‘Hell of a mess here’: Sen. John Kennedy tears into Fed chair over the state of the economy

Harold Hutchison, DCNF

Republican Sen. John Kennedy of Louisiana turned up the heat on Federal Reserve Board Chair Jerome Powell over inflation and the state of the economy during a Senate hearing Wednesday.

“Look, Mr. Chairman, we got a hell of a mess here,” Kennedy told Powell during the hearing held by the Senate Committee on Banking, Housing, and Urban Affairs. “Inflation is hitting my people so hard they are coughing up bones.”

“President Biden, I don’t blame him, I understand politics, he keeps saying, well, your 401(k) has crashed, and gas has gone from $2 to $5 a gallon because the economy is so good,” Kennedy said. “The American people know that is not true.”

WATCH:

The Consumer Price Index rose 8.6% year-over-year in May, the Bureau of Labor Statistics reported. High energy prices have fueled inflation, causing landscaping companies to increase prices and also driving up food and health case costs.

Powell admitted during the hearing that the Fed was trying to “slow down growth” to address inflation, prompting Kennedy to grill him about the possibility of increasing gas and diesel supplies.

“You can also lower demand but you can increase supply, can you not?” Kennedy asked the Fed chair.

“Yes,” Powell said, agreeing with Kennedy that increasing energy supplies could address inflation.

Kennedy also pressed Powell on whether providing incentives for oil refineries to re-open would help alleviate supply issues before lambasting the Biden administration over the economy.

Kennedy and the Federal Reserve Board of Governors did not immediately respond to requests for comment from The Daily Caller News Foundation.

For licensing opportunities of our original content, please contact [email protected]

DONATE TO BIZPAC REVIEW

Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!

Success! Thank you for donating. Please share BPR content to help combat the lies.

Comment

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

PLEASE JOIN OUR NEW COMMENT SYSTEM! We love hearing from our readers and invite you to join us for feedback and great conversation. If you've commented with us before, we'll need you to re-input your email address for this. The public will not see it and we do not share it.

Latest Articles