OPINION:
The intent of the recent Fed interest-rate hike is to increase borrowing costs as a means of reducing investment in, and economic expansion throughout, the private sector. And According to Federal Reserve Chair Jerome Powell, more rate hikes are in the offing. Those in today’s Fed opine that in order to bring inflation under control, economic growth rates must be diminished. This comes as these weak-wristed, hand-wringing, pencil-necked Washington politicians and bureaucrats cry that Russian President Vladimir Putin and domestic oil companies are the ones responsible for inflation.
They should focus instead on tearing asunder restrictive government regulations on the private sector. Unleash the ingenuity and industrial might of the American Leviathan. Increase the aggregate supply of energy, agriculture, material goods and transportation-business services to meet aggregate demand.
And to wit, such dynamic action will return markets to equilibrium and restore price stability throughout the general market economy. This is the concept of economic competition.
EARL BEAL
Terre Haute, Indiana
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