{"id":330060,"date":"2021-08-25T13:00:00","date_gmt":"2021-08-25T10:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/"},"modified":"2021-08-25T13:00:00","modified_gmt":"2021-08-25T10:00:00","slug":"peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/","title":{"rendered":"#Peter Morici: Powell\u2019s tough choice: Curbing inflation, or appeasing the Biden administration"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40718d2c99b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40718d2c99b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/#The_mismatches_in_the_post-COVID_economy_could_take_years_to_work_out\" >The mismatches in the post-COVID economy could take years to work out<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/#Dont_want_to_return\" >Don\u2019t want to return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/#Bottlenecks_throttle_production\" >Bottlenecks throttle production<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/#Printing_money\" >Printing money<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/#Burns_propped_up_the_administration\" >Burns propped up the administration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/#More_insights_from_Peter_Morici\" >More insights from Peter Morici:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powells-tough-choice-curbing-inflation-or-appeasing-the-biden-administration\/#Peter_Morici\" >Peter Morici<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Peter Morici: Powell\u2019s tough choice: Curbing inflation, or <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>easing the Biden administration<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"The_mismatches_in_the_post-COVID_economy_could_take_years_to_work_out\"><\/span>\n  The mismatches in the post-COVID economy could take years to work out<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000386114\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000386114\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       <strong>Powell\u2019s Tough Choice: Curbing Inflation vs. Appeasing the White House<\/strong><\/p>\n<p> Peter\u00a0Morici<\/p>\n<p>@pmorici1<\/p>\n<div class=\"paywall\">\n       The economic recovery is not playing out as Federal Reserve Chairman Jerome Powell or the Biden administration anticipated.\u00a0\u00a0<\/p>\n<p>COVID has accelerated trends that altered supply and demand conditions in many industries and labor markets that would have occurred more gradually had businesses and offices not abruptly closed.<\/p>\n<p>Fed worries delta variant could prolong shortages and keep inflation high into 2022<\/p>\n<p>Before the lockdowns, we had the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> to work from home, but employers clung to old myths. For example, that workers are too distracted at home and won\u2019t be motivated when in fact many are\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.apollotechnical.com\/working-from-home-productivity-statistics\/\" class=\"icon none\">more productive<\/a>\u00a0absent\u00a0grinding\u00a0commutes and distractions from colleagues.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Dont_want_to_return\"><\/span>Don\u2019t want to return<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>As offices reopen, New York and other cities face a crisis.\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-12\/nj-transit-lirr-metro-north-are-empty-as-people-skip-nyc-commute\" class=\"icon none\">Many commuters don\u2019t want to return<\/a>\u2014at least not five days a week.<\/p>\n<p>Transit systems, office towers, sandwich shops and expense-account restaurants must now operate with less overall capacity but\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/nyc-restaurants-labor-shortage-find-workers-danny-meyer-union-square-2021-5\" class=\"icon none\">still can\u2019t find enough workers<\/a>.<\/p>\n<p><strong>Greg Robb:<\/strong> Powell unlikely to fire starting pistol for tapering at Jackson Hole<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>The situation should improve in September when schools reopen and federal supplemental unemployment benefits end, but the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/customers-are-back-at-restaurants-and-bars-but-workers-have-moved-on-11626168601?mod=article_inline\" class=\"icon none\">ambitious among the displaced waiters, bartenders and catering managers moved<\/a> to sectors that thrived despite COVID, digital economy, shipping, and mortgage financing. They discovered a few months of intensive employer-sponsored training or just on-the-job mentoring can unlock better careers.<\/p>\n<p>Less-congested cities face\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nypost.com\/2021\/07\/13\/nycs-next-mayor-faces-5-4b-budget-deficit-after-de-blasio-quietly-adds-300m\/\" class=\"icon none\">fiscal crises<\/a>\u00a0in the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/philanthropynewsdigest.org\/news\/u.s.-cities-could-face-years-of-fiscal-challenges-due-to-covid-19\" class=\"icon none\">next few years<\/a>\u00a0but when help-wanted signs abound in store windows, we can\u2019t say that its temporary or recession driven.