Fed ‘hurting the situation’ on economy, Sanders says

The Federal Reserve is “hurting” the United States’ economical concern arsenic the state prepares for a imaginable recession, Sen. Bernie Sanders (I-Vt.) said Sunday.

“I deliberation they’re hurting the situation. It is incorrect to beryllium saying that the mode we’re going to woody with ostentation is by lowering wages and expanding unemployment,” Sanders said, asked connected NBC’s “Meet the Press” whether the Federal Reserve’s caller actions person helped oregon wounded the economy. “That’s not what we should beryllium doing.”

The Fed has precocious taken measures to dilatory the economy, including raising involvement rates, successful an effort to curb rising prices — moves that hazard causing a recession. Chair Jerome Powell’s actions person mostly had bipartisan support, with progressives including Sanders representing a number dissent.

“At a clip erstwhile moving families are struggling and the radical connected apical are doing phenomenally well, I don’t deliberation you spell aft moving people,” Sanders said, acknowledging inflation is “a planetary issue.”

Democrats should proceed talking astir economical positions including raising the minimum wage successful a mode that centers their campaigns connected moving radical and separates Democrats from their opponents, Sanders said. He referred to Republicans’ discussions connected privatizing Social Security and Medicare, calling the thought of cutting either programme “grotesque.”

“Democrats person got to clasp them accountable for those reactionary positions,” Sanders said.

On the Biden medication side, Transportation Secretary Pete Buttigieg said Sunday connected ABC’s “This Week” that a recession is “possible but not inevitable.”

Import prices person lowered and proviso concatenation problems person eased successful caller months, but key ostentation numbers person remained high, making the system a politically perilous contented for President Joe Biden and his chap Democrats.

Sen. Elizabeth Warren (D-Mass.) said successful August she was “very disquieted that the Fed is going to extremity the system into recession.”