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this post was submitted on 13 Jul 2024
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politics
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The fuck metric are they using for the economy???? The billionaires wealth increase? The stock market? Because I can't afford my rent or to feed my fucking family. Fuck off with your bullshit.
I don't blame Biden for it, I blame the orange man. But the economy isn't an exclamation point that should be used for the average person. The economy fucking sucks. EVERYONE HAS JOBS!!! .... Yeah.... they have 3 of them... start looking at the purchasing power of that money, not just the dollar amount.
This! This! This!
Anyone who can afford to invest seems to be doing fine and everyone else is screwed. Rent, bills and the cost of food are out of control.
The weird part is people think the president caused any of that or has the ability to fix it.
There's this thing presidential candidates run called a campaign and in this campaign they lay out their economic policies.
Presidential candidates certainly say things about the economic policies they'd like to see enacted, but most of the actual policy making is up to congress, and monetary policy is the domain of the Federal Reserve.
Factors which no part of the US government has direct control over often have a bigger impact than those that it does, from plagues to wars on other continents to business conditions.
You do know who nominates the fed chairman, right?
I do. I also know that Trump nominated Chairman Powell to his first term, and Biden nominated him to his second. Seems they agree on something.
That's not even unusual; four out of the past five Fed chairs were nominated by at least two presidents from different parties.
So we agree the president can make a significant change to the federal reserve which you said is involved in monetary policy. Which means...
A president could, in theory make a campaign promise about what kind of people they would nominate to the Fed board. A friendly enough senate might even confirm those nominees.
Other than the chair and vice-chair, board members serve 14 year terms, which are intended to help insulate them from politics. A president with very specific ideas about monetary policy could put their thumb on the scale a bit, but the system is designed to resist that.
I've made my point. Good talk.