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US Federal Reserve Chair Powell Says Wages Are Too High
Here’s what he can do to earn his $203,500/year annual salary
In case anyone hasn’t gone to the gas station or shopped at a grocery store in the past few months, “inflation” is underway in the U.S. and globally.
The Federal Reserve is the closest the U.S. comes to a “national bank.” Its policies direct much of the U.S. economy. When “The Fed” raises interest rates, the price of everything goes up.
The Fed’s chair, Jerome “Jay” Powell, is a friendly and nice chap who spoke about his government-chartered organization’s monetary policies in May, expressing concern that wages were too high, and therefore the primary source of inflation. Powell noted that in particular, there were many job vacancies: 1.9 per every worker. And those pesky wages going higher: total reason why gas is $5 a gallon and bread is $4 a loaf.
Powell’s solution? Exert pressure to lower wages.
That, Powell said, will fix everything.
At one point, it’s reported that 69-year-old Washington, DC insider Powell, a technical member of the Republican Party, but originally nominated for his post by former President Barack Obama (technically a member of the “other” “political” “party”) and later appointed by former President…
