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We all know that inflation skyrocketed during the four years of Bidenomics, but as it turns out, prices may have risen even further than we previously thought. That could wind up being a thorn in Jerome Powell’s side.
While the official Bidenflation numbers got up to around 9 percent, economist Vance Ginn says secondary factors may have caused the real inflation felt by Americans to very well have been higher.
Ginn says that, "Think about how much money was sloshing around in the economy, the excessive government spending, the high regulations, those were all contributing to higher prices." Despite those rising prices, Powell still cut rates for former President Biden multiple times in 2024.
Ginn also says that efforts by Powell to keep unemployment down also haven’t helped with inflation. He pointed out that the Federal Reserve is charged with keeping prices and unemployment down. He said, "These things don’t work together like they should, and if the Federal Reserve keeps their foot on the gas to try to keep unemployment low, we will see higher inflation."
Trump, meanwhile, continues to face economic pressure from both leftists and their friends in the mainstream media, and all of this is working together to build tension between President Trump and Jerome Powell.
So where do we go from here? There’s not really a quick, easy answer. Ginn says even though he might want to, Trump can’t just outright fire Powell. He said, "There’s not a quick removal process for President Trump to remove him from office, and so they’re going to have to work together in some capacity. But they may be at odds in what they would like each other to do."
Trump could of course simply ask Powell to resign, but Powell has already said that if Trump asks, his answer would be simply, "No." That means that, like Ginn says, they’ll just have to figure out a way to work together until 2026 when Powell’s term ends.