The United States is in the middle of a nearly unprecedented inflation crisis. Inflation is worse than it has been in nearly 40 years, with the price of gasoline as well as regular househould items skyrocketing.
Many have been quick to blame the inflation crisis on Biden’s economic policies and runaway federal spending. While there may be merit to that, a new study discovered that Biden’s administration is being given support by a Federal Reserve where Republicans are outnumbered by Democrats by a 10:1 ratio.
The study, initially published by the Wall Street Journal, found that Democrats on the Federal Reserve are prioritizing left wing issues such as climate change and race and gender issues rather than creating a sound fiscal policy.
The Epoch Times Reports–
“During the contentious nomination process for Sarah Bloom Raskin, who subsequently withdrew her candidacy to serve at the Federal Reserve, the politicization of the U.S. central bank has come into question again.
Emre Kuvvet, an associate professor of finance at Nova Southeastern University, published a report on The Wall Street Journal that assessed the party affiliation of economists at the central bank.
For economists at the Fed Bank of Cleveland, the Democrat-to-Republican ratio was 3-to-1. At the San Francisco Fed Bank, the ratio was 12-to-1.
He also learned that the Democrat-to-Republican ratio for senior economists and those in leadership positions was 22.25-to-1.”
President Biden has encouraged the left wing politicization of the Federal Reserve. During his 2020 Presidential campaign, Biden proposed making racial equity the Feds third mandate. Its two current mandates are price stability through controlling inflation and full employment.