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Bottlenecks_throttle_production\"><\/span>Bottlenecks throttle production<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Throughout the economy\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/supply-chain-bottlenecks-drive-factory-decisions-at-this-maker-of-boats-motorcycles-atvs-11624111201?mod=hp_lead_pos3&amp;mod=article_inline\" class=\"icon none\">supply bottlenecks<\/a>\u00a0limit production. Those will take years to work out and\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/reversal-of-long-term-forces-may-add-to-inflation-threat-11626082200?mod=hp_lead_pos4&amp;mod=article_inline\" class=\"icon none\">continue inflationary pressures<\/a>. The\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/millions-of-americans-are-unemployed-despite-record-job-openings-11628587802?mod=article_inline\" class=\"icon none\">mismatch between employers\u2019 needs and workers\u2019 skills and locations<\/a>\u00a0will drive wage-price pressures even as\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.piie.com\/blogs\/realtime-economic-issues-watch\/strong-growth-us-jobs-labor-market-remains-well-short-normal\" class=\"icon none\">employment remains well below trend levels expected prior to the pandemic<\/a>.<\/p>\n<p>Underinvestment in the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/a-commodities-crunch-caused-by-stingy-capital-spending-has-no-quick-fix-11623144780?mod=article_inline\" class=\"icon none\">production of raw materials<\/a>\u00a0has\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/commodity-price-surges-add-to-inflation-fears-11623079860?mod=article_inline\" class=\"icon none\">come home to roost<\/a>, and the pandemic\u2019s continued grip on Asia\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-12\/world-third-busiest-port-partly-shut-due-to-covid-outbreak\" class=\"icon none\">constrains<\/a>\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2021-08-11\/what-s-happening-in-the-world-economy-is-the-global-outlook-at-risk\" class=\"icon none\">supply chains<\/a>. In\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.asianews.it\/news-en\/Workers-in-Binh-Duong-locked-down-in-factories-to-counter-COVID-19-53777.html\" class=\"icon none\">Vietnam<\/a>,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.imore.com\/workers-sleep-factory-floors-apple-suppliers-fight-covid-vietnam\" class=\"icon none\">workers are sleeping in factories<\/a>\u00a0to avoid COVID exposure.<\/p>\n<p>The pandemic revealed global supply chains are pulled too taut. A\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/renesas-chip-plant-fire-spreads-concerns-about-global-auto-production-11616414181?mod=article_inline\" class=\"icon none\">Japanese semiconductor factory fire<\/a>\u00a0can limit auto production globally, and we are nearing the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.globalagingtimes.com\/aging\/rapid-aging-in-east-asia-and-pacific-will-shrink-workforce-and-increase-public-spending\/19065\" class=\"icon none\">limits of cheap labor from Asia<\/a>.<\/p>\n<p>Climate change impacts on agriculture and China\u2019s increasing rich diet\u2014for example, appetite for red meat\u2014are\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2021-08-18\/soaring-cost-of-food-is-forcing-families-to-scrimp-at-the-dinner-table?cmpid=BBD081921_MKTEU&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=210819&amp;utm_campaign=marketseurope\" class=\"icon none\">pushing up prices for basic commodities<\/a>\u00a0in the food chain.<\/p>\n<p>A good deal of the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.foxbusiness.com\/economy\/us-spending-on-covid-relief-poised-to-hit-6t\" class=\"icon none\">$6 trillion in stimulus and relief<\/a>\u00a0money spread around by Presidents Donald Trump and Joe Biden is still sitting in\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/consumer-spending-personal-income-april-2021-11622154969?mod=article_inline&amp;mod=article_inline\" class=\"icon none\">household<\/a>,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/companies-are-hoarding-record-cash-amid-delta-fears-11629106380?mod=article_inline\" class=\"icon none\">corporate<\/a>\u00a0and\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2021-08-17\/states-are-slow-to-spend-american-rescue-plan-covid-aid\" class=\"icon none\">state government<\/a>\u00a0checking accounts. As businesses and consumers adjust to living with the delta variant, those will create more demand than businesses can supply and more inflation, but Powell\u2019s easy money policies have important political imperatives.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Printing_money\"><\/span>Printing money <span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>With COVID, the national debt held by the public has rocketed to\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2021\/05\/budget_fy22.pdf\" class=\"icon none\">110% of gross domestic product<\/a> but federal interest payments have hardly budged. The Fed has pushed down interest rates paid on government bonds by printing $4 trillion to take Treasury and mortgage-backed securities off the market.<\/p>\n<p>Biden\u2019s proposed $4 trillion infrastructure, industrial policy and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> spending\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.washingtontimes.com\/news\/2021\/jun\/8\/bidens-budget-would-turn-america-into-a-pizza-doug\/\" class=\"icon none\">won\u2019t be fully financed with new revenue sources<\/a>. Too many proposed taxes are unpopular with moderate Democrats in Congress. He must borrow more and rely on the Fed to print money to purchase even more Treasurys or see interest rates rise.<\/p>\n<p><strong><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a>: <\/strong>House advances measure on Biden\u2019s spending plans in 220-212 vote<\/p>\n<p>Higher interest rates would curb home construction and raise costs in capital-intensive industries such as electric vehicles, green energy and semiconductors that the president wants to boost.