DeSantis: Fed’s role is not to be an economic planner.
Gov. Ron DeSantis Criticizes Federal Reserve for Overstepping Its Role
In a fiery speech delivered at the American Legislative Exchange Council’s annual meeting in Orlando, Florida, Gov. Ron DeSantis (R-FL) took aim at the Federal Reserve for its recent decision to raise interest rates. DeSantis argued that the central bank’s job should be focused solely on maintaining stable prices, rather than attempting to act as an ”economic central planner.”
“Their job at the Fed should simply be to maintain stable prices, not to be an economic central planner, not to worry about social issues or climate change or any of that stuff,” DeSantis emphasized.
DeSantis went on to criticize the Federal Reserve for its handling of inflation, accusing them of printing too much money and downplaying the severity of the issue. He stated, “They’ve dropped the ball first by printing too much [money] but then also trying to act like the inflation was transitory when it was obvious this was going to be an issue.”
Despite his criticism of the Federal Reserve, DeSantis took the opportunity to highlight Florida’s economic achievements, particularly its no-income-tax policy. He praised the state’s commitment to fostering a business-friendly environment and emphasized the positive impact it has had on Florida’s economy.
Fed Raises Interest Rates in Effort to Combat Inflation
On the same day as DeSantis’ speech, the Federal Reserve announced a quarter-point increase in its key interest rate, bringing it to the highest level in 22 years. This decision was made in response to the ongoing issue of historic inflation, with the aim of increasing borrowing costs to curb rising prices.
Fed Chairman Jerome Powell explained, “Given the resilience of the economy recently, they are no longer forecasting a recession.”
The rate hike is expected to have a significant impact on the economy, with the central bank projecting a slowdown in growth but no longer predicting a recession. This move by the Federal Reserve marks a pivotal moment in the ongoing battle against inflation.
To learn more about this topic, click here to read the full article from The Washington Examiner.
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