Politics Done Right

Warren Warns Powell That Fed’s Rate Hikes Could Drive US Economy ‘Off a Cliff’: “You know what’s worse than high inflation and low unemployment? It’s high inflation with a recession and millions of people out of work,” Sen. Elizabeth Warren told Jerome Powell. Sen. Elizabeth Warren on Wednesday told Federal Reserve Chair Jerome Powell directly that the central bank’s recent decision to enact more aggressive interest rate hikes in an effort to combat inflation could push the U.S. economy “off a cliff”—and throw millions of people out of work—without reining in soaring prices. “Inflation is like an illness and the medicine needs to be tailored to the specific problem, otherwise you could make things a lot worse,” Warren (D-Mass.) said during her remarks at a Senate Banking Committee hearing. “Right now, the Fed has no control over the main drivers of rising prices.” Who Is to Blame for Inflation? The Power Brokers of Capitalism: A half-century-long power play, led by corporations, Wall Street, governments, a