To the Editor:
Federal Reserve Chair Jerome H. Powell spoke before the House Financial Services Committee and stated that he expects inflation to rise this year, but he played down inflation’s effects by saying they would be “neither particularly large nor persistent.” The Federal Reserve indicated that inflation could significantly rise this year. Gas and grocery prices are already rising. Since President Biden was sworn in, the cost of gas alone has increased by nearly 40 percent.
The Biden administration has the ability and responsibility to take immediate action to mitigate the effects of inflation, which increases the cost of everyday goods and disproportionately affects low- and fixed-income families. I grew up poor, and my parents struggled for work. Families like mine growing up are impacted each day the Biden administration fails to get this under control.
Over the past month, I have asked Mr. Powell and the National Economic Council for their plans to fight inflation and protect American families. Neither has responded, leaving no known plan of action if inflation gets out of control.
While Mr. Powell continues to ignore the elephant in the room, American families are worrying whether their paychecks will get them through the month. It’s time for the Biden administration and the Federal Reserve to face reality. So what’s the plan, Mr. Powell? The American people deserve to know.
U.S. Sen. Rick Scott