Even Democrats can be right sometimes.
In 1992, while working as Bill Clinton's campaign manager, Democrat political strategist James Carville famously said, "It's the economy stupid!" when he got sick of being asked what the next presidential election was about.
He was right then, and he's right now. That's why things continue to grow darker for Joe Biden's bid for re-election this fall. The economy sucks, no matter what Biden's talking heads say about it.
On Tuesday, Federal Reserve Chair Jerome Powell made it clear that the elevated inflation rates hanging over the U.S. economy like a dark cloud getting ready to pour rain will most likely postpone interest rate cuts until later this year, according to the Associated Press.
This means those pesky high interest rates preventing people from buying houses and cars -- to name just two big-ticket items -- will be hanging around for a while.
Participating in a panel discussion at the Wilson Center, Powell cautioned, “Recent data have clearly not given us greater confidence” inflation is under control and “instead indicate that it’s likely to take longer than expected to achieve that confidence.”
“If higher inflation does persist,” he continued, “we can maintain the current level of (interest rates) for as long as needed.”
"As long as needed" sounds like it could be a very long time indeed.
