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On 4/19/2022 at 2:14 PM, 7heaven said:


Did Biden not see his top priority is to get prices under control? 

 

Or are you using your usual tactic of nip-picking on words by saying Biden did not mention the word “inflation”? Lol. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

Biden essentially is detailing the steps he is going to take to control prices. This show that Biden admits controlling prices is his responsibility. 
 

Did Biden admit he is going to make controlling prices his top priority, yes or no??? 
 

Your repeated denial that Biden has himself admitted he is going to control prices his top priority. This shows that Biden knows it is his responsibility and he is accountable to tame inflation, not the FED or Pelosi or Kamala. 

 

On 4/19/2022 at 2:17 PM, 7heaven said:


Repeated denial despite clear evidence that Biden in his March 2022 State of Union speech admitted he is going to make his top priority of getting prices in control. Biden did not say he is going to make FED or Kamala or John Kerry top priority, but his and his alone to control prices.
 

This shows that Biden knows as president, he is responsible for ensuring prices are kept affordable for residents in US. 

 

On 4/19/2022 at 2:21 PM, 7heaven said:


Go and take some classes in reading comprehension to understand what Biden means when he said this 

 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

You are really exposing your limited comprehension skills here. Nobody with any iota of comprehension will deny Biden admitting it is his responsibility as President to control prices. 


It leaves everyone here to conclude you are living in your own reality and not the same as 7+billion others in the world. 

 

7heaven has been repeating the same content excessively another 3 times...

 

Do you think this is sane?

 

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On 4/19/2022 at 2:17 PM, 7heaven said:


Repeated denial despite clear evidence that Biden in his March 2022 State of Union speech admitted he is going to make his top priority of getting prices in control. Biden did not say he is going to make FED or Kamala or John Kerry top priority, but his and his alone to control prices.
 

This shows that Biden knows as president, he is responsible for ensuring prices are kept affordable for residents in US. 

 

You're such a truth distorter and omitting that Biden himself pointed to the Federal Reserve in his speech as the main body in charge of controlling inflation?

 

Quote from the yahoo article:

"Speaking of his inflation plans, Biden said: "While you’re at it, confirm my nominees to the Federal Reserve, which plays a critical role in fighting inflation."

 

 

Did Biden point to the Federal Reserve playing the critical role in fighting inflation? 

 

Yes or no???

 

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On 4/19/2022 at 2:17 PM, 7heaven said:


Repeated denial despite clear evidence that Biden in his March 2022 State of Union speech admitted he is going to make his top priority of getting prices in control. Biden did not say he is going to make FED or Kamala or John Kerry top priority, but his and his alone to control prices.
 

This shows that Biden knows as president, he is responsible for ensuring prices are kept affordable for residents in US. 

 

This is surely no evidence that US Presidents are responsible for keeping prices affordable. This is your personal invention. 

 

The task to keep prices affordable  has been given to the Federal Reserve. 

 

Substantiation:

 

The Federal Reserve works to promote a strong U.S. economy. Specifically, the Congress has assigned the Fed to conduct the nation's monetary policy to support the goals of maximum employment, stable prices, and moderate long-term interest rates. When prices are stable, long-term interest rates remain at moderate levels, so the goals of price stability and moderate long-term interest rates go together. As a result, the goals of maximum employment and stable prices are often referred to as the Fed’s “dual mandate.”

Monetary Policy: What Are Its Goals? How Does It Work?

What are the goals of monetary policy?
The Federal Reserve Act mandates that the Federal Reserve conduct monetary policy "so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."1 Even though the act lists three distinct goals of monetary policy, the Fed's mandate for monetary policy is commonly known as the dual mandate. The reason is that an economy in which people who want to work either have a job or are likely to find one fairly quickly and in which the price level (meaning a broad measure of the price of goods and services purchased by consumers) is stable creates the conditions needed for interest rates to settle at moderate levels.2

https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm

 

Your repeated denial of such facts signals a mental derangement. 

 

It is common economic knowledge that in the US the Federal Reserve is in charge of inflation and to keep prices affordable. 

 

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Monetary Policy: Stabilizing Prices and Output

Finance & Development

Koshy Mathai

Central banks use tools such as interest rates to adjust the supply of money to keep the economy humming

Monetary Policy: Stabilizing Prices and Output

Cash on the nail (photo: Agencia Estado/Corbis)

Monetary policy has lived under many guises. But however it may appear, it generally boils down to adjusting the supply of money in the economy to achieve some combination of inflation and output stabilization.

Most economists would agree that in the long run, output—usually measured by gross domestic product (GDP)—is fixed, so any changes in the money supply only cause prices to change. But in the short run, because prices and wages usually do not adjust immediately, changes in the money supply can affect the actual production of goods and services. This is why monetary policy—generally conducted by central banks such as the U.S. Federal Reserve (Fed) or the European Central Bank (ECB)—is a meaningful policy tool for achieving both inflation and growth objectives.

 

In a recession, for example, consumers stop spending as much as they used to; business production declines, leading firms to lay off workers and stop investing in new capacity; and foreign appetite for the country’s exports may also fall. In short, there is a decline in overall, or aggregate, demand to which government can respond with a policy that leans against the direction in which the economy is headed. Monetary policy is often that countercyclical tool of choice.

Such a countercyclical policy would lead to the desired expansion of output (and employment), but, because it entails an increase in the money supply, would also result in an increase in prices. As an economy gets closer to producing at full capacity, increasing demand will put pressure on input costs, including wages. Workers then use their increased income to buy more goods and services, further bidding up prices and wages and pushing generalized inflation upward—an outcome policymakers usually want to avoid.

 

 

Twin objectives

The monetary policymaker, then, must balance price and output objectives. Indeed, even central banks, like the ECB, that target only inflation would generally admit that they also pay attention to stabilizing output and keeping the economy near full employment. And at the Fed, which has an explicit “dual mandate” from the U.S. Congress, the employment goal is formally recognized and placed on an equal footing with the inflation goal.

 

Independent policy

Although it is one of the government’s most important economic tools, most economists think monetary policy is best conducted by a central bank (or some similar agency) that is independent of the elected government. This belief stems from academic research, some 30 years ago, that emphasized the problem of time inconsistency. Monetary policymakers who were less independent of the government would find it in their interest to promise low inflation to keep down inflation expectations among consumers and businesses. But later, in response to subsequent developments, they might find it hard to resist expanding the money supply, delivering an “inflation surprise.” That surprise would at first boost output, by making labor relatively cheap (wages change slowly), and would also reduce the real, or inflation-adjusted, value of government debt. But people would soon recognize this “inflation bias” and ratchet up their expectations of price increases, making it difficult for policymakers ever to achieve low inflation.

 

 

How long do you intend 7heaven to distort the truth???

 

Edited by singalion
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On 4/20/2022 at 12:17 AM, singalion said:

 

Jake Evans is a Bold America First Conservative Trailblazer running for Congress in Georgia's 6th District for the Republican Party. 

 

 

These are really the trustworthy objective sources... 

How lame to post here tweets from outspoken Republicans.

 


Jake Evans is concerned about the $3,500 to $5,000 extra American families have to spend due to Biden and Pelosi inflation. 
 

How lame to ignore this extra spending due to no fault of American families but the fault of current Biden administration.

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On 4/20/2022 at 12:19 AM, singalion said:

 

 

 

7heaven has been repeating the same content excessively another 3 times...

 

Do you think this is sane?

 


lol. It is as sane as you repeatedly defying common sense and logic that Biden is not responsible for controlling inflation. 

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On 4/20/2022 at 12:25 AM, singalion said:

 

You're such a truth distorter and omitting that Biden himself pointed to the Federal Reserve in his speech as the main body in charge of controlling inflation?

 

Quote from the yahoo article:

"Speaking of his inflation plans, Biden said: "While you’re at it, confirm my nominees to the Federal Reserve, which plays a critical role in fighting inflation."

 

 

Did Biden point to the Federal Reserve playing the critical role in fighting inflation? 

 

Yes or no???

 


The fact that Biden asks Senate to confirm his FED nominees further proved that FED comes under the jurisdiction of Federal Government of US whose chief is President who is Biden. 
 

The people can only elect the president and not the FED leadership, and therefore the people expect the President whom they elected to appoint competent FED leadership. If anything goes wrong, the president should be answerable. 
 

It bears reminding Biden himself publicly declaring about giving himself the job of making getting prices under control his top priority. 
 

This evidently shows Biden is responsible for keeping inflation in check. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control." -> did Biden say this? Yes or no???

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On 4/20/2022 at 12:36 AM, singalion said:

 

This is surely no evidence that US Presidents are responsible for keeping prices affordable. This is your personal invention. 

 

The task to keep prices affordable  has been given to the Federal Reserve. 

 

Substantiation:

 

The Federal Reserve works to promote a strong U.S. economy. Specifically, the Congress has assigned the Fed to conduct the nation's monetary policy to support the goals of maximum employment, stable prices, and moderate long-term interest rates. When prices are stable, long-term interest rates remain at moderate levels, so the goals of price stability and moderate long-term interest rates go together. As a result, the goals of maximum employment and stable prices are often referred to as the Fed’s “dual mandate.”

Monetary Policy: What Are Its Goals? How Does It Work?

What are the goals of monetary policy?
The Federal Reserve Act mandates that the Federal Reserve conduct monetary policy "so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."1 Even though the act lists three distinct goals of monetary policy, the Fed's mandate for monetary policy is commonly known as the dual mandate. The reason is that an economy in which people who want to work either have a job or are likely to find one fairly quickly and in which the price level (meaning a broad measure of the price of goods and services purchased by consumers) is stable creates the conditions needed for interest rates to settle at moderate levels.2

https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm

 

Your repeated denial of such facts signals a mental derangement. 

 

It is common economic knowledge that in the US the Federal Reserve is in charge of inflation and to keep prices affordable. 

 


The evidence that US President is responsible for keeping prices affordable has been presented by Biden the current President himself in his March 2022 State of Union speech. In it, Biden said he is going to make getting prices under control his top priority. He did not say he is going to make it Kamala or Pelosi’s top priority but his own. 
 

Furthermore, Biden also outlined a 4-point plan to fight inflation. If he does not have the authority or influence to carry out the 4-point plan through the federal agencies under him like transport, Commerce, Energy etc, why would he say that? This shows that fighting inflation is his responsibility and he is going to carry out the said plan based on the many levers at his disposal. 

 

It is basic common sense people elect US President who will provide affordable living standards for the people. 
 

—————————
 

"One way to fight inflation is to drive down wages and make Americans poorer," he said as he attempted to reframe his domestic agenda. "I have a better plan to fight inflation: lower your costs, not your wages."

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

A 4-point plan

Biden outlined a four-point plan to fight inflation on Tuesday night. 

 

https://sg.news.yahoo.com/state-of-the-union-biden-discuss-inflation-153146690.html

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On 4/20/2022 at 12:52 AM, singalion said:

Monetary Policy: Stabilizing Prices and Output

Finance & Development

Koshy Mathai

Central banks use tools such as interest rates to adjust the supply of money to keep the economy humming

Monetary Policy: Stabilizing Prices and Output

Cash on the nail (photo: Agencia Estado/Corbis)

Monetary policy has lived under many guises. But however it may appear, it generally boils down to adjusting the supply of money in the economy to achieve some combination of inflation and output stabilization.

Most economists would agree that in the long run, output—usually measured by gross domestic product (GDP)—is fixed, so any changes in the money supply only cause prices to change. But in the short run, because prices and wages usually do not adjust immediately, changes in the money supply can affect the actual production of goods and services. This is why monetary policy—generally conducted by central banks such as the U.S. Federal Reserve (Fed) or the European Central Bank (ECB)—is a meaningful policy tool for achieving both inflation and growth objectives.

 

In a recession, for example, consumers stop spending as much as they used to; business production declines, leading firms to lay off workers and stop investing in new capacity; and foreign appetite for the country’s exports may also fall. In short, there is a decline in overall, or aggregate, demand to which government can respond with a policy that leans against the direction in which the economy is headed. Monetary policy is often that countercyclical tool of choice.

Such a countercyclical policy would lead to the desired expansion of output (and employment), but, because it entails an increase in the money supply, would also result in an increase in prices. As an economy gets closer to producing at full capacity, increasing demand will put pressure on input costs, including wages. Workers then use their increased income to buy more goods and services, further bidding up prices and wages and pushing generalized inflation upward—an outcome policymakers usually want to avoid.

 

 

Twin objectives

The monetary policymaker, then, must balance price and output objectives. Indeed, even central banks, like the ECB, that target only inflation would generally admit that they also pay attention to stabilizing output and keeping the economy near full employment. And at the Fed, which has an explicit “dual mandate” from the U.S. Congress, the employment goal is formally recognized and placed on an equal footing with the inflation goal.

 

Independent policy

Although it is one of the government’s most important economic tools, most economists think monetary policy is best conducted by a central bank (or some similar agency) that is independent of the elected government. This belief stems from academic research, some 30 years ago, that emphasized the problem of time inconsistency. Monetary policymakers who were less independent of the government would find it in their interest to promise low inflation to keep down inflation expectations among consumers and businesses. But later, in response to subsequent developments, they might find it hard to resist expanding the money supply, delivering an “inflation surprise.” That surprise would at first boost output, by making labor relatively cheap (wages change slowly), and would also reduce the real, or inflation-adjusted, value of government debt. But people would soon recognize this “inflation bias” and ratchet up their expectations of price increases, making it difficult for policymakers ever to achieve low inflation.

 

 

How long do you intend 7heaven to distort the truth???

 


Is Koshy Mathai the author of this article elected by the people? Did Mathai make the State of the Union speech in March 2022 to fight inflation? Does Mathai have the authority to nominate the FED leadership? Lol. 
 

Biden already publicly announced in his March2022 State of Union speech that he will make his top priority about getting prices under control. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

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On 4/20/2022 at 9:13 AM, 7heaven said:


Jake Evans is concerned about the $3,500 to $5,000 extra American families have to spend due to Biden and Pelosi inflation. 
 

How lame to ignore this extra spending due to no fault of American families but the fault of current Biden administration.

 

but he Jake Evans is member and candidate for the Republican party for Congress.

