Why Biden’s inflation blitz is falling flat after a major miscalculation
President Biden, mounting a media campaign to broadcast his concern about inflation, is said to be frustrated by his team’s handling of the issue that could decimate his party in November. But after his administration kept clinging to the notion that rising prices were temporary, he has few tools to employ beyond empathy. Once he rolled out the little-seen Treasury secretary, Janet Yellen–who told CNN "I think I was wrong then about the path that inflation would take"--it was time to turn the page. But to what? An Oval Office photo op with Yellen and Fed chair Jerome Powell isn’t going to change many minds. Plus, the president’s message was mixed. "My plan to address inflation starts with a simple proposition–respect the Fed, respect the Fed’s independence." Well, Biden doesn’t have any choice, since the Federal Reserve is an independent agency, even if he was trying to draw a contrast with Donald Trump’s public hectoring of the Fed. Besides, it’s t