<\/p>\n<p>Until recently, much of the media was quick to support\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/powell-expects-inflation-to-moderate-but-will-likely-remain-elevated-this-year-11626265800?mod=hp_lead_pos3&amp;mod=article_inline\" class=\"icon none\">Powell\u2019s story line that inflation is temporary<\/a>. Although the pace moderated a bit in July, the month-over month annualized rate of headline consumer price inflation was still 5.8% and\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/inflation-isnt-whipped-just-tamer-11628699102?mod=article_inline\" class=\"icon none\">likely to persist<\/a>.<\/p>\n<p>Considerable attention focused on volatile prices for\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2021-07-14\/supply-china-latest-mass-looting-blocks-a-key-african-trade-gateway\" class=\"icon none\">rental cars, lodging, airfares and restaurants and the like<\/a>\u00a0but higher prices and in some instances shortages for\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/youre-paying-more-for-foodand-you-might-not-know-it-11626267671?mod=article_inline\" class=\"icon none\">groceries<\/a>,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/2021\/jun\/17\/halfords-reports-184-jump-in-profits-amid-global-bike-shortage\" class=\"icon none\">bicycles<\/a>,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.deccanherald.com\/business\/business-news\/demand-for-home-appliances-on-rise-amid-covid-19-premium-products-driving-revenues-1012773.html\" class=\"icon none\">home appliances<\/a>\u00a0and\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/hasbro-stocks-up-on-toys-to-work-around-shipping-constraints-11627332252?mod=hp_lista_pos4&amp;mod=article_inline\" class=\"icon none\">toys<\/a>\u00a0are no mirage.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Burns_propped_up_the_administration\"><\/span>Burns propped up the administration<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>In the 1970s, Fed Chairman\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.project-syndicate.org\/commentary\/fed-sanguine-inflation-view-recalls-arthur-burns-by-stephen-s-roach-2021-05\" class=\"icon none\">Arthur Burns rationalized successive jolts in prices<\/a>\u00a0for energy, food, mobile homes, children\u2019s toys, women\u2019s jewelry and many other products that ultimately composed 65% of the consumer price index to keep his money printing machine rolling and prop up the Nixon-Ford administration.<\/p>\n<p><strong>Stephen Roach:<\/strong> The ghost of Arthur Burns haunts a complacent Federal Reserve that\u2019s pouring fuel on the fires of inflation<\/p>\n<p>After\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.stlouisfed.org\/publications\/regional-economist\/january-2005\/volckers-handling-of-the-great-inflation-taught-us-much\" class=\"icon none\">Paul Volcker vanquished inflation<\/a>, political independence became the lodestar for Western central bankers, but economic history appears lost on advocates of a more socially conscious monetary policy and Fed.\u00a0\u00a0<\/p>\n<p>Is the Fed overdoing it on stimulus? A majority of business economists think so<\/p>\n<p>Powell comes up for reappointment soon. He can\u2019t easily pull back accommodative money policies and survive unless inflation imposes political pain on Biden greater than progressive Democrats\u2019 pressure to create a European-style welfare state.<\/p>\n<p>That may be about to happen.<\/p>\n<p><em><strong>Peter\u00a0Morici\u00a0is an economist and emeritus business professor at the University of Maryland, and a national columnist.<\/strong><\/em><\/p>\n<h6><span class=\"ez-toc-section\" id=\"More_insights_from_Peter_Morici\"><\/span>More insights from Peter Morici:<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Biden administration seeks to control banking, technology, transportation to serve a woke agenda<\/p>\n<p>Does hard work still pay off in America?<\/p>\n<p>Americans don\u2019t want socialism shoved down their throats<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Peter Morici\",\"subhead\":\"The Wall Street Journal\",\"list\":[,{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/pmorici1\",\"text\":\"@pmorici1\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:contributors@marketwatch.com\",\"text\":\"contributors@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Peter_Morici\"><\/span>Peter Morici<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-75E4-42B7C194F548%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Peter Morici: Powell\u2019s tough choice: Curbing inflation, or appeasing the Biden administration&#8221; The mismatches in the post-COVID economy could take years to work out Powell\u2019s Tough Choice: Curbing Inflation vs. Appeasing the White House Peter\u00a0Morici @pmorici1 The economic recovery is not playing out as Federal Reserve Chairman Jerome Powell or the Biden administration anticipated.\u00a0\u00a0 COVID&#8230;<\/p>\n","protected":false},"author":1,"featured_media":330061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-330060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/330060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=330060"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/330060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/330061"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=330060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=330060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=330060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}