 

 

Do you think he is objective?

 

and how did he come up with the amount? Did he take his own Porsche SUV Cayenne that swallows 15 liter petrol as the average.

 

The own article that you quoted a bit too excessively here the last two days pointed to different reasons for the inflation in the US but none of them said it was Biden's fault. Reasons given were namely, shortage of oil and gas, Ukraine and severe supply chain bottlenecks.

Take some time to read it again.

 

Quote:

"one currently working its way through the Congress focused on China, supply chains, and the semiconductor industry that officials have said would have a "direct correlation" with inflation."

 

 

 

Please don't bore us with your nonsensical manipulative RNC propaganda and demagoguery.

 

 

Edited by singalion
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On 4/20/2022 at 9:15 AM, 7heaven said:


lol. It is as sane as you repeatedly defying common sense and logic that Biden is not responsible for controlling inflation. 

 

Because everyone except you is aware that the charge to control inflation has been given to the Federal Reserve by the US constitution.

 

I don't even need to quote it here, because this fact is common knowledge.

 

We are all aware that you only defend your false narrative as it is clear that the facts debunk your myth on controlling inflation and who is in charge of this task!

 

 

Here you get another lecture:

 

Note to BW readers: the Central Bank in the US is the Federal Reserve Bank.

How Do Central Banks Typically Control Inflation?

November 07, 2016

 

Many central banks around the world are experiencing inflation below their targets, despite having implemented low-interest-rate policies and various unconventional monetary policies in recent years. An article in The Regional Economist explains the origins of conventional central banking practice for managing inflation.

 

Money Growth Targets

Vice President and Economist Stephen Williamson explained that monetarist ideas and experience implementing those ideas in the 1970s and 1980s drove two key developments in modern central banking:

  • The recognition that the central bank is responsible for inflation.
  • The recognition that the central bank’s main instrument for monetary control is a short-term nominal interest rate.

He noted that monetarism is best represented in the work of economist Milton Friedman. Friedman suggested that the best approach to inflation control is for the central bank to conduct monetary policy in such a way that a specified measure of the money stock in circulation would grow at a constant rate.1 Under this approach, a higher desired rate of inflation would be associated with a higher constant money growth rate.

 

Many central banks adopted money growth targets during the 1970s and 1980s to combat the relatively high inflation rates of that era. In fact, during his tenure as Fed chairman (from 1979-1987), Paul Volcker brought inflation down from about 10 percent to about 3.5 percent through a reduction in the money supply growth rate.

 

https://www.stlouisfed.org/on-the-economy/2016/november/how-central-banks-typically-control-inflation

 

 

 

 

Do you still intend to claim at BW that in the US the control of inflation is assigned to the Federal Reserve???

 

Then go on and embarrass yourself to the max at BW.

 

 

 

 

 

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On 4/20/2022 at 10:58 AM, singalion said:

 

but he Jake Evans is member and candidate for the Republican party for Congress.

 

 

Do you think he is objective?

 

and how did he come up with the amount? Did he take his own Porsche SUV Cayenne that swallows 15 liter petrol as the average.

 

The own article that you quoted a bit too excessively here the last two days pointed to different reasons for the inflation in the US but none of them said it was Biden's fault. Reasons given were namely, shortage of oil and gas, Ukraine and severe supply chain bottlenecks.

Take some time to read it again.

 

Quote:

"one currently working its way through the Congress focused on China, supply chains, and the semiconductor industry that officials have said would have a "direct correlation" with inflation."

 

 

 

Please don't bore us with your nonsensical manipulative RNC propaganda and demagoguery.

 

 


It is clear that Biden administration polices have caused the record high inflation in US. Do you think the White House, federal agencies reporting to Biden will come out and blame Biden for inflation? Will they be objective?

 

From the labour department chart, it is clear once Biden took over, inflation started to escalate. 

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On 4/20/2022 at 11:13 AM, singalion said:

 

Because everyone except you is aware that the charge to control inflation has been given to the Federal Reserve by the US constitution.

 

I don't even need to quote it here, because this fact is common knowledge.

 

We are all aware that you only defend your false narrative as it is clear that the facts debunk your myth on controlling inflation and who is in charge of this task!

 

 

Here you get another lecture:

 

Note to BW readers: the Central Bank in the US is the Federal Reserve Bank.

How Do Central Banks Typically Control Inflation?

November 07, 2016

 

Many central banks around the world are experiencing inflation below their targets, despite having implemented low-interest-rate policies and various unconventional monetary policies in recent years. An article in The Regional Economist explains the origins of conventional central banking practice for managing inflation.

 

Money Growth Targets

Vice President and Economist Stephen Williamson explained that monetarist ideas and experience implementing those ideas in the 1970s and 1980s drove two key developments in modern central banking:

  • The recognition that the central bank is responsible for inflation.
  • The recognition that the central bank’s main instrument for monetary control is a short-term nominal interest rate.

He noted that monetarism is best represented in the work of economist Milton Friedman. Friedman suggested that the best approach to inflation control is for the central bank to conduct monetary policy in such a way that a specified measure of the money stock in circulation would grow at a constant rate.1 Under this approach, a higher desired rate of inflation would be associated with a higher constant money growth rate.

 

Many central banks adopted money growth targets during the 1970s and 1980s to combat the relatively high inflation rates of that era. In fact, during his tenure as Fed chairman (from 1979-1987), Paul Volcker brought inflation down from about 10 percent to about 3.5 percent through a reduction in the money supply growth rate.

 

https://www.stlouisfed.org/on-the-economy/2016/november/how-central-banks-typically-control-inflation

 

 

 

 

Do you still intend to claim at BW that in the US the control of inflation is assigned to the Federal Reserve???

 

Then go on and embarrass yourself to the max at BW.

 

 

 

 

 


Everyone except you is aware that the FED comes under the jurisdiction of Federal Government of US whose head is US president who is Biden. 
 

The people cannot vote who leads the FED, it is up to them to trust Biden to nominate competent people to FED. Therefore, the people can only hold Biden accountable for the job performed by the FED and also Biden himself who has his team of Treasury, Energy, Commerce and Transport departments to implement policies that will ensure prices of everyday items are kept affordable. 

 

Biden himself also admitted publicly he will make getting prices under control his top priority. Do you still intend to ignore this admission by Biden himself?

Edited by 7heaven
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On 4/20/2022 at 9:32 AM, 7heaven said:


The evidence that US President is responsible for keeping prices affordable has been presented by Biden the current President himself in his March 2022 State of Union speech. In it, Biden said he is going to make getting prices under control his top priority. He did not say he is going to make it Kamala or Pelosi’s top priority but his own. 
 

Furthermore, Biden also outlined a 4-point plan to fight inflation. If he does not have the authority or influence to carry out the 4-point plan through the federal agencies under him like transport, Commerce, Energy etc, why would he say that? This shows that fighting inflation is his responsibility and he is going to carry out the said plan based on the many levers at his disposal. 

 

It is basic common sense people elect US President who will provide affordable living standards for the people. 
 

—————————
 

"One way to fight inflation is to drive down wages and make Americans poorer," he said as he attempted to reframe his domestic agenda. "I have a better plan to fight inflation: lower your costs, not your wages."

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

A 4-point plan

Biden outlined a four-point plan to fight inflation on Tuesday night. 

 

https://sg.news.yahoo.com/state-of-the-union-biden-discuss-inflation-153146690.html

 

You have been riding that "common sense" nonsensical statement ad nausea here.

 

The task to assure stable or affordable prices has been charged exclusively to the Federal Reserve

 

Subtantiation:

 

The Congress has assigned the Fed to conduct the nation’s monetary policy to support the goals of maximum employment, stable prices, and moderate long-term interest rates. When prices are stable, long-term interest rates remain at moderate levels, so the goals of price stability and moderate long-term interest rates go together. As a result, the goals of maximum employment and stable prices are often referred to as the Fed’s “dual mandate.”

 

Prices are considered stable when consumers and businesses don’t have to worry about rising or falling prices when making plans, or when borrowing or lending for long periods. The Federal Open Market Committee (FOMC) judges that inflation rate of 2 percent over the longer run, as measured by the annual change in the price index for personal consumption expenditures, is most consistent with the Federal Reserve’s mandate. To best achieve this longer-run goal, the FOMC seeks to achieve inflation that averages 2 percent over time. When households and businesses can reasonably expect 2 percent inflation over the longer run helps them make sound decisions regarding saving, borrowing, and investment, thus contributing to a well-functioning economy.

https://www.federalreserve.gov/faqs/what-economic-goals-does-federal-reserve-seek-to-achieve-through-monetary-policy.htm

 

This is clearly defined by the Federal Reserve Act from 1913.

 

Substantiation:

 

The Federal Reserve Act of 1913 established the Federal Reserve System as the central bank of the United States to provide the nation with a safer, more flexible, and more stable monetary and financial system. The law sets out the purposes, structure, and functions of the System as well as outlines aspects of its operations and accountability.

https://www.federalreserve.gov/aboutthefed/fract.htm

 

 

 

Above clearly contradicts your false claim.

 

There is no need to invent things that contradict the facts.

 

You are also distorting the facts of the yahoo article.

 

Biden is talking about "getting prices under control", he is not talking about controlling inflation.

 

But it is good that you finally found the 4 point plan of Biden.

That is already an achievement.

 

 

Here you have a complete summary for the 4 point plan to tackle prices: 

 

 

During his first State of the Union Address, the President will also make clear that there is more work to do to rebuild the economy towards resilience, security, and sustainability. Too many families continue to feel the squeeze of higher costs. The President will make clear that price increases that become entrenched are pernicious, and eat away at the economic progress the country is making. The President will lay out his plan to lower costs for American families while continuing an historically strong economic recovery by:
 

  • Making more things in America, strengthening our supply chains, and moving goods faster and cheaper;
     
  • Reducing the cost of everyday expenses working families face and reducing the deficit;
     
  • Promoting fair competition to lower prices, help small businesses thrive, and protect consumers; and
     
  • Eliminating barriers to good-paying jobs for workers all across America.

Making more things in America, strengthening our supply chains, and moving goods faster and cheaper:

President Biden will make clear that he believes one of the best ways to lower costs over the long run is to increase the productive capacity of our economy—put simply, to make more things in America with more American workers contributing and earning a good living. He will describe the emerging manufacturing comeback, with American companies betting on America again because of the Administration’s commitment to domestic industrial revitalization and technological development. He will note that in just the last year, the economy added 375,000 manufacturing jobs and companies announced nearly $200 billion in investments for semiconductor, electric vehicle, battery, and critical mineral production and manufacturing in the United States. He will recount how Intel recently announced a new $20 billion factory outside of Columbus, Ohio that will create 7,000 construction jobs and another 3,000 permanent jobs – another sign of the strength of the American economy.

President Biden will also announce specific goals for implementation of his landmark Bipartisan Infrastructure law (BIL), a once-in-a-generation investment in our nation’s economic competitiveness that will strengthen supply chains and move goods to market faster and more efficiently, encouraging more companies to choose America. Over the next year:
 

  • States, territories, Tribes and local governments will start to improve 65,000 miles of roads and 1,500 bridges with federal funding, representing a 44% and 50% increase respectively from average annual improvement levels over the past six years.
     
  • The Federal Aviation Administration will be able to invest in over 600 airport infrastructure projects, including preserving 400 pavement projects on taxiways and runways.
     
  • Communities will invest in an estimated 15,000 new buses, ferries and subway cars, improving commutes for working Americans, families, and students across the country and reducing greenhouse emissions.
     
  • The U.S. Army Corps of Engineers will advance over 500 projects across 52 states and territories to strengthen supply chains, improve waterways, and reduce flooding.
     
  • The Environmental Protection Agency will work with state and local governments to fund more than 400 new water projects from replacing lead service lines to improving drinking water systems.
     
  • States, Tribes, and other partners will use BIL funds to reclaim over 15,000 acres of abandoned mine lands, as well as launch new reclamation efforts that will ultimately address tens of thousands of additional acres across the country.
     
  • The Interior Department’s new Orphan Well Program will start work plugging, capping, and remediating over 8,000 abandoned oil & gas well sites in communities across the country.
     
  • The Interior Department will increase its work to reduce the risk of wildfires to communities by more than 30 percent – removing over 300,000 acres of burnable fuels in the places where communities and wildlands meet – as well as the start of work to reduce wildfire risk on an additional 250,000 acres across the country.
     
  • The Department of Energy will take steps to launch a first-of-its kind $140 million demonstration facility to extract and separate rare earth elements and other critical minerals from coal ash, mine tailings, acid drainage, and other legacy fossil fuel waste to sustainably produce materials key to next-generation clean energy technologies.
     
  • The Department of Energy will make available nearly $3 billion to bolster domestic manufacturing of advanced batteries for electric vehicles and energy storage.

To build on these investments and spur more private-sector investment in the United States, the President will also call on Congress to send him bipartisan competitiveness legislation like the COMPETES and USICA bills that have passed the House and the Senate to invest in innovation, manufacturing, and economic development capacity across all of America so America can outcompete China and the rest of the world in the industries of the future.

Reducing the cost of everyday expenses working families face:

President Biden will call on Congress to send him legislation that lowers costs of everyday expenses working families face and lowers the deficit by rewarding work, not wealth. He will lay out specific, practical measures that would reduce costs for families right now, including prescription drug costs and health care premiums, child care and pre-k costs, and energy costs. He will point to the other ideas he has proposed on areas ranging from housing to care for seniors and people with disabilities to higher education affordability to direct tax relief for families. These efforts build on the support provided in the American Rescue Plan that has helped reduce the cost of health care, helped more than 5000 universities and community colleges make higher education more affordable, made work pay better for low-income workers through an expanded Earned Income Tax Credit, and provided historic middle class tax relief for tens of millions of working families through an expanded Child Tax Credit.

The President will make clear that we can lower costs while lowering the deficit by rewarding work, not wealth. He will outline proposals to make sure corporations and the wealthiest Americans pay their fair share, while making clear that no one making under $400,000 a year should see their taxes increased.

The President will call on Congress to send him a bill that lowers costs and lowers the deficit without delay. American families need relief from higher costs, and they need it now.


