Bernie Sanders Says Federal Reserve Is ‘Hurting’ The Economy | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is John Rigolizzo.

    Independent Vermont Sen. Bernie Sanders said the Federal Reserve is not helping Americans deal with crushing inflation.

    Appearing on NBC's "Meet the Press" Sunday, Sanders claimed that the Fed's policy of raising interest rates, thereby slowing down the economy to lower inflation, is actually making difficult times worse for working families.

    "I think they're hurting the situation," Sanders said. "I think that it is wrong to be saying 'the way we are gonna deal with inflation is by lowering wages and increasing unemployment.' That is not what we should be doing."

    "This inflation thing is a real issue, it is a global issue, but at a time when working families are struggling and the people on top are doing phenomenally well, I think you don't go after working people," he added.

    Sanders also said he would not raise interest rates any further. But he refused to attribute reckless government spending as the root cause of inflation. Instead, Sanders repeated the Democrats' stance on the issue, blaming supply chain disruptions from the COVID pandemic, the war in Ukraine, and greedy corporate interests.

    "Inflation globally is caused by the pandemic and the break in supply chains," he said. "It is caused by, in my view, the war in Ukraine, obviously, and it is also caused by incredible corporate greed. And I hope everybody understands that when you go to the gas [pump], you fill up your car today, the oil companies are making huge profits, the food companies are making huge profits...pharmaceutical industry is making huge profits. We've got to deal with that issue." Sanders said.

    Sanders' comments come in the wake of another dismal report that showed inflation rose 8.2% between September 2021 and September 2022. The month-to-month increase of 0.4% exceeded analysts' forecasts, while core inflation - which factors out the more volatile food and energy categories - reached 0.6% against an estimate of 0.4%. Despite energy costs falling in some categories, a 0.8% surge in food prices and a 0.7% increase in shelter prices contributed to the headline number.

    Year-over-year inflation in September was essentially unchanged since the previous month's reading of 8.3%. Lower energy costs produced a moderation from the 9.1% inflation rate in June and the 8.5% rate in July, although gasoline prices have since returned to an upward trajectory.

    Policymakers at the Federal Reserve had raised target interest rates by 0.75% last month, a move which followed two identical hikes in June and July, in an attempt to relieve elevated inflationary pressures. The continually elevated price levels may prompt further action.

    Ben Zeisloft contributed to this report.


poll#162

In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?

  Racism within our society

  Sex realignment to the detriment of our society.

  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic

  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere

  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.

  The unresolved questions /allegation regarding the flawed 2020 General Election

  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective

  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive

  Failed Education Industry, from an overall perspective, regarding all levels of education.

  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..

  "Orangeman Bad!"

  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.

  The Weaponized Deep State for political purposes

  A secular ambivalence to all that is real.

  Record number of overdose deaths from opioids and now Fentanyl

  Biden Administration's disastrous Foreign Policy

  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.

  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!

928 total vote(s)     What's your Opinion?

poll#154

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?

  Yes, the Democrats have a bold plan, yet to be revealed, to save us.

  No, there will have to be a complete undoing of the damage done by these Democrats.

  I can't do simple math, so how am I to understand the concept of basic economics.

1,216 total vote(s)     What's your Opinion?