The Federal Reserve hiking interest rates by three-quarters of a percentage point on Wednesday is more evidence the Fed was asleep at the wheel on inflation and is whiplashing America into a deep recession.
Adding insult to inflation injury, Sen. Joe Manchin today also whiplashed America, reportedly caving to Senate Majority Leader Chuck Schumer in a deal to hike corporate taxes and create a Green New Deal slush fund. Manchin had earlier this month vowed to stand up to his party and protect America’s job creators and suppliers from tax hikes. (RELATED: SHEFFIELD: Trump Reveals How To Save America From Biden’s Magical Thinking)
Politico reported the bill “includes roughly $370 billion in energy and climate spending, $300 billion in deficit reduction, three years of subsidies for Affordable Care Act premiums, prescription drug reform and significant tax changes,” including “legislation by imposing a 15 percent corporate minimum tax.”
That’s Beltwayspeak for Democrats’ desire to hobble job creators and goods/services suppliers just at the moment when they need relief most. We have a supply problem fueling inflation. Increasing taxes on suppliers will make inflation worse.
Sadly, Federal Reserve Chairman Jerome Powell — unlike his predecessors who waded into fiscal matters because they directly impact the