Promoting fair competition to lower prices, help small businesses thrive, and protect consumers:

President Biden will explain that we can also lower costs by promoting fair competition in the U.S. economy. The Administration has taken decisive actions in the first year to stop the trend of corporate consolidation, increase competition, and deliver concrete benefits to America’s consumers, workers, farmers, and small businesses. He will also announce new actions the Biden-Harris Administration is taking this year to tackle some of the most pressing competition and consumer protection problems across our economy. Specifically, he will announce new steps to:
 

  • Lower consumer prices and level the playing field for American businesses in ocean shipping. The President will explain that most traded goods—everything from the housewares you buy online to the agricultural products that American farmers market overseas—are transported by oceangoing vessels. However, the ocean shipping industry is now dominated by just a small number of giant, foreign-owned companies. Three global alliances—groups of ocean carriers that work together—now control 80% of global container ship capacity and 95% on the critical East-West trade lines. And, since the beginning of the pandemic, these carriers have been increasing shipping costs through higher rates and fees. The President will note that the foreign carriers are now seeing record profits, while prices for American consumers and businesses have risen. To combat this problem, the President will announce steps to lower consumer prices and level the playing field for American businesses in ocean shipping, including launching a new Federal Maritime Commission and Department of Justice initiative to promote competition in the ocean freight transportation system. He will also note that the Federal Maritime Commission is ramping up its oversight of the global shipping industry to address complaints about the unfair fees the carriers charge to American businesses. Read the full Biden-Harris Plan to Lower Consumer Prices and Level the Playing Field in Ocean Shipping here.
     
  • Protect seniors and other nursing home residents by cracking down on unsafe nursing homes. The President will explain that while the federal government spends tens of billions of taxpayer dollars on nursing homes annually, these federal funds too often flow to nursing homes with bad track records and dangerous conditions. He will explain that 200,000 residents and staff in nursing homes have died from COVID-19, representing nearly 23% of all COVID-19 deaths in the United States. He will also stress that despite well-documented, widespread health and safety violations, there has been little or no accountability. To protect seniors and crack down on unsafe nursing homes, President Biden will call on Congress to provide nearly $500 million to CMS Survey and Certification, a 24% increase, to support health and safety inspections at nursing homes. He will also announce that the Biden-Harris Administration will, among other new initiatives, establish a new minimum staffing ratio to protect residents, expand penalties for poor performing nursing homes and beef up scrutiny, improve transparency and Americans’ ability to comparison shop for the best home, strengthen value-based payment to ensure taxpayers pay for quality care, and continue to provide COVID-19 testing and vaccinations at nursing homes across the country. Read the full Biden-Harris Plan to Protect Seniors by Cracking Down on Unsafe Nursing Homes here.
     

Eliminating barriers to good-paying jobs for workers all across America:

President Biden will reflect on one of the strongest labor market recoveries in American history. Specifically, the President will note that during his first year in office, the economy added more than 6.6 million jobs; the unemployment rate fell at its fastest pace on record; the number of number of workers filing for unemployment insurance declined by more than 70 percent; and millions of Americans have entered and reentered the labor force, with the largest increase in the labor force participation rate in more than 25 years. He will highlight the important role that the American Rescue Plan played in positioning employers to hire and workers to rejoin the labor force and find higher quality jobs. Earlier this year, he directed the Secretary of Labor to work with states to reinstate work search requirements for unemployment insurance recipients.
 

To further our economic recovery and increase the productive capacity of our economy, the President will announce his Administration’s plan to ensure everyone who wants to work should have the opportunity to find a high-quality job. Specifically, he will express his support for:
 

  • Enacting the Protecting the Right to Organize Act. President Biden will express his firm belief that every worker in every state must have a free and fair choice to organize or join a union, and the right to bargain collectively with their employer, without fear of intimidation, coercion, threats, and anti-union propaganda. He will reiterate that the middle class built America and unions built the middle class. And, he will emphasize that empowering workers is central to the Biden-Harris strategy to grow our economy from the bottom up and the middle out. The President will call on Congress to pass the Richard L. Trumka Protecting the Right to Organize (PRO) Act and the Public Service Freedom to Negotiate Act, ensuring that more private-sector workers and many more public-sector workers nationwide have a genuine right to organize and bargain collectively.
     
  • Expanding skills-based hiring and increasing access to registered apprenticeships and training. President Biden will reiterate his commitment to creating pathways to the middle class for all Americans. He will stress that millions of Americans without a college degree are needlessly disadvantaged in the pursuit of good jobs, even when they have the skills and knowledge employers need. To support skills-based hiring, President Biden will announce that his Administration will explore using federal and procurement dollars to by hire based on skills rather than educational qualifications alone, , including through boosting hiring of people from Registered Apprenticeships and labor-management partnership training programs. Additionally, the Administration remains committed to strengthening the pipeline for more underserved communities to access these opportunities. As an example, the Administration has supported and increased access to quality trucking jobs by expanding Registered Apprenticeship programs for drivers; and developing more seamless paths for veterans and underrepresented communities, such as women, to access good driving jobs. He will state that the Administration is supporting and challenging employers to move towards skill-based hiring, including through a new budget proposal to invest in skills-based hiring research tools and technical assistance. This effort builds on the American Rescue Plan’s critical workforce investments in the past year – with more than half of states already committing Fiscal Recovery Funds to training and apprenticeships and efforts to hire and retain critical workers – and catalyzing investments in place-based regional workforce strategies through the Commerce Department’s Good Jobs Challenge.
  • Expanding programs in high-demand fields at Historically Black Colleges and Universities (HBCUs), Tribal Colleges and Universities (TCUs), and Minority-Serving Institutions (MSIs). President Biden will explain that research has found that HBCUs, TCUs, and MSIs are vital to helping underrepresented students achieve economic mobility, including in STEM fields. However, he will also stress that these institutions have significantly fewer resources than other top colleges and universities, undermining their ability to grow and support more students. To address this persistent problem, and building on the progress made by the American Rescue Plan providing the largest investment through the Department of Education ever in these institutions, the President will call on Congress to expand existing institutional aid grants to HBCUs, TCUs, and MSIs, which can be used by these institutions to strengthen their academic, administrative, and fiscal capabilities, including by creating or expanding educational programs in high-demand fields (e.g., STEM, computer sciences, nursing, and allied health).
     
  • Providing up to more than $2,000 in additional assistance to low-income students by increasing the Pell Grant award. President Biden will note that broad access to education beyond high school is increasingly important for economic growth and competitiveness in the 21st century, but also remind us that higher education has become unaffordable for too many families. Over 6 million students depend on Pell Grants to finance their education, yet the amount of money in these grants has not kept up with the rising cost of college and DREAMers still do not have access. During his State of the Union Address, President Biden will call on Congress to increase the maximum Pell Grant award by more than $2,000.
     
  • Supporting paycheck fairness. President Biden will note that women in the U.S. who work full-time, year-round are paid only 83 cents for every dollar paid to their male counterparts, on average. He will also express his belief that ensuring equal pay is essential to advancing America’s values of fairness and equity as well as our economic strength here at home and our competitiveness abroad. President Biden will use his State of the Union Address as an opportunity to call on Congress to pass the Paycheck Fairness Act, which will take important steps towards the goal of ending pay discrimination.
  • Raising the minimum wage to $15 per hour. President Biden will recount that throughout the pandemic, millions of American workers have put their lives on the line to keep their communities and country functioning, including the 40 percent of frontline workers who are people of color. The President will express his belief that hard-working Americans deserve sufficient wages to put food on the table and keep a roof over their heads, without having to work multiple jobs. The President already issued executive actions to ensure 370,000 federal employees and employees of federal contractors are paid a minimum of $15 per hour – because investing in workers also makes employers, including the government, work better and faster. The President will call on Congress to raise the minimum wage to $15 per hour, and end the tipped minimum wage and sub-minimum wage for people with disabilities so that workers across the country can have a little breathing room and provide opportunity for their families.
     
  • Creating a national comprehensive paid family and medical leave program. President Biden will stress that nearly four of five private sector workers – and 90 percent of the lowest wage workers – have no access to paid family leave, which is a critical input for economic growth and competitiveness in the 21st century. He will call on Congress to pass comprehensive paid family and medical leave legislation so millions of American workers can take time to bond with a new child, care for a seriously ill loved one or heal from their own serious illness.

 

 

 

Can you tell us whether any item of the 4 point plan of Biden is part of monetary policy or anything that refers to controlling inflation?

 

 

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On 4/20/2022 at 9:38 AM, 7heaven said:


Is Koshy Mathai the author of this article elected by the people? Did Mathai make the State of the Union speech in March 2022 to fight inflation? Does Mathai have the authority to nominate the FED leadership? Lol. 
 

Biden already publicly announced in his March2022 State of Union speech that he will make his top priority about getting prices under control. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

But Biden is still not in charge to control inflation.

Your yahoo article is no evidence that he is.

 

It is a fact that the Federal Reserve is exclusively in charge to control inflation.

 

This is common knowledge and a macroeconomic given.

 

Vice President and Economist Stephen Williamson explained that monetarist ideas and experience implementing those ideas in the 1970s and 1980s drove two key developments in modern central banking:

  • The recognition that the central bank is responsible for inflation.
  • The recognition that the central bank’s main instrument for monetary control is a short-term nominal interest rate.

 

https://www.stlouisfed.org/on-the-economy/2016/november/how-central-banks-typically-control-inflation

 

 

Please explain to the readers at BW: Why do all the articles in the US point to the Federal Reserve when it comes to controlling inflation and talk about contractionary monetary policy run by the Federal Reserve to fight the inflation???

Please explain to us!

 

 

 

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On 4/20/2022 at 11:42 AM, 7heaven said:


Everyone except you is aware that the FED comes under the jurisdiction of Federal Government of US whose head is US president who is Biden. 
 

The people cannot vote who leads the FED, it is up to them to trust Biden to nominate competent people to FED. Therefore, the people can only hold Biden accountable for the job performed by the FED and also Biden himself who has his team of Treasury, Energy, Commerce and Transport departments to implement policies that will ensure prices of everyday items are kept affordable. 

 

Biden himself also admitted publicly he will make getting prices under control his top priority. Do you still intend to ignore this admission by Biden himself?

 

Your complete post is another nonsensical repetition of plenty of your previous posts.

 

I have already put the facts correct many times and here we go again:

 

But you are omitting that the Federal Reserve Act has given the Federal Reserve autonomy and independence to make their decisions without any government influence or control.

 

While it is a fact that the Federal Reserve is part of the Federal Agencies you deny the fact that the Federal Reserve Act 1913 has given the Federal Reserve independence and there is no means of influencing or controlling Federal Reserve decisions by the US President, the Treasury or any government agency. The Federal Reserve reports only to the Congress but not to the US President.

 

Why Is the Federal Reserve Independent?

Many people are surprised to learn that the central bank of the United States, the Federal Reserve (or just "the Fed" for short), operates for the most part independently of the federal government.

The Federal Reserve Act sought to bring stability to the financial sector and centralize monetary policy under a single authority.

The monetary decisions of the Federal Reserve are meant to be separated from the government, and policy movies do not have to be ratified by the President (or anyone else in the Executive Branch). The Fed receives no direct funding from Congress, and the members of the Board of Governors, who are appointed, serve 14-year terms.1 These terms do not coincide with presidential terms, creating further independence.

https://www.investopedia.com/articles/investing/041515/why-federal-reserve-independent.asp

 

 

 

Your repeated and excessive denial of facts is a sign of mental insanity.

There is no way to explain otherwise your repeated denial of facts but with mental issues.

 

 

Your post is nonsensical as it contradicts the facts.

 

The Biden nominations for the Federal Reserve are still in the process of review from the US Senate, none of the nominees has been approved by the Senate so far.

Therefore, your point is also nonsensical from the view point that Biden so far has not appointed any new members to the Federal Reserve but all existing Federal Reserve Board of Governor members have been appointed by previous US presidents.

 

 

 

You have been excessively and obsessively repeating your false claim plenty of times at BW.

 

This let's BW readers only conclude that you suffer from some mental insanity and a disability to recognise or accept facts.

 

 

How often do you intend to  continue to post your false claims and insane repetitions of false narratives at BW???

 

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On 4/20/2022 at 11:36 AM, 7heaven said:


It is clear that Biden administration polices have caused the record high inflation in US. Do you think the White House, federal agencies reporting to Biden will come out and blame Biden for inflation? Will they be objective?

 

From the labour department chart, it is clear once Biden took over, inflation started to escalate. 

 

This is a false claim and not substantiated by anything at all.

 

Therefore we can just let it rest because it displays only one of your repeated false and manipulative RNC propaganda slogans on BW.

 

There is no truth in your post above and it contradicts the general findings on the inflationary situation in the US by professionals and economists.

 

 

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On 4/20/2022 at 11:36 AM, 7heaven said:


It is clear that Biden administration polices have caused the record high inflation in US. Do you think the White House, federal agencies reporting to Biden will come out and blame Biden for inflation? Will they be objective?

 

From the labour department chart, it is clear once Biden took over, inflation started to escalate. 

 

No , but the media in the world has been analysing the reasons and causation of the high inflation, which plenty of countries in the world suffer at the moment and nobody has been blaming the US president having caused high inflation in the US.

 

Why Is Inflation So High?

Forbes Advisor Apr 12, 2022,

 

High inflation isn’t going away. In fact, prices are going up at their fastest rate since the early 1980s.

Prices rose 8.5% in March compared to the year prior, according to the most recent Consumer Price Index (CPI) report. This is the biggest year-over-year gain in the index since CPI inflation since December 1981.

 

When you strip out volatile food and energy prices—so-called core CPI—the picture was still grim. Core CPI rose by 6.5% over the last 12 months, the largest gain since August 1982.

 

“There’s not much to like in today’s CPI figures,” said Matt Peron, director of research at Janus Henderson Investors. “The key now is whether inflation has peaked, and if so, at what pace will it decline.”

 

Controlling inflation is one of the main tasks of the Federal Reserve. The March CPI inflation data serves as yet further evidence for why the Federal Reserve raised interest rates and started tightening other aspects of monetary policy.

