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Biden just admitted he doesn’t have a clue how to fight inflation

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President Biden has finally laid out his plan to fight inflation. But the strategy demonstrates what many have long suspected: He doesn’t have a clue what to do about rising prices.

Biden’s plan, revealed in an op-ed for the Wall Street Journal, has three parts. First, let the Federal Reserve do its job. Second, enact a series of micro reforms to bring down prices in discrete economic segments, such as housing, prescription drugs and freight transport. Third, bring down the federal deficit by raising taxes on corporations and the rich.

That’s it. That’s the plan.

Each part is either disingenuous or will be ineffective. His stance on the Federal Reserve, for example, is basically an acknowledgement that the president does not legally, and ought not morally, dictate monetary policy. Central bank independence is a touchstone of modern monetary policy lest politicians be tempted to turn on the money spigots to juice the economy before an election year. When Biden criticizes his unnamed predecessors for trying to improperly influence Fed decisions, he’s saying that........

© Washington Post

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