Republicans are licking their chops over the Federal Reserve’s ostensible plans to raise interest rates aggressively in the months ahead to combat soaring prices. They view a coming big recession as a grand opportunity to win control over Congress in the upcoming November elections.
Of course, we have gone through this political musical-chairs nonsense for decades. If the Fed is filling the balloon with newly printed money, the economy appears prosperous. Whoever is president claims credit for “good management of the economy.” Voters reward him with reelection. They also elect members of his political party to Congress.
But woe to any president who happens to be in office when the Fed starts to reverse course, especially in a big way, as it is ostensibly nowRead More »