 

Elevated inflation has been driven by supply chain disruptions and pent-up consumer demand for goods as the Covid-19 pandemic wanes. The hope is that should these issues resolve themselves, the Fed may not have as much work to do on the inflation front.

 

But it’s looking more and more likely that high inflation will linger longer than desired.

 

High Inflation Is Sticking Around

The high rate of inflation in March was driven by big gains in food, gasoline and shelter, according to the Bureau of Labor Statistics (BLS), putting further pressure on the bottom lines of average Americans.

 

Energy prices grew yet again, with total prices jumping 11% from February—while the 12-month gains are still an astounding 32%. Gasoline prices rose 18% in the month, and are nearly 48% higher than a year ago, while fuel oil rose 22%.

 

Working Americans are feeling the pain at the pump. The Russian invasion of Ukraine caused oil prices to surge, which is one of the biggest factors driving gasoline to all-time highs (in nominal terms, anyway). A recent survey by Fidelity’s eMoney Advisor found that the high cost of gas prices were the number one concern for Americans, followed by being able to pay bills and inflation overall.

 

“There’s definitely a lot of financial anxiety,” said Celeste Revelli, a director of financial planning at eMoney Advisor. “It’s difficult to know how long this inflationary moment will last.”

 

Other items contributed mightily to these historic gains. Overall food prices climbed 8.8% over the past 12 months, with grocery prices up 10%. Shelter costs have risen by 5% during the same period.

 

One positive from the report is that used cars, long a driver of sky-high inflation, fell 3.8% in March, though they’re still 35% higher than the year prior.

 

When you strip out volatile food and energy prices—so-called core CPI inflation—the picture, while somewhat brighter, still shows price gains not seen in more than 40 years. That figure jibes with the Fed’s preferred inflation gauge–core Personal Consumption Expenditures (PCE) Price Index–which gained 5.4% in February compared to the year prior. Both findings are well above the Fed’s 2% target.

Inflation is Enemy #1 for the Fed

The Fed has two jobs: Keep inflation under control and maximize employment. Fed officials took their time acknowledging that renewed inflation growth would require a sustained monetary policy response. But over recent months, they’ve recognized that rising prices won’t be transitory and could be a major threat to the labor market and the rest of the economy.

 

To deal with inflation more forcefully, the Federal Open Market Committee (FOMC) moved up the end date for its quantitative easing (QE) bond purchases to March and put markets on notice that it will start selling assets from its tremendous balance sheet later in 2022.

 

The first rumblings of this so-called quantitative tightening (QT) plan helped spark a 5% decline in stock markets in January.

 

The Fed also plans to keep raising the federal funds rate throughout 2022. The Fed is expect to raise rates well above 2% by the end of the year, according to the CME Group’s FedWatch tool.

 

“[T]he Committee decided to raise the target range for the federal funds rate to 0.25% to 0.50% and anticipates that ongoing increases in the target range will be appropriate,” the Fed said in its post-meeting statement in March. “In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting.”

 

This is a big change in tone for the Fed. Throughout 2021, Powell and other Fed officials branded inflation as “transitory” and asserted it would take care of itself as pandemic supply-chain bottlenecks and other problems associated with reopening died down.

 

Taylor is an award-winning journalist who has covered a range of personal finance topics in the New York Times, Newsweek, Fortune, Money magazine, Bloomberg, and NPR.

 

https://www.forbes.com/advisor/investing/why-is-inflation-rising-right-now/

 

 

 

I can post 1000 articles here that come to the same conclusion on the cause of inflation.

 

The article also confirms that it controlling inflation is Federal's Reserve's job.

 

The more you repeat your false claims at BW, the more you embarrass yourself and discredit yourself with your untrue and unsubstantiated political one sided slogans not reflected by facts and the truth.

 

7heaven, you end up looking extremely unknowledgeable at BW...

 

 

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On 4/20/2022 at 12:15 PM, singalion said:

The article also confirms that it controlling inflation is Federal's Reserve's job.

 

But yet, Biden said of inflation. "That’s why my top priority is getting prices under control."! 

 

Why is he meddling into the Fed Reserves job? Is he interfering with the Fed Reserves using his influence as the POTUS, something which you previously claim he cannot do? Or does the POTUS have tools and means to manage inflation suddenly, which is something which you previously claimed he did not have? 

 

So which is it? Or perhaps, is this another one of his senile episode in which he said something which he shouldn't have, and at the State of Union address some more? Lol

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On 4/20/2022 at 9:22 AM, 7heaven said:

The fact that Biden asks Senate to confirm his FED nominees further proved that FED comes under the jurisdiction of Federal Government of US whose chief is President who is Biden. 
 

The people can only elect the president and not the FED leadership, and therefore the people expect the President whom they elected to appoint competent FED leadership. If anything goes wrong, the president should be answerable. 

 

To show everyone at BW how absurd and nonsensical your claim is:

 

The US president also nominates the judges of the the Supreme Court.

The people can only elect the President but not the judges of the Supreme Court.

 

Does the Supreme Court therefore, also come under the jurisdiction and control of the Federal Government of the US, whose chief is President Biden?

 

If anything goes wrong with a decision taken by the Supreme Court, the US president will be answerable?

 

 

Fact is that the Federal Reserve does not come under the Control of the US President or any other US federal agency and acts independent from political influence. The Federal Reserve Act 1913 has instituted the Federal Reserve as an independent body, separated from any control and influence by the US president or any US federal agency.

 

=> 7heaven, your claims are totally nonsensical and absurd and repeating these false claims such excessively can lead to conclude on your mental state.

 

 

 

 

 

 

 

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Wrong:

 

Already in October 2021 and again in December 2021 I pointed to measures that could be taken by the US president to alleviate the causes of the inflation.

 

One main measure has always been tackling supply chain bottlenecks in the US as supply chain is the main culprit for the inflationary situation.

 

Another tool would be reducing import tariffs and those protectionist measures that Trump implemented.

 

But above measures are surely not monetary policies.

 

Only monetary policies can effectively bring down inflation.

And monetary policy in tackling inflation is under the exclusive purview of the Federal Reserve in the US.

 

The risk here however is, that a contractionary monetary policy run by the Federal Reserve can bring the US economy into a recession. This is the reason why Fed Chair Powell is currently taking slow steps in controlling inflation.

 

Here the evidence at what early stage I pointed to the potential measures that can be taken by the US administration/ Biden:

 

On 10/20/2021 at 1:19 AM, singalion said:

Let the experts talk on the subject:

Does Joe Biden’s spending plan really risk high inflation?

Joseph Stiglitz   Tue 8 Jun 2021
 
Joseph Stiglitz
 

Slight increases in the rate of inflation in the United States and Europe have triggered financial market anxieties. Has Joe Biden’s administration risked overheating the economy with its $1.9tn (£1.3tn) rescue package and plans for additional spending to invest in infrastructure, job creation and bolstering American families?

 

Such concerns are premature, considering the deep uncertainty we still face. We have never before experienced a pandemic-induced downturn featuring a disproportionately steep service sector recession, unprecedented increases in inequality and soaring savings rates. No one even knows if or when Covid-19 will be contained in the advanced economies, let alone globally. While weighing the risks, we also must plan for all contingencies. In my view, the Biden administration has correctly determined that the risks of doing too little far outweigh the risks of doing too much.

 

Moreover, much of the current inflationary pressure stems from short-term supply-side bottlenecks, which are inevitable when restarting an economy that has been temporarily shut down. We don’t lack the global capacity to build cars or semiconductors; but when all new cars use semiconductors and demand for cars is mired in uncertainty (as it was during the pandemic), production of semiconductors will be curtailed. More broadly, coordinating all production inputs across a complex integrated global economy is an enormously difficult task that we usually take for granted because things work so well, and because most adjustments are “on the margin”.

 
 

Now that the normal process has been interrupted, there will be hiccups, and these will translate into price increases for one product or the other. But there is no reason to believe that these movements will fuel inflation expectations and thus generate inflationary momentum, especially given the overall excess capacity around the world. It is worth remembering just how recently some of those who are now warning about inflation from excessive demand were talking about “secular stagnation” born of insufficient aggregate demand (even at a zero interest rate).

 

In a country with deep, longstanding inequalities that have been exposed and exacerbated by the pandemic, a tight labour market is just what the doctor ordered. When the demand for labour is strong, wages at the bottom rise and marginalised groups are brought into the labour market. Of course, the exact tightness of the current US labour market is a matter of some debate, given reports of labour shortages despite employment remaining markedly below its pre-crisis level.

 

Conservatives blame the situation on excessively generous unemployment insurance benefits. But econometric studies comparing labour supply across US states suggest that these kinds of labour-disincentive effects are limited. And in any case, the expanded unemployment benefits will end in the autumn, even though the global economic effects of the virus will linger.

 

Rather than panicking about inflation, we should be worrying about what will happen to aggregate demand when the funds provided by fiscal relief packages dry up. Many of those at the bottom of the income and wealth distribution have accumulated large debts – including, in some cases, more than a year’s worth of rent arrears, owing to temporary protections against eviction.

Reduced spending by indebted households is unlikely to be offset by those at the top, most of whom have accumulated savings during the pandemic. Given that spending on consumer durables remained robust during the past 16 months, it seems likely that the well-off will treat their additional savings as they would any other windfall: as something to be invested or spent slowly over the course of many years. Unless there is new public spending, the economy could once again suffer from insufficient aggregate demand.

 

Moreover, even if inflationary pressures were to become truly worrisome, we have tools to dampen demand (and using them would actually strengthen the economy’s long-term prospects). For starters, there is the US Federal Reserve’s interest-rate policy. The past decade-plus of near-zero interest rates has not been economically healthy. The scarcity value of capital is not zero. Low interest rates distort capital markets by triggering a search for yield that leads to excessively low risk premiums. Returning to more normal interest rates would be a good thing (though the rich, who have been the primary beneficiaries of this era of super-low interest rates, may beg to differ).

To be sure, some commentators look at the Fed’s balance-of-risk assessment and worry that it will not act when it needs to. But I think the Fed’s pronouncements have been spot on, and I trust that its position will change if and when the evidence does. The instinct to fight inflation is embedded in central bankers’ DNA. If they don’t see inflation as the key problem currently facing the economy, neither should you.

 

The second tool is tax rises. Ensuring the economy’s long-run health requires much more public investment, which will have to be paid for. The US tax-to-GDP ratio is far too low, especially given America’s huge inequalities. There is an urgent need for more progressive taxation, not to mention more environmental taxes to deal with the climate crisis. That said, it is perfectly understandable that there would be hesitancy to enact new taxes while the economy remains in a precarious state.

We should recognise the current “inflation debate” for what it is: a red herring that is being raised by those who would stymie the Biden administration’s efforts to confront some of America’s most fundamental problems. Success will require more public spending. The US is fortunate finally to have economic leadership that won’t succumb to fearmongering.

 

Joseph E Stiglitz is a Nobel laureate in economics, university professor at Columbia University and chief economist at the Roosevelt Institute.

 

 

 

On 12/13/2021 at 12:51 AM, singalion said:

Here is a recent professional article about inflation. Read it. 

 

At now point it comes to the conclusion that Biden is responsible for inflation nor that Biden can do much about inflation as it is not under the control of the Federal administration. 

 

 

Inflation is surging. Joe Biden is still optimistic.

Biden said Friday that inflation is at its peak, and some prices are already coming down.

 

The price of consumer goods rose by 6.8 percent over the past year, the Bureau of Labor Statistics reported on Friday, the biggest increase since the 1980s. “Essentially across the board,” as Vox’s Rani Molla and Emily Stewart write, everyday purchases from food to gas are costing more, and it’s going to be an expensive holiday season.

 

That part isn’t in debate. What is, however, is how worried everyone should be. In Washington, there’s sharp disagreement about what exactly is responsible for surging inflation and what the government can — or should — do about it.

 

Some of the causes are fairly self-evident: Entering the third year of the Covid-19 pandemic, the US — and much of the rest of the world — is grappling with a supply chain crisis. That means most goods, from game consoles to oranges, are more difficult to get to store shelves for one reason or another, whether it’s a lack of critical tech components or a backup at ports due to labor shortages. US consumers, however, simply haven’t stopped buying, and that demand-supply disjunction has caused record inflation.

 

Some economists, as well as President Joe Biden, take the view that the pandemic — and the pandemic-snarled supply chain — are the primary culprits, and inflation will ease as the US keeps combating the pandemic and implements supply-chain fixes. On Friday, according to CNN’s Kaitlan Collins, Biden told reporters that “the reason for inflation is that we have a supply chain problem that is really severe.”

 

Others, though, are concerned the problem is bigger than that. Former Treasury Secretary Larry Summers, for example, has also pointed to government spending as a reason for increased inflation, and believes it’s far from a bump in the road.

 

The Biden administration is projecting optimism on inflation

The optimistic case for current inflation goes something like this: Though supply chain problems have led to a shortage in many consumer goods, Americans haven’t stopped buying — and with more money in their pockets, they have the capacity to do so.

 

Specifically, lockdowns and being stuck at home — unable to travel or go to restaurants, bars, and live events — have shifted what Americans are spending their money on. Less money spent on travel or experiences, combined with stimulus funds, has driven many Americans to buy more consumer goods. That, combined with supply chain problems decades in the making, has led to the current, precipitous rise in inflation.

 

 

 

As vaccines make a return to normal life more possible, however, American spending habits are likely to begin to return to normal, which could also have an impact on inflation. Biden painted a relatively optimistic picture Friday, telling reporters he believes inflation has reached its peak.

“I think you’ll see it change sooner, quicker, more rapidly than people think,” Biden said. “Every other aspect of the economy is racing ahead.”

 

Surging inflation doesn’t mean bad economic news across the board, either. As Claudia Sahm, a former Federal Reserve economist and senior fellow at the Jain Family Institute, told Vox in November:

Both because jobs have been coming back and also because the federal government put out a lot of economic relief, people — especially those who are at the very top of the heap — have, on average, enough money to pay those extra prices in the majority of cases.

