy since President Joe Biden took office, also released a 38-page presentation called “Breaking Down Bidenomics.”
The document highlighted some of the tough conditions the economy has faced under the management of Biden and Powell.
For instance, the federal government now spends $400,000 more per person than it did in 2019.
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The Fed’s unrealized losses now top $1.25 trillion, and the nation’s central bank is projected to post losses of $89 billion this year, more than double the capital it has on hand.
Since Biden took over, inflation is up 16.6% for both consumers and producers, while credit card interest rates have climbed to almost 21%, up from less than 15% before Biden.
The cost of groceries has jumped 19%, while the average price of gas has spiked 58%. Mortgage rates have nearly tripled.
Meanwhile, labor force participation remains down 1.8 million people from before the pandemic.
And despite record tax revenues, federal spending remains $1.4 trillion in the hole.
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