From J-Hole to the Fox Holes
There’s a clash coming between the Federal Reserve and the Biden administration.
President Joe Biden has been touting what he says are the accomplishments of “Bidenomics.” He has claimed credit for inflation coming down, the strength of the jobs market, and investment in domestic manufacturing and infrastructure. He celebrates rising wages as evidence that he is “growing the economy from the bottom up and the middle out.”
This is not all that surprising. All U.S. presidents tout the economy when it is doing well and enjoy taking credit for peace and prosperity at any opportunity. Biden’s leadership on economic matters is deeply unpopular with the electorate; so, of course, he is trying to talk the American people into a more appreciative mood.
The trouble is that what Biden is touting is very troubling from the perspective of the central…