 

Still, while inflation numbers aren’t the only measure of economic health, the reality is that inflation is high after decades of hovering around 2 percent. That, as Sahm said, is a “pain point” as the economy recovers from the Covid-19 pandemic, and it’s one that people notice because they interact with every day at the gas pump and the grocery store. But while the current numbers are higher than Fed targets, it’s nowhere near the level seen during the so-called Great Inflation, when consumer prices shot up more than 14 percent.

 

Nevertheless, some influential voices, including Summers, have raised the alarm about long-term inflation problems and pointed to government spending as a driver of inflationary woes.

In a February Washington Post op-ed, Summers wrote that “there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability.”

In the same piece, Summers accused the administration of denying “even the possibility of inflation,” raising concerns that Biden wasn’t adequately prepared for the rise in prices that coincided with sweeping stimulus packages, and didn’t have the proper measures in place to act quickly to bring inflation down.

 

 

While the US has spent trillions in pandemic relief, however, inflation is also occurring elsewhere in the world, where governments have taken different approaches to dealing with the fallout from the pandemic — suggesting that government spending doesn’t tell the whole story.

 

What is the government doing to contain inflation? What can it do?

While the Biden administration is doing what it can to fix supply chain issues and drive down rising gas prices, most of tools to address inflation are in the hands of the Federal Reserve.

 

“I don’t think [inflation] is changing very much any time soon,” Jason Furman, the former chair of the White House Council of Economic Advisers, told MSNBC Friday. “I don’t think there’s a whole lot the White House can do about it, but for the Federal Reserve, a better economy and higher inflation both tell them they need to continue to pivot to get this under control.”

 

One way the Fed plans to cool the economy is “tapering” — gradually decreasing the $120 billion it spends per month on government-backed bonds, which has injected money into the financial markets during the pandemic. In November, Fed Chair Jerome Powell announced the central bank would reduce that amount by $15 billion each month. The purchasing program is supposed to end halfway through 2022, but as the New York Times reported in early December, that program could finish more quickly as the Fed attempts to reduce inflation.

“At this point, the economy is very strong, and inflationary pressures are high,” Powell said in late November. “It is therefore appropriate in my view to consider wrapping up the taper of our asset purchases, which we actually announced at our November meeting, perhaps a few months sooner.”

 

 

 

Along with that could also come interest rate hikes, although the Fed has not announced specific plans to do so. Interest rate increases are a powerful tool in the Fed’s arsenal to slow down consumer spending, and thus inflation. And, as inflation continues to rise, that’s looking like a more likely tack for Powell to take, once the Fed’s satisfied that the economy has reached “maximum employment” — a signal that the economy is healthy enough to withstand the withdrawal of government support.

 
 

 

Beyond monetary policy, though, the other massive piece of the puzzle is the supply chain — and that’s something politicians and policymakers have much less control over. Biden has attempted to ease supply chain woes by running the Port of Los Angeles 24 hours a day, clearing the docks so goods don’t wait for days on cargo ships stranded in the water. And the release of 50 million barrels of oil from the US Strategic Petroleum Reserve last month was geared toward reducing gas prices, which have already begun to fall.

Most likely, however, the supply chain will remain snarled for the foreseeable future — keeping inflation higher than we’re used to — and policymakers will have to react to that reality.

 

 

 

=> inflation is not Bidens responsibility. 

 

 

This is at least the 10th article that was posted at this thread and reconfirms this. 

 

 

 

On 4/18/2022 at 7:54 PM, singalion said:

Amazing! You took a long road to identify that supply chain bottlenecks are the main cause of the inflation in the US.

 

It took you 7heaven exactly 7 months to find the true reason for the inflationary situation of the US economy.

 

Kudos! But finally you got something right!

Hopefully you, 7heaven started a crash course in economics...

 

 

Already in October 2021 I pointed to this main factor for the cause of inflation in the US (and other parts in the world).

 

Quote from my post in October 2021:

 

Moreover, much of the current inflationary pressure stems from short-term supply-side bottlenecks, which are inevitable when restarting an economy that has been temporarily shut down. We don’t lack the global capacity to build cars or semiconductors; but when all new cars use semiconductors and demand for cars is mired in uncertainty (as it was during the pandemic), production of semiconductors will be curtailed. More broadly, coordinating all production inputs across a complex integrated global economy is an enormously difficult task that we usually take for granted because things work so well, and because most adjustments are “on the margin”.

 

Now that the normal process has been interrupted, there will be hiccups, and these will translate into price increases for one product or the other. But there is no reason to believe that these movements will fuel inflation expectations and thus generate inflationary momentum, especially given the overall excess capacity around the world. It is worth remembering just how recently some of those who are now warning about inflation from excessive demand were talking about “secular stagnation” born of insufficient aggregate demand (even at a zero interest rate).

 

In a country with deep, longstanding inequalities that have been exposed and exacerbated by the pandemic, a tight labour market is just what the doctor ordered. When the demand for labour is strong, wages at the bottom rise and marginalised groups are brought into the labour market. Of course, the exact tightness of the current US labour market is a matter of some debate, given reports of labour shortages despite employment remaining markedly below its pre-crisis level.

 

 

Evidence of my post:

 

 

On 4/18/2022 at 7:56 PM, singalion said:

I posted parts of a different article from 11 December 2021 on the same issue at page 103 already in December 2021 and pointing also to the fact that to curb inflation the Federal Reserve has to tackle inflation as the main actor, same as the US government has only limited tools to contain inflation. And one of these things that the US Administration/ Biden can work on was tackling supply chain issues. But it also said, that the US President can't do much.

 

=> I was pointing to these possible measures by Biden to assist in bringing price increases down already in mid December 2021.

At early stage I was already talking about the few tools that the US president has to assist in bringing prices down. While you ignored all this.

 

Inflation is surging. Joe Biden is still optimistic.

Dec 11, 2021

What is the government doing to contain inflation? What can it do?

While the Biden administration is doing what it can to fix supply chain issues and drive down rising gas prices, most of the tools to address inflation are in the hands of the Federal Reserve.

 

“I don’t think [inflation] is changing very much any time soon,” Jason Furman, the former chair of the White House Council of Economic Advisers, told MSNBC Friday. “I don’t think there’s a whole lot the White House can do about it, but for the Federal Reserve, a better economy and higher inflation both tell them they need to continue to pivot to get this under control.”

 

One way the Fed plans to cool the economy is “tapering” — gradually decreasing the $120 billion it spends per month on government-backed bonds, which has injected money into the financial markets during the pandemic. In November, Fed Chair Jerome Powell announced the central bank would reduce that amount by $15 billion each month. The purchasing program is supposed to end halfway through 2022, but as the New York Times reported in early December, it could finish more quickly as the Fed attempts to reduce inflation.

 

“At this point, the economy is very strong, and inflationary pressures are high,” Powell said in late November. “It is therefore appropriate in my view to consider wrapping up the taper of our asset purchases, which we actually announced at our November meeting, perhaps a few months sooner.”

 

Along with that could also come interest rate hikes, although the Fed has not announced specific plans to do so. Interest rate increases are a powerful tool in the Fed’s arsenal to slow down consumer spending, and thus inflation. And, as inflation continues to rise, that’s looking like a more likely tack for Powell to take, once the Fed’s satisfied that the economy has reached “maximum employment” — a signal that the economy is healthy enough to withstand the withdrawal of government support.

 

Evidence of my post from December 2021:

 

 

 

 

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On 4/20/2022 at 11:45 AM, singalion said:

 

You have been riding that "common sense" nonsensical statement ad nausea here.

 

The task to assure stable or affordable prices has been charged exclusively to the Federal Reserve

 

Subtantiation:

 

The Congress has assigned the Fed to conduct the nation’s monetary policy to support the goals of maximum employment, stable prices, and moderate long-term interest rates. When prices are stable, long-term interest rates remain at moderate levels, so the goals of price stability and moderate long-term interest rates go together. As a result, the goals of maximum employment and stable prices are often referred to as the Fed’s “dual mandate.”

 

Prices are considered stable when consumers and businesses don’t have to worry about rising or falling prices when making plans, or when borrowing or lending for long periods. The Federal Open Market Committee (FOMC) judges that inflation rate of 2 percent over the longer run, as measured by the annual change in the price index for personal consumption expenditures, is most consistent with the Federal Reserve’s mandate. To best achieve this longer-run goal, the FOMC seeks to achieve inflation that averages 2 percent over time. When households and businesses can reasonably expect 2 percent inflation over the longer run helps them make sound decisions regarding saving, borrowing, and investment, thus contributing to a well-functioning economy.

https://www.federalreserve.gov/faqs/what-economic-goals-does-federal-reserve-seek-to-achieve-through-monetary-policy.htm

 

This is clearly defined by the Federal Reserve Act from 1913.

 

Substantiation:

 

The Federal Reserve Act of 1913 established the Federal Reserve System as the central bank of the United States to provide the nation with a safer, more flexible, and more stable monetary and financial system. The law sets out the purposes, structure, and functions of the System as well as outlines aspects of its operations and accountability.

https://www.federalreserve.gov/aboutthefed/fract.htm

 

 

 

Above clearly contradicts your false claim.

 

There is no need to invent things that contradict the facts.

 

You are also distorting the facts of the yahoo article.

 

Biden is talking about "getting prices under control", he is not talking about controlling inflation.

 

But it is good that you finally found the 4 point plan of Biden.

That is already an achievement.

 

 

Here you have a complete summary for the 4 point plan to tackle prices: 

 

 

During his first State of the Union Address, the President will also make clear that there is more work to do to rebuild the economy towards resilience, security, and sustainability. Too many families continue to feel the squeeze of higher costs. The President will make clear that price increases that become entrenched are pernicious, and eat away at the economic progress the country is making. The President will lay out his plan to lower costs for American families while continuing an historically strong economic recovery by:
 

  • Making more things in America, strengthening our supply chains, and moving goods faster and cheaper;
     
  • Reducing the cost of everyday expenses working families face and reducing the deficit;
     
  • Promoting fair competition to lower prices, help small businesses thrive, and protect consumers; and
     
  • Eliminating barriers to good-paying jobs for workers all across America.

Making more things in America, strengthening our supply chains, and moving goods faster and cheaper:

President Biden will make clear that he believes one of the best ways to lower costs over the long run is to increase the productive capacity of our economy—put simply, to make more things in America with more American workers contributing and earning a good living. He will describe the emerging manufacturing comeback, with American companies betting on America again because of the Administration’s commitment to domestic industrial revitalization and technological development. He will note that in just the last year, the economy added 375,000 manufacturing jobs and companies announced nearly $200 billion in investments for semiconductor, electric vehicle, battery, and critical mineral production and manufacturing in the United States. He will recount how Intel recently announced a new $20 billion factory outside of Columbus, Ohio that will create 7,000 construction jobs and another 3,000 permanent jobs – another sign of the strength of the American economy.

President Biden will also announce specific goals for implementation of his landmark Bipartisan Infrastructure law (BIL), a once-in-a-generation investment in our nation’s economic competitiveness that will strengthen supply chains and move goods to market faster and more efficiently, encouraging more companies to choose America. Over the next year:
 

  • States, territories, Tribes and local governments will start to improve 65,000 miles of roads and 1,500 bridges with federal funding, representing a 44% and 50% increase respectively from average annual improvement levels over the past six years.
     
  • The Federal Aviation Administration will be able to invest in over 600 airport infrastructure projects, including preserving 400 pavement projects on taxiways and runways.
     
  • Communities will invest in an estimated 15,000 new buses, ferries and subway cars, improving commutes for working Americans, families, and students across the country and reducing greenhouse emissions.
     
  • The U.S. Army Corps of Engineers will advance over 500 projects across 52 states and territories to strengthen supply chains, improve waterways, and reduce flooding.
     
  • The Environmental Protection Agency will work with state and local governments to fund more than 400 new water projects from replacing lead service lines to improving drinking water systems.
     
  • States, Tribes, and other partners will use BIL funds to reclaim over 15,000 acres of abandoned mine lands, as well as launch new reclamation efforts that will ultimately address tens of thousands of additional acres across the country.
     
  • The Interior Department’s new Orphan Well Program will start work plugging, capping, and remediating over 8,000 abandoned oil & gas well sites in communities across the country.
     
  • The Interior Department will increase its work to reduce the risk of wildfires to communities by more than 30 percent – removing over 300,000 acres of burnable fuels in the places where communities and wildlands meet – as well as the start of work to reduce wildfire risk on an additional 250,000 acres across the country.
     
  • The Department of Energy will take steps to launch a first-of-its kind $140 million demonstration facility to extract and separate rare earth elements and other critical minerals from coal ash, mine tailings, acid drainage, and other legacy fossil fuel waste to sustainably produce materials key to next-generation clean energy technologies.
     
  • The Department of Energy will make available nearly $3 billion to bolster domestic manufacturing of advanced batteries for electric vehicles and energy storage.

To build on these investments and spur more private-sector investment in the United States, the President will also call on Congress to send him bipartisan competitiveness legislation like the COMPETES and USICA bills that have passed the House and the Senate to invest in innovation, manufacturing, and economic development capacity across all of America so America can outcompete China and the rest of the world in the industries of the future.

Reducing the cost of everyday expenses working families face:

President Biden will call on Congress to send him legislation that lowers costs of everyday expenses working families face and lowers the deficit by rewarding work, not wealth. He will lay out specific, practical measures that would reduce costs for families right now, including prescription drug costs and health care premiums, child care and pre-k costs, and energy costs. He will point to the other ideas he has proposed on areas ranging from housing to care for seniors and people with disabilities to higher education affordability to direct tax relief for families. These efforts build on the support provided in the American Rescue Plan that has helped reduce the cost of health care, helped more than 5000 universities and community colleges make higher education more affordable, made work pay better for low-income workers through an expanded Earned Income Tax Credit, and provided historic middle class tax relief for tens of millions of working families through an expanded Child Tax Credit.

The President will make clear that we can lower costs while lowering the deficit by rewarding work, not wealth. He will outline proposals to make sure corporations and the wealthiest Americans pay their fair share, while making clear that no one making under $400,000 a year should see their taxes increased.

The President will call on Congress to send him a bill that lowers costs and lowers the deficit without delay. American families need relief from higher costs, and they need it now.


