Opinion | Jerome Powell faces tough road maintaining independent Federal Reserve WashTimesOpEd
Congress could revise its mandate to favor low unemployment over price stability, or the president could appoint more left-leaning governors to the board, like Lisa D. Cook, to appease Congress.
She advocated firing the editor of the Journal of Political Economy for opposing defunding the police even though that publication has little interest in matters relating to law and order. When the economy slows, states run into fiscal difficulties. California is in the soup again. In 2009, Gov. Arnold Schwarzenegger sought federal guarantees of its debt, but President Barack Obama resisted. With affluent populations fleeing progressive states for low tax Florida and Texas, the pressure on Mr. Biden to federally guarantee state debt will grow.
When Mr. Biden pushed through his $1.9 trillion American Recovery Act in March 2021, economists across the spectrum blasted the measure as excessive and inflationary. The
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