Wednesday, June 22, 2022

Fed Seems to Toe the Biden Line That War on Fossil Fuel Will Not Impair Fed's Belated Attack on Inflation


Finally after touting the myth that inflation is “transitory”
An aloof Federal Reserve in all its vainglory
Sat by as inflation especial in gas surged
Has come to the table to attempt to inflation purge
Fed Reserve Chairman Powell before the Senate confirmed
The cause for inflation we have long since learned
When demand exceeds supply prices will rise
Until the imbalance suffers its demise
But on fight inflation the Fed is like  fighter with one hand tied behind its back
Its primary weapon is to raise interest rates to the demand imbalance attack
With nothing being done to increase supply lowering demand will be a long fight
Worse more likely than not recession will soon be in sight
Families already having seen their savings by inflation hit
Now facing a recession that and pink slips will be to the unemployment office hoofing it
If Biden would declare a truce in his fossil fuels war
Oil production in the U.S. would quickly soar
If Biden had a realistic transition plan from fossil to near carbon free
In addition to more oil more new or expanded refineries would we see

No pushed by the greens it the bridge to near zero must be done in a few short years
Will fail and we will be left not with a bridge but an incomplete short pier
© 6/22/22 The Alaskanpoet

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