Promoting fair competition to lower prices, help small businesses thrive, and protect consumers:

President Biden will explain that we can also lower costs by promoting fair competition in the U.S. economy. The Administration has taken decisive actions in the first year to stop the trend of corporate consolidation, increase competition, and deliver concrete benefits to America’s consumers, workers, farmers, and small businesses. He will also announce new actions the Biden-Harris Administration is taking this year to tackle some of the most pressing competition and consumer protection problems across our economy. Specifically, he will announce new steps to:
 

  • Lower consumer prices and level the playing field for American businesses in ocean shipping. The President will explain that most traded goods—everything from the housewares you buy online to the agricultural products that American farmers market overseas—are transported by oceangoing vessels. However, the ocean shipping industry is now dominated by just a small number of giant, foreign-owned companies. Three global alliances—groups of ocean carriers that work together—now control 80% of global container ship capacity and 95% on the critical East-West trade lines. And, since the beginning of the pandemic, these carriers have been increasing shipping costs through higher rates and fees. The President will note that the foreign carriers are now seeing record profits, while prices for American consumers and businesses have risen. To combat this problem, the President will announce steps to lower consumer prices and level the playing field for American businesses in ocean shipping, including launching a new Federal Maritime Commission and Department of Justice initiative to promote competition in the ocean freight transportation system. He will also note that the Federal Maritime Commission is ramping up its oversight of the global shipping industry to address complaints about the unfair fees the carriers charge to American businesses. Read the full Biden-Harris Plan to Lower Consumer Prices and Level the Playing Field in Ocean Shipping here.
     
  • Protect seniors and other nursing home residents by cracking down on unsafe nursing homes. The President will explain that while the federal government spends tens of billions of taxpayer dollars on nursing homes annually, these federal funds too often flow to nursing homes with bad track records and dangerous conditions. He will explain that 200,000 residents and staff in nursing homes have died from COVID-19, representing nearly 23% of all COVID-19 deaths in the United States. He will also stress that despite well-documented, widespread health and safety violations, there has been little or no accountability. To protect seniors and crack down on unsafe nursing homes, President Biden will call on Congress to provide nearly $500 million to CMS Survey and Certification, a 24% increase, to support health and safety inspections at nursing homes. He will also announce that the Biden-Harris Administration will, among other new initiatives, establish a new minimum staffing ratio to protect residents, expand penalties for poor performing nursing homes and beef up scrutiny, improve transparency and Americans’ ability to comparison shop for the best home, strengthen value-based payment to ensure taxpayers pay for quality care, and continue to provide COVID-19 testing and vaccinations at nursing homes across the country. Read the full Biden-Harris Plan to Protect Seniors by Cracking Down on Unsafe Nursing Homes here.
     

Eliminating barriers to good-paying jobs for workers all across America:

President Biden will reflect on one of the strongest labor market recoveries in American history. Specifically, the President will note that during his first year in office, the economy added more than 6.6 million jobs; the unemployment rate fell at its fastest pace on record; the number of number of workers filing for unemployment insurance declined by more than 70 percent; and millions of Americans have entered and reentered the labor force, with the largest increase in the labor force participation rate in more than 25 years. He will highlight the important role that the American Rescue Plan played in positioning employers to hire and workers to rejoin the labor force and find higher quality jobs. Earlier this year, he directed the Secretary of Labor to work with states to reinstate work search requirements for unemployment insurance recipients.
 

To further our economic recovery and increase the productive capacity of our economy, the President will announce his Administration’s plan to ensure everyone who wants to work should have the opportunity to find a high-quality job. Specifically, he will express his support for:
 

  • Enacting the Protecting the Right to Organize Act. President Biden will express his firm belief that every worker in every state must have a free and fair choice to organize or join a union, and the right to bargain collectively with their employer, without fear of intimidation, coercion, threats, and anti-union propaganda. He will reiterate that the middle class built America and unions built the middle class. And, he will emphasize that empowering workers is central to the Biden-Harris strategy to grow our economy from the bottom up and the middle out. The President will call on Congress to pass the Richard L. Trumka Protecting the Right to Organize (PRO) Act and the Public Service Freedom to Negotiate Act, ensuring that more private-sector workers and many more public-sector workers nationwide have a genuine right to organize and bargain collectively.
     
  • Expanding skills-based hiring and increasing access to registered apprenticeships and training. President Biden will reiterate his commitment to creating pathways to the middle class for all Americans. He will stress that millions of Americans without a college degree are needlessly disadvantaged in the pursuit of good jobs, even when they have the skills and knowledge employers need. To support skills-based hiring, President Biden will announce that his Administration will explore using federal and procurement dollars to by hire based on skills rather than educational qualifications alone, , including through boosting hiring of people from Registered Apprenticeships and labor-management partnership training programs. Additionally, the Administration remains committed to strengthening the pipeline for more underserved communities to access these opportunities. As an example, the Administration has supported and increased access to quality trucking jobs by expanding Registered Apprenticeship programs for drivers; and developing more seamless paths for veterans and underrepresented communities, such as women, to access good driving jobs. He will state that the Administration is supporting and challenging employers to move towards skill-based hiring, including through a new budget proposal to invest in skills-based hiring research tools and technical assistance. This effort builds on the American Rescue Plan’s critical workforce investments in the past year – with more than half of states already committing Fiscal Recovery Funds to training and apprenticeships and efforts to hire and retain critical workers – and catalyzing investments in place-based regional workforce strategies through the Commerce Department’s Good Jobs Challenge.
  • Expanding programs in high-demand fields at Historically Black Colleges and Universities (HBCUs), Tribal Colleges and Universities (TCUs), and Minority-Serving Institutions (MSIs). President Biden will explain that research has found that HBCUs, TCUs, and MSIs are vital to helping underrepresented students achieve economic mobility, including in STEM fields. However, he will also stress that these institutions have significantly fewer resources than other top colleges and universities, undermining their ability to grow and support more students. To address this persistent problem, and building on the progress made by the American Rescue Plan providing the largest investment through the Department of Education ever in these institutions, the President will call on Congress to expand existing institutional aid grants to HBCUs, TCUs, and MSIs, which can be used by these institutions to strengthen their academic, administrative, and fiscal capabilities, including by creating or expanding educational programs in high-demand fields (e.g., STEM, computer sciences, nursing, and allied health).
     
  • Providing up to more than $2,000 in additional assistance to low-income students by increasing the Pell Grant award. President Biden will note that broad access to education beyond high school is increasingly important for economic growth and competitiveness in the 21st century, but also remind us that higher education has become unaffordable for too many families. Over 6 million students depend on Pell Grants to finance their education, yet the amount of money in these grants has not kept up with the rising cost of college and DREAMers still do not have access. During his State of the Union Address, President Biden will call on Congress to increase the maximum Pell Grant award by more than $2,000.
     
  • Supporting paycheck fairness. President Biden will note that women in the U.S. who work full-time, year-round are paid only 83 cents for every dollar paid to their male counterparts, on average. He will also express his belief that ensuring equal pay is essential to advancing America’s values of fairness and equity as well as our economic strength here at home and our competitiveness abroad. President Biden will use his State of the Union Address as an opportunity to call on Congress to pass the Paycheck Fairness Act, which will take important steps towards the goal of ending pay discrimination.
  • Raising the minimum wage to $15 per hour. President Biden will recount that throughout the pandemic, millions of American workers have put their lives on the line to keep their communities and country functioning, including the 40 percent of frontline workers who are people of color. The President will express his belief that hard-working Americans deserve sufficient wages to put food on the table and keep a roof over their heads, without having to work multiple jobs. The President already issued executive actions to ensure 370,000 federal employees and employees of federal contractors are paid a minimum of $15 per hour – because investing in workers also makes employers, including the government, work better and faster. The President will call on Congress to raise the minimum wage to $15 per hour, and end the tipped minimum wage and sub-minimum wage for people with disabilities so that workers across the country can have a little breathing room and provide opportunity for their families.
     
  • Creating a national comprehensive paid family and medical leave program. President Biden will stress that nearly four of five private sector workers – and 90 percent of the lowest wage workers – have no access to paid family leave, which is a critical input for economic growth and competitiveness in the 21st century. He will call on Congress to pass comprehensive paid family and medical leave legislation so millions of American workers can take time to bond with a new child, care for a seriously ill loved one or heal from their own serious illness.

 

 

 

Can you tell us whether any item of the 4 point plan of Biden is part of monetary policy or anything that refers to controlling inflation?

 

 


Biden already admitted that he is going to get prices under control his top priority. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

Ironically you are the one trying to misinterpret what Biden said to characterise getting prices under control as not the same as controlling inflation. Lol. 
 

It’s just embarrassing that you exposed your lack of comprehension skills. 

 

On 4/20/2022 at 11:45 AM, singalion said:

Biden is talking about "getting prices under control", he is not talking about controlling inflation.

 

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On 4/20/2022 at 11:49 AM, singalion said:

 

But Biden is still not in charge to control inflation.

Your yahoo article is no evidence that he is.

 

It is a fact that the Federal Reserve is exclusively in charge to control inflation.

 

This is common knowledge and a macroeconomic given.

 

Vice President and Economist Stephen Williamson explained that monetarist ideas and experience implementing those ideas in the 1970s and 1980s drove two key developments in modern central banking:

  • The recognition that the central bank is responsible for inflation.
  • The recognition that the central bank’s main instrument for monetary control is a short-term nominal interest rate.

 

https://www.stlouisfed.org/on-the-economy/2016/november/how-central-banks-typically-control-inflation

 

 

Please explain to the readers at BW: Why do all the articles in the US point to the Federal Reserve when it comes to controlling inflation and talk about contractionary monetary policy run by the Federal Reserve to fight the inflation???

Please explain to us!

 

 

 


The yahoo article merely quoted what Biden spoke at his March2022 State of Union speech. It could have been quoted by any media companies.
 

Please explain to readers why did Biden make this particular statement at State of Union speech: 

 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

Do the writers of the articles know more about the duties and responsibilities when it comes to controlling inflation than Biden? If so, does it mean Biden misspoke when he said he is getting prices under control when it is not his job to as President and it should be done by the Fed? Either Biden is wrong or the writers from your articles are wrong. 

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On 4/20/2022 at 12:00 PM, singalion said:

 

Your complete post is another nonsensical repetition of plenty of your previous posts.

 

I have already put the facts correct many times and here we go again:

 

But you are omitting that the Federal Reserve Act has given the Federal Reserve autonomy and independence to make their decisions without any government influence or control.

 

While it is a fact that the Federal Reserve is part of the Federal Agencies you deny the fact that the Federal Reserve Act 1913 has given the Federal Reserve independence and there is no means of influencing or controlling Federal Reserve decisions by the US President, the Treasury or any government agency. The Federal Reserve reports only to the Congress but not to the US President.

 

Why Is the Federal Reserve Independent?

Many people are surprised to learn that the central bank of the United States, the Federal Reserve (or just "the Fed" for short), operates for the most part independently of the federal government.

The Federal Reserve Act sought to bring stability to the financial sector and centralize monetary policy under a single authority.

The monetary decisions of the Federal Reserve are meant to be separated from the government, and policy movies do not have to be ratified by the President (or anyone else in the Executive Branch). The Fed receives no direct funding from Congress, and the members of the Board of Governors, who are appointed, serve 14-year terms.1 These terms do not coincide with presidential terms, creating further independence.

https://www.investopedia.com/articles/investing/041515/why-federal-reserve-independent.asp

 

 

 

Your repeated and excessive denial of facts is a sign of mental insanity.

There is no way to explain otherwise your repeated denial of facts but with mental issues.

 

 

Your post is nonsensical as it contradicts the facts.

 

The Biden nominations for the Federal Reserve are still in the process of review from the US Senate, none of the nominees has been approved by the Senate so far.

Therefore, your point is also nonsensical from the view point that Biden so far has not appointed any new members to the Federal Reserve but all existing Federal Reserve Board of Governor members have been appointed by previous US presidents.

 

 

 

You have been excessively and obsessively repeating your false claim plenty of times at BW.

 

This let's BW readers only conclude that you suffer from some mental insanity and a disability to recognise or accept facts.

 

 

How often do you intend to  continue to post your false claims and insane repetitions of false narratives at BW???

 


There are no false claims and no insane repetition of false narratives here. Ironically it is your continuous denial of basic common sense that US President has been voted by the people to provide them with affordable standard of living. 
 

The FED leadership are appointed by US president as FED comes under the jurisdiction of Federal Government of US whose chief is the president who is now Biden. This is no different from the various federal departments such as Transport, Commerce, Energy, Defence whose respective secretaries are nominated by Biden and approved by Senate. All these secretaries report to Biden and they collectively form the Biden administration.
 

They work together to ensure the Biden administration delivers for the people who voted for Biden and Kamala. The people cannot vote for the various secretaries including the FED leadership, so they trust that Biden picks the correct persons. If these persons fail, it reflect on Biden administration and Biden as president is responsible. Simple logic and common sense. Right now, inflation is sky high and it reflects badly on Biden because his administration staff are unable to control inflation. 

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On 4/20/2022 at 12:02 PM, singalion said:

 

This is a false claim and not substantiated by anything at all.

 

Therefore we can just let it rest because it displays only one of your repeated false and manipulative RNC propaganda slogans on BW.

 

There is no truth in your post above and it contradicts the general findings on the inflationary situation in the US by professionals and economists.

 

 


It is clear as daylight the US president is responsible for controlling inflation. He has levers beyond monetary policies to indirectly control inflation. 
 

Biden himself admitted in March 2022 that he is going to get prices under control as his top priority. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

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On 4/20/2022 at 12:15 PM, singalion said:

 

No , but the media in the world has been analysing the reasons and causation of the high inflation, which plenty of countries in the world suffer at the moment and nobody has been blaming the US president having caused high inflation in the US.

 

Why Is Inflation So High?

Forbes Advisor Apr 12, 2022,

 

High inflation isn’t going away. In fact, prices are going up at their fastest rate since the early 1980s.

Prices rose 8.5% in March compared to the year prior, according to the most recent Consumer Price Index (CPI) report. This is the biggest year-over-year gain in the index since CPI inflation since December 1981.

