The inflation numbers still don’t look so hot, but don’t worry, Joe Biden is on it and knows that their plans to tame it are working.

The Federal Reserve begs to differ. And guess who has the reigns when it comes to setting interest rates–the main tool used to reduce inflation?

Biden: “Our plan to tackle inflation…is working”

Powell: No “clear progress” towards lower inflation pic.twitter.com/u8WmoQvPxj

— John Hasson (@SonofHas) December 1, 2022

If you want to know what the future holds, I’d listen to Powell on this one. Not because the Fed has been great on the problem of inflation–it hasn’t. In fact the Fed is as responsible for the inflation spike as the fiscal incontinence the Democrats have engaged in since Biden’s ascent to office. Just a year ago Powell was explaining why the Fed wasn’t particularly concerned about inflation, and why it would be easy to get rid of.

You listen to Powell because he is the guy who is turning the dials when it comes to the money supply. The pressure he and the Fed are putting on interest rates is intended to grind the economy to a halt in order to stem the flood of dollars that has caused the inflation.

Federal Reserve chair Jerome Powell on Wednesday said there isn’t yet “clear progress” that decades-high inflation has turned a corner, despite rapid interest rate increases and slowing economic growth.

Why it matters: The assessment signals that the Fed will continue raising interest rates higher than its leaders expected, and will likely keep them high next year in its effort to tamp down inflation.

What they’re saying: “It will take substantially more evidence to give comfort that inflation is actually declining.” Powell said at an event hosted by the Brookings Institution.

For two years now the Biden Administration has been gaslighting Americans on inflation. First there was Biden’s denial that his policies would cause inflation. Remember his boast that Milton Friedman wasn’t in charge anymore when asked about all the fiscal stimulus?

Then we got the whole “inflation is transitory” BS for months and months. The denial of the obvious was astonishing to behold. As prices for everything skyrocketed the Administration kept on insisting that nothing was wrong and that we should ignore the obvious. It was remarkable in a way. They had a Stalinesque ability to state the opposite of the truth without a bit of shame.

Now they tell us that their current policies are working, as if they actually had any inflation reduction policies. They don’t. There isn’t even much they can do aside from cutting federal spending, and that never happens no matter who is in charge. They still want to keep the fiscal floodgates open, fighting the fed. It’s amazing to watch, in a way. And demonstrates their total indifference to the pain the rest of us feel.

They still are lying about it. Janet Yellen was on Colbert’s show and flat out lied about everything. She was lying before when she kept on insisting that inflation was transitory and not a problem. It was even a “good problem to have” because it showed economic strength. Now it is somebody else’s fault. The old “Putin Price Hike” BS.

Biden administration officials keep going on Stephen Colbert's late-night comedy show and pretending it is super-fun and smart.

Two big lies:
1. Janet Yellen claims Russia is to blame for inflation
2. Stephen Colbert claims he is hosting a comedy show. pic.twitter.com/ioDxi7HvSU

— Dale Jackson – "Alabama's Most Trusted Journalist" (@TheDaleJackson) December 1, 2022

Yellen is one of key architects of the economic policies that caused this huge spike in inflation, and she is joking about it on what is supposed to be a comedy show. She spent almost as much time explaining how she has been practicing to make her signature legible so that people can read it when it appears on our currency.

Good to know.

The bottom line is simple: the Fed is engineering a recession, and it’s best to get ready. The Fed wants to see unemployment rise, consumption fall, and in general a cooling economy. Their messaging reflects that, with Powell warning that a “soft landing” may not happen. That is Fedspeak for “will not happen.”

Hold on, the ride is going to get even more bumpy.