Fed Chair Powell Finds New Scapegoat to Blame

December 2, 2021

As every other mistaken justification for the ‘great resignation’ and stagnant job growth with spiraling inflation have collapsed to nothingness, like a gift from Fauci the frightening new “Omicron” variant of COVID19 came. And the renewed panic built by governments and the media alike has provided a new scapegoat for the sheer unwillingness of many Americans to return to work as long as Democrat-Socialists continue to hurl free money at them. He even tangentially tied supply-chain disruptions and inflation in for good measure!

In a prepared statement to Congress, the Biden-Harris regime’s Federal Reserve Chairman Jerome Powell speculated,

“Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.”

Powell also added that “factors pushing inflation upward will linger well into next year.”

The Omicron Scapegoat: All The Excuses They Could Ask For

The ‘discovery’ of Omicron has even given pro-mandate voices a way to silence detractors who pointed to the peculiar resistance of the African continent to COVID despite single-digit vaccine adoption there. There is even talk of a Lockdown2.0, it’s almost as if this new variant of COVID could give the authoritarians in support of the rampaging medical tyranny here and abroad, almost everything they want.

In context, Powell wrote,

“Most forecasters, including at the Fed, continue to expect that inflation will move down significantly over the next year as supply and demand imbalances abate. It is difficult to predict the persistence and effects of supply constraints, but it now appears that factors pushing inflation upward will linger well into next year. In addition, with the rapid improvement in the labor market, slack is diminishing, and wages are rising at a brisk pace.

We understand that high inflation imposes significant burdens, especially on those less able to meet the higher costs of essentials like food, housing, and transportation. We are committed to our price-stability goal. We will use our tools both to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched.

The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation. Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.

To conclude, we understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission. We at the Fed will do everything we can to support a full recovery in employment and achieve our price-stability goal.”

From this verbose statement the portion that should capture the most attention is slid in waaaaaaay down at the bottom… where Powell makes a vague promise of action, without saying particularly what those actions could be or how they would benefit. He writes “We at the Fed will do everything we can to support a full recovery in employment and achieve our price-stability goal.”… How? What actions can the Federal reserve take here? How is the Fed empowered to do so? Under what authority? Raising and lowering interest rates doesn’t add jobs to the economy, nor does it stabilize prices… so… are these just empty platitudes? A show of moral support? Or does the Biden-Harris regime have plans to misuse the Fed, just as they attempted to misuse OSHA to implement their partisan goals to circumvent a hopelessly deadlocked Congress? What do you think?