 

When you strip out volatile food and energy prices—so-called core CPI—the picture was still grim. Core CPI rose by 6.5% over the last 12 months, the largest gain since August 1982.

 

“There’s not much to like in today’s CPI figures,” said Matt Peron, director of research at Janus Henderson Investors. “The key now is whether inflation has peaked, and if so, at what pace will it decline.”

 

Controlling inflation is one of the main tasks of the Federal Reserve. The March CPI inflation data serves as yet further evidence for why the Federal Reserve raised interest rates and started tightening other aspects of monetary policy.

 

Elevated inflation has been driven by supply chain disruptions and pent-up consumer demand for goods as the Covid-19 pandemic wanes. The hope is that should these issues resolve themselves, the Fed may not have as much work to do on the inflation front.

 

But it’s looking more and more likely that high inflation will linger longer than desired.

 

High Inflation Is Sticking Around

The high rate of inflation in March was driven by big gains in food, gasoline and shelter, according to the Bureau of Labor Statistics (BLS), putting further pressure on the bottom lines of average Americans.

 

Energy prices grew yet again, with total prices jumping 11% from February—while the 12-month gains are still an astounding 32%. Gasoline prices rose 18% in the month, and are nearly 48% higher than a year ago, while fuel oil rose 22%.

 

Working Americans are feeling the pain at the pump. The Russian invasion of Ukraine caused oil prices to surge, which is one of the biggest factors driving gasoline to all-time highs (in nominal terms, anyway). A recent survey by Fidelity’s eMoney Advisor found that the high cost of gas prices were the number one concern for Americans, followed by being able to pay bills and inflation overall.

 

“There’s definitely a lot of financial anxiety,” said Celeste Revelli, a director of financial planning at eMoney Advisor. “It’s difficult to know how long this inflationary moment will last.”

 

Other items contributed mightily to these historic gains. Overall food prices climbed 8.8% over the past 12 months, with grocery prices up 10%. Shelter costs have risen by 5% during the same period.

 

One positive from the report is that used cars, long a driver of sky-high inflation, fell 3.8% in March, though they’re still 35% higher than the year prior.

 

When you strip out volatile food and energy prices—so-called core CPI inflation—the picture, while somewhat brighter, still shows price gains not seen in more than 40 years. That figure jibes with the Fed’s preferred inflation gauge–core Personal Consumption Expenditures (PCE) Price Index–which gained 5.4% in February compared to the year prior. Both findings are well above the Fed’s 2% target.

Inflation is Enemy #1 for the Fed

The Fed has two jobs: Keep inflation under control and maximize employment. Fed officials took their time acknowledging that renewed inflation growth would require a sustained monetary policy response. But over recent months, they’ve recognized that rising prices won’t be transitory and could be a major threat to the labor market and the rest of the economy.

 

To deal with inflation more forcefully, the Federal Open Market Committee (FOMC) moved up the end date for its quantitative easing (QE) bond purchases to March and put markets on notice that it will start selling assets from its tremendous balance sheet later in 2022.

 

The first rumblings of this so-called quantitative tightening (QT) plan helped spark a 5% decline in stock markets in January.

 

The Fed also plans to keep raising the federal funds rate throughout 2022. The Fed is expect to raise rates well above 2% by the end of the year, according to the CME Group’s FedWatch tool.

 

“[T]he Committee decided to raise the target range for the federal funds rate to 0.25% to 0.50% and anticipates that ongoing increases in the target range will be appropriate,” the Fed said in its post-meeting statement in March. “In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting.”

 

This is a big change in tone for the Fed. Throughout 2021, Powell and other Fed officials branded inflation as “transitory” and asserted it would take care of itself as pandemic supply-chain bottlenecks and other problems associated with reopening died down.

 

Taylor is an award-winning journalist who has covered a range of personal finance topics in the New York Times, Newsweek, Fortune, Money magazine, Bloomberg, and NPR.

 

https://www.forbes.com/advisor/investing/why-is-inflation-rising-right-now/

 

 

 

I can post 1000 articles here that come to the same conclusion on the cause of inflation.

 

The article also confirms that it controlling inflation is Federal's Reserve's job.

 

The more you repeat your false claims at BW, the more you embarrass yourself and discredit yourself with your untrue and unsubstantiated political one sided slogans not reflected by facts and the truth.

 

7heaven, you end up looking extremely unknowledgeable at BW...

 

 


The media do not represent the people in US who are suffering from 41-year record high inflation in US. We do not know what ulterior motives the media have but ultimately they represent themselves which form a minute number (ie their staff) of the entire electorate voting for who becomes the President. 
 

The multiple polls done over many months since Biden took over have consistently shown poor approval ratings for Biden’s performance in handling inflation. Such polls best reflects the sentiment of the ordinary people who are suffering under the Biden administration. 
 

You can post 1000 or 10,000 or a million articles from unknown sources with questionable motives but nothing will beat the State of Union Speech made by Biden who himself admitted he is going to make getting prices under control his top priority. He did not say he is going to make it the FED or Gina Raimondo or Janet Yellen top priority to control prices. He said it is his top priority. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

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On 4/20/2022 at 12:41 PM, singalion said:

 

To show everyone at BW how absurd and nonsensical your claim is:

 

The US president also nominates the judges of the the Supreme Court.

The people can only elect the President but not the judges of the Supreme Court.

 

Does the Supreme Court therefore, also come under the jurisdiction and control of the Federal Government of the US, whose chief is President Biden?

 

If anything goes wrong with a decision taken by the Supreme Court, the US president will be answerable?

 

 

Fact is that the Federal Reserve does not come under the Control of the US President or any other US federal agency and acts independent from political influence. The Federal Reserve Act 1913 has instituted the Federal Reserve as an independent body, separated from any control and influence by the US president or any US federal agency.

 

=> 7heaven, your claims are totally nonsensical and absurd and repeating these false claims such excessively can lead to conclude on your mental state.

 

 

 

 

 

 

 


Supreme Court is 1 of the 3 branches of power, the other 2 are Congress and Executive ie President. It is just that the appointment process of Supreme Court judges and FED and Secretaries of various federal agencies largely share the same mechanism. 
 

However, the FED and Secretaries come under the jurisdiction of Federal Government of US whose head is president, now is Biden. 
 

As is usual you are diverting attention by confusing appointment of judges in the Supreme Court with FED leadership. Just because they share similar appointment mechanism does not mean they answer to Biden. 
 

The tenures of Supreme Court judges are for life and therefore they are not easily influenced by the President of the day and should not be. The tenures of Secretaries and FED leadership are short term and they are changed routinely by incoming Presidents. These secretaries form the administration of the President and they are responsible for helping the president do his or her job effectively. If anything goes wrong, the President should be held accountable and he or she can choose to change the secretaries. 

 

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On 4/20/2022 at 1:05 PM, singalion said:

Wrong:

 

Already in October 2021 and again in December 2021 I pointed to measures that could be taken by the US president to alleviate the causes of the inflation.

 

One main measure has always been tackling supply chain bottlenecks in the US as supply chain is the main culprit for the inflationary situation.

 

Another tool would be reducing import tariffs and those protectionist measures that Trump implemented.

 

But above measures are surely not monetary policies.

 

Only monetary policies can effectively bring down inflation.

And monetary policy in tackling inflation is under the exclusive purview of the Federal Reserve in the US.

 

The risk here however is, that a contractionary monetary policy run by the Federal Reserve can bring the US economy into a recession. This is the reason why Fed Chair Powell is currently taking slow steps in controlling inflation.

 

Here the evidence at what early stage I pointed to the potential measures that can be taken by the US administration/ Biden:

 

 

 

 

 


Wrong: 

 

Biden should stop discouraging US oil producers from producing oil domestically. The spike in oil prices is one of the main culprits in causing inflation as oil is used in many industries. Eg products need to be transported via air or land or sea and all of these modes of transportation need fuel which is derived from oil. If oil prices increases, logistical costs increase which will be passed on to consumers leading to price hikes.

 

It is shown from US Energy Information Authority data that in 2021 under Biden, he has allowed record imports of Russian crude oil and petroleum products. Biden also had to plead with OPEC+ to supply more oil. 


Separately, Biden and his Democrats are pursing massive spending which will lead to further inflation. Such policies are detriment for future of US as it makes people lazy relying on easy handouts from the government. 
 

One more worrying issue is the Biden administration is ending Title 42 which kept illegal immigrants numbers lower before Biden took over. Once it ends, predictably there will be massive number of illegal immigrants entering US. Tax payers will need to fund their stay in US such as providing basic necessities. 

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On 4/20/2022 at 4:45 PM, 7heaven said:


The yahoo article merely quoted what Biden spoke at his March2022 State of Union speech. It could have been quoted by any media companies.
 

Please explain to readers why did Biden make this particular statement at State of Union speech: 

 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

 

 

On 4/20/2022 at 5:00 PM, 7heaven said:

 

Biden himself admitted in March 2022 that he is going to get prices under control as his top priority. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

On 4/20/2022 at 5:11 PM, 7heaven said:

 the State of Union Speech made by Biden who himself admitted he is going to make getting prices under control his top priority. He did not say he is going to make it the FED or Gina Raimondo or Janet Yellen top priority to control prices. He said it is his top priority. 

 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

You repeated the same item another 3 times. 

 

Your excessive obsessive repetitions are driven by your impulse stemming from your state of insanity. 

 

How did the Moderators say some time back:

"What rubs your head, you will repeat it like a broken record"

 

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On 4/20/2022 at 5:21 PM, 7heaven said:


Supreme Court is 1 of the 3 branches of power, the other 2 are Congress and Executive ie President. It is just that the appointment process of Supreme Court judges and FED and Secretaries of various federal agencies largely share the same mechanism. 
 

However, the FED and Secretaries come under the jurisdiction of Federal Government of US whose head is president, now is Biden. 
 

As is usual you are diverting attention by confusing appointment of judges in the Supreme Court with FED leadership. Just because they share similar appointment mechanism does not mean they answer to Biden. 
 

The tenures of Supreme Court judges are for life and therefore they are not easily influenced by the President of the day and should not be. The tenures of Secretaries and FED leadership are short term and they are changed routinely by incoming Presidents. These secretaries form the administration of the President and they are responsible for helping the president do his or her job effectively. If anything goes wrong, the President should be held accountable and he or she can choose to change the secretaries. 

 

 

Then answer the following 2 questions: 

 

1) Can the US President / Biden influence the decisions taken by the Federal Reserve Board of Governors and decisions taken by the FOMC?

 

2) Can US Presidents / Biden give instructions to the Federal Reserve Board of Governors or the FOMC on what monetary policies to implement?

 

Yes or no?

 

Edited by singalion
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On 4/21/2022 at 8:27 AM, singalion said:

 

 

 

You repeated the same item another 3 times. 

 

Your excessive obsessive repetitions are driven by your impulse stemming from your state of insanity. 

 

How did the Moderators say some time back:

"What rubs your head, you will repeat it like a broken record"

 


One of Newton laws states when there is action, there will be reaction. My seemingly repeated posts were reactions to your repeated denial posts that somehow FED is somehow not under the jurisdiction of Federal Government of US whose head is President now Biden, and Biden as president does not need to be responsible for keeping inflation in check. 

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On 4/21/2022 at 8:33 AM, singalion said:

 

Then answer the following 2 questions: 

 

1) Can the US President / Biden influence the decisions taken by the Federal Reserve Board of Governors and decisions taken by the FOMC?

 

2) Can US Presidents / Biden give instructions to the Federal Reserve Board of Governors or the FOMC on what monetary policies to implement?

 

Yes or no?

 


Then answer the following 2 questions: 

 

1) Can the ordinary people vote who takes up the various FED leadership positions? 
 

2) Can the US President nominate persons for the FED leadership positions? 
 

Yes or no?

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On 4/21/2022 at 8:50 AM, 7heaven said:


One of Newton laws states when there is action, there will be reaction. My seemingly repeated posts were reactions to your repeated denial posts that somehow FED is somehow not under the jurisdiction of Federal Government of US whose head is President now Biden, and Biden as president does not need to be responsible for keeping inflation in check. 

 

That is not correct also.

 

According to Newton's law there is no action if no force is acted upon an item. (first law).

 

Repeating the same content, there is no action, it is motionless, therefore no reaction will arise.

 

In my personal view your repeated excessive repetitions of the same content are a sign of your mental state.

 

 

 

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On 4/21/2022 at 8:54 AM, 7heaven said:


Then answer the following 2 questions: 

 

1) Can the ordinary people vote who takes up the various FED leadership positions? 
 

2) Can the US President nominate persons for the FED leadership positions? 
 

Yes or no?

 

This is so lame again not to answer my initial question but to respond with own questions.

 

I already told you that such behaviour is in my culture considered as extremely rude.

 

 

Here are my two simple questions again:

 

Then answer the following 2 questions: 

 

1) Can the US President / Biden influence the decisions taken by the Federal Reserve Board of Governors and decisions taken by the FOMC?

 

2) Can US Presidents / Biden give instructions to the Federal Reserve Board of Governors or the FOMC on what monetary policies to implement?

 

Yes or no?

 

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On 4/20/2022 at 9:13 AM, 7heaven said:


Jake Evans is concerned about the $3,500 to $5,000 extra American families have to spend due to Biden and Pelosi inflation. 
 

How lame to ignore this extra spending due to no fault of American families but the fault of current Biden administration.

 

 

Can you please substantiate why the alleged cost increases are a result of the fault of Biden?

 

 

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On 4/20/2022 at 4:39 PM, 7heaven said:


Biden already admitted that he is going to get prices under control his top priority. 
 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."

 

Ironically you are the one trying to misinterpret what Biden said to characterise getting prices under control as not the same as controlling inflation. Lol. 
 

It’s just embarrassing that you exposed your lack of comprehension skills. 

 

 

 

1)

Why was that an admission of Biden?

There is no piece of admission.

This is another of your inventions and fabrications.

 

Biden did not admit anything, he simply pointed to the direction he is taking in doing everything possible to assist as much as is within his abilities in bringing prices under control again.

 

Also Biden did not say that he is going to control inflation. As you can see in my point 2, Biden directed this part to the Federal Reserve.

 

2) Biden explicitly in his state of the nation speech clarified that it the institution playing the crucial role to control inflation is the Federal Reserve:

 

Quote from the article:

Biden also needs the Senate to approve his five nominees for the Federal Reserve, the White House has stressed. The Senate Banking, Housing, and Urban Affairs committee is in the middle of a standoff with Republicans who boycotted a vote earlier this month over Sarah Bloom Raskin, a former Obama financial regulator who's been accused of championing policies that would hurt energy producers. Senate Republicans suggest they may block her again this week.

Speaking of his inflation plans, Biden said: "While you’re at it, confirm my nominees to the Federal Reserve, which plays a critical role in fighting inflation."

 

https://sg.news.yahoo.com/state-of-the-union-biden-discuss-inflation-153146690.html

 

Are you reading such news reports only selectively to suit your false narrative?

 

=> Biden is well aware that the tools to control inflation are in the hands of the Federal Reserve.

Actually everyone with a little bit of knowledge of economics knows this. You are the only one here who claims otherwise against all experts, professionals, academia and even the US president...

 

 

Please refrain from placing items into Biden's speech of things he never said at all.

 

 

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On 4/20/2022 at 6:08 PM, 7heaven said:


Wrong: 

 

Biden should stop discouraging US oil producers from producing oil domestically. The spike in oil prices is one of the main culprits in causing inflation as oil is used in many industries. Eg products need to be transported via air or land or sea and all of these modes of transportation need fuel which is derived from oil. If oil prices increases, logistical costs increase which will be passed on to consumers leading to price hikes.

 

It is shown from US Energy Information Authority data that in 2021 under Biden, he has allowed record imports of Russian crude oil and petroleum products. Biden also had to plead with OPEC+ to supply more oil. 


Separately, Biden and his Democrats are pursing massive spending which will lead to further inflation. Such policies are detriment for future of US as it makes people lazy relying on easy handouts from the government. 
 

One more worrying issue is the Biden administration is ending Title 42 which kept illegal immigrants numbers lower before Biden took over. Once it ends, predictably there will be massive number of illegal immigrants entering US. Tax payers will need to fund their stay in US such as providing basic necessities. 

 

This is just another summary post of your various political propaganda slogans which all are left unsubstantiated.

No need to go into any details.

 

Plastering BW with unsubstantiated slogans is very lame.

 

I could just post here the slogans from the Democratic National Committee.

 

Who would just post some biased slogans from political parties here?

Surely, nobody who has some intelligence and knows that most of these rhetoric is manipulative and in 99% not backed by facts.

 

Can't you do any better and use your brain prior to plastering these partisan slogans onto BW?

 

 

 

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On 4/20/2022 at 6:08 PM, 7heaven said:

Biden should stop discouraging US oil producers from producing oil domestically. The spike in oil prices is one of the main culprits in causing inflation as oil is used in many industries. Eg products need to be transported via air or land or sea and all of these modes of transportation need fuel which is derived from oil. If oil prices increases, logistical costs increase which will be passed on to consumers leading to price hikes.

 

This is a false narrative. The US with the exception of the two Covid pandemic years 2020 and 2021 has always imported more oil than it exported.

 

The spike in oil prices has a different origin that what you try to paint here. See below.

 

Please get better informed on global developments instead of posting such false narratives.

 

On 4/20/2022 at 6:08 PM, 7heaven said:

Biden also had to plead with OPEC+ to supply more oil. 

 

European country leaders have done the same.

 

It is a fact that Opec has not returned to pre-covid production numbers of oil and keeps the levels at Covid lows to draw more money out of the situation.

 

 

Substantiation:

OPEC output rise in March falls short of pledged increase

Reuters, April 1, 2022

OPEC's increased oil output in March fell short of its target under a deal with allies, a Reuters survey found, as outages in some African members partly offset increases by Saudi Arabia and other top producers.

The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.54 million barrels per day (bpd) in March, the survey found, up 90,000 bpd from February but short of the 253,000 bpd increase called for under its deal with allies including Russia.

As a result, the 10 OPEC members are pumping far less than called for under the deal.

An "extraordinary" meeting between OPEC and non-OPEC (read: Saudi Arabia and Russia) led to an agreement to cut production by about 10 million barrels per day (B/D). In what was a classic buy-the-rumor-sell-the-fact trade, oil prices rose and then cratered as the market was not impressed by a global supply cut of 10 million B/D while global demand was projected to decline by 30 million B/D

 

 

=> Opec is keeping output at low levels to rip off gains from the price increased in the past months deriving from higher demand. This is ongoing since last year January 21.

 

Is that also Biden's fault???

 

 

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On 4/20/2022 at 4:56 PM, 7heaven said:

Ironically it is your continuous denial of basic common sense that US President has been voted by the people to provide them with affordable standard of living. 

 

This is your own interpretation of calling something "common Sense" but does not stand with facts.

 

I doubt that the US presidents are voted to provide people with affordable standards of living.

 

Asking US presidents to provide the US citizens with affordable standards of living sounds to me very leftist.

 

For someone who pretends to be so right wing extremist Republican or Trumpist as you 7heaven, I am extremely surprised that you 7heaven are promoting socialist or communist policies.

 

This fits more to Cuba than the US.

 

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On 4/20/2022 at 11:42 AM, 7heaven said:

Everyone except you is aware that the FED comes under the jurisdiction of Federal Government of US whose head is US president who is Biden. 

 

But, is the Federal Reserve independent from Government influence and control?

 

Yes or no?

 

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On 4/20/2022 at 6:08 PM, 7heaven said:

Separately, Biden and his Democrats are pursing massive spending which will lead to further inflation. Such policies are detriment for future of US as it makes people lazy relying on easy handouts from the government. 

 

Is your memory falling short?

 

“There’s a confluence of factors — it’s both,” said David Wessel, the director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. “There’s a lot of things that pushed up demand and a lot that’s kept supply from responding accordingly, as a result we have inflation.”

He said it is inarguable that demand in a pandemic economy surged because of fiscal and monetary policies in response to Covid-19. The Obama administration’s stimulus package to respond to the 2008 recession was $787 billion; the pandemic stimulus packages, between the Trump and the Biden administrations, reach around $5 trillion.

That huge sum of money has helped demand come back, but unfortunately the supply chain remains hampered. Hindsight, Wessel said, is 20/20 but he believes the policy was necessary for an even recovery. 

 

=> Trump's spending plan

Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation

Published Fri, Mar 27 2020
 

President Donald Trump signed a $2 trillion coronavirus relief bill on Friday, as Washington tries to blunt economic destruction from the pandemic ripping through the United States. 

The House earlier passed the stimulus package, believed to be the largest in U.S. history, by voice vote, which simply measures if more lawmakers shout for “aye” or “nay” on whether to support it.

Trump signs $2.3T relief, spending package

by Brett Samuels - 12/27/20

President Trump on Sunday signed the government funding and coronavirus relief package, the White House said, averting a government shutdown and delivering economic aid as the pandemic worsens.

Trump signed off on the $2.3 trillion package from his Mar-a-Lago estate in Palm Beach, Fla., days after he expressed displeasure with the spending outlined in the omnibus and complained that the coronavirus relief measure should include direct payments of $2,000 per person, up from $600.

 

 

Biden signs $1.9 trillion Covid relief bill, clearing way for stimulus checks, vaccine aid

Published Thu, Mar 11 2021
 
President Joe Biden signed the $1.9 trillion coronavirus relief package Thursday afternoon as Washington moves to send fresh aid this month.

Biden's first part of that plan – a $1.9 trillion American Rescue Plan billed as a pandemic relief package – is already in effect, providing direct payments of up to $1,400 for millions of Americans, loans and grants to businesses hit hard by the pandemic, and tax credits aimed at cutting child poverty rates in half.

 

 

 

=>  Compared to Trump's two spending bills the American Rescue Plan bill from Biden seems peanuts.

 

 

7heaven, can you tell us what spending plans had the higher volume?

Can you do the maths 7heaven???

 

 

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On 4/21/2022 at 1:18 PM, singalion said:

 

That is not correct also.

 

According to Newton's law there is no action if no force is acted upon an item. (first law).

 

Repeating the same content, there is no action, it is motionless, therefore no reaction will arise.

 

In my personal view your repeated excessive repetitions of the same content are a sign of your mental state.

 

 

 


The action is your repeated posting of articles from unknown sources by authors of questionable ulterior motives trying to distant responsibilities of controlling inflation from the President. The reaction are my posts to remind us about the sacrosanct responsibility of the President to keep inflation in check.  

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On 4/21/2022 at 1:19 PM, singalion said:

 

This is so lame again not to answer my initial question but to respond with own questions.

 

I already told you that such behaviour is in my culture considered as extremely rude.

 

 

Here are my two simple questions again:

 

Then answer the following 2 questions: 

 

1) Can the US President / Biden influence the decisions taken by the Federal Reserve Board of Governors and decisions taken by the FOMC?

 

2) Can US Presidents / Biden give instructions to the Federal Reserve Board of Governors or the FOMC on what monetary policies to implement?

 

Yes or no?

 


This is so lame to ask unsolicited questions. 
 

I already told you that such behaviour in my culture is considered very rude. 
 

Then answer the following 2 questions?

 

1) Can the US President/Biden instruct his Energy, Commerce, Transport, Treasury departments to implement policies? 
 

2) Can ordinary people vote for who leads the FED which implement monetary policies? 
 

Yes or no?

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On 4/21/2022 at 3:26 PM, 7heaven said:


The action is your repeated posting of articles from unknown sources by authors of questionable ulterior motives trying to distant responsibilities of controlling inflation from the President. The reaction are my posts to remind us about the sacrosanct responsibility of the President to keep inflation in check.  

 

Another of your defective distractions?

 

You just need to take the title and google. I m sure you will find the articles.

 

Surely, I am not so lame to quote RNC, Republicans or any such partisan pieces to substantiate my arguments.

 

 

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On 4/21/2022 at 3:30 PM, 7heaven said:


This is so lame to ask unsolicited questions. 
 

I already told you that such behaviour in my culture is considered very rude. 
 

Then answer the following 2 questions?

 

1) Can the US President/Biden instruct his Energy, Commerce, Transport, Treasury departments to implement policies? 
 

2) Can ordinary people vote for who leads the FED which implement monetary policies? 
 

Yes or no?

 

You really think the BW readers don't know why you don't reply to the questions?

 

Do you think they are so dumb?

 

 

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On 4/21/2022 at 1:20 PM, singalion said:

 

 

Can you please substantiate why the alleged cost increases are a result of the fault of Biden?

 

 


Can you please substantiate why the alleged cost increases are not a fault of Biden policies? 
 

It has already been explained multiple times (which ironically you complained I keep repeating myself) that Biden discouraged domestic oil production in US leading to US having to import records amount of foreign oil such as those from Russia. From the US Energy Information Authority, in 2021 under Biden, he allowed US to import record amount of Russian crude oil and petroleum products. 

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On 4/21/2022 at 3:30 PM, 7heaven said:

2) Can ordinary people vote for who leads the FED which implement monetary policies? 
 

Yes or no?

 

How is this relevant?

 

Are you admitting that the Federal Reserve acts independent from the US administration?

 

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On 4/21/2022 at 1:30 PM, singalion said:

 

1)

Why was that an admission of Biden?

There is no piece of admission.

This is another of your inventions and fabrications.

 

Biden did not admit anything, he simply pointed to the direction he is taking in doing everything possible to assist as much as is within his abilities in bringing prices under control again.

 

Also Biden did not say that he is going to control inflation. As you can see in my point 2, Biden directed this part to the Federal Reserve.

 

2) Biden explicitly in his state of the nation speech clarified that it the institution playing the crucial role to control inflation is the Federal Reserve:

 

Quote from the article:

Biden also needs the Senate to approve his five nominees for the Federal Reserve, the White House has stressed. The Senate Banking, Housing, and Urban Affairs committee is in the middle of a standoff with Republicans who boycotted a vote earlier this month over Sarah Bloom Raskin, a former Obama financial regulator who's been accused of championing policies that would hurt energy producers. Senate Republicans suggest they may block her again this week.

Speaking of his inflation plans, Biden said: "While you’re at it, confirm my nominees to the Federal Reserve, which plays a critical role in fighting inflation."

 

https://sg.news.yahoo.com/state-of-the-union-biden-discuss-inflation-153146690.html

 

Are you reading such news reports only selectively to suit your false narrative?

 

=> Biden is well aware that the tools to control inflation are in the hands of the Federal Reserve.

Actually everyone with a little bit of knowledge of economics knows this. You are the only one here who claims otherwise against all experts, professionals, academia and even the US president...

 

 

Please refrain from placing items into Biden's speech of things he never said at all.

 

 


Why wasn’t there an admission why Biden said publicly at his March 2022 State of Union speech and it goes:  

 

"I get it," Biden said of inflation. "That’s why my top priority is getting prices under control."
 

We did not put words into his mouth. Biden spoke about making his top priority about getting prices under control. 
 

Actually anyone capable of reading and possessing basic common sense will know Biden as president has the responsibility to ensure prices are kept under control. 

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On 4/21/2022 at 3:34 PM, 7heaven said:

that Biden discouraged domestic oil production

 

Can you substantiate that Biden discouraged domestic oil productions.

 

Where?

 

Your claim is once again not substantiated or backed by any facts.

 

 

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On 4/21/2022 at 1:37 PM, singalion said:

 

This is just another summary post of your various political propaganda slogans which all are left unsubstantiated.

No need to go into any details.

 

Plastering BW with unsubstantiated slogans is very lame.

 

I could just post here the slogans from the Democratic National Committee.

 

Who would just post some biased slogans from political parties here?

Surely, nobody who has some intelligence and knows that most of these rhetoric is manipulative and in 99% not backed by facts.

 

Can't you do any better and use your brain prior to plastering these partisan slogans onto BW?

 

 

 


When truths and facts are exposed about how flawed the Biden policies are, it is no surprise that Democrat supporters will hastily dismiss them as political propaganda slogans and asked not to go into details. Then ironically they will ask for substantiation, and when substantiation is given, they will be dismissed as propaganda slogans. Lol. 

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