Mike Pence (R-IN) last week introduced a bill currently titled, “To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment,” which “Amends the Federal Reserve Act to repeal the joint mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to make maximum employment one of the goals of their duty to maintain long run growth of the monetary and credit aggregates commensurate with the U.S. economy’s long run potential to increase production.
Let me boil that down a little bit. It removes a goal of the Fed to make policy that is designed to create “maximum employment.”
I’m not a lawyer, finance guy, or anything like that, so I leave it up to you. But you have to ask, if the GOP’s promise is “jobs, jobs, jobs!” why are they creating legislation that would actually take away a goal of “maximum employment?”
Here’s what I found, a report by Marc Labonte, “Specialist in Macroeconomic Policy.”
“The Federal Reserveâ€™s (Fedâ€™s) current statutory mandate calls for it to â€œpromote effectively theÂ goals of maximum employment, stable prices, and moderate long-term interest rates.â€ SomeÂ economists have argued that the current mandate should be replaced with a single mandate ofÂ price stability. Often the proposal for a single mandate is paired with a more specific proposal thatÂ the Fed should adopt an inflation target. Under an inflation target, the goal of monetary policyÂ would be to achieve an explicit, numerical target or range for some measure of price inflation.Â Inflation targets could be required by Congress or voluntarily adopted by the Fed as a way toÂ pursue price stability, or a single mandate could be adopted without an inflation target.Â Alternatively, an inflation target could be adopted under the current mandate.”
“Arguments made in favor of a price stability mandate are that it would better ensure that inflationÂ was low and stable; increase predictability of monetary policy for financial markets; narrow theÂ potential to pursue monetary policies with short-term political benefits but long-term costs;Â remove statutory goals that the Fed has no control over in the long run; limit policy discretion;Â and increase transparency, oversight, accountability, and credibility. Defenders of the currentÂ mandate argue that the Fed has already delivered low and stable inflation for the past twoÂ decades, unemployment is a valid statutory goal since it is influenced by monetary policy in theÂ short run, and discretion is desirable to respond to unforeseen economic shocks. A case could alsoÂ be made that changing the mandate alone would not significantly alter policymaking, because FedÂ discretion, transparency, oversight, and credibility are mostly influenced by other factors, such asÂ the Fedâ€™s political independence.”
You be the judge.
Just seems to me, anything we can do to bring down a 10% unemployment rate should be job #1.
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‘Sexy’: Comer Obtains Unredacted Emails to VP Biden Revealing Women ‘Privately Mused’ They Found Him Attractive
Amid the chaos of what top Democrats are calling the GOP House’s “civil war,” infighting that threatens to shut down the federal government in nine days, Oversight Committee Chairman Jim Comer has been obtaining some of then-Vice President Joe Biden‘s emails from the National Archives.
Politico reveals Chairman Comer has been able to obtain several unreacted emails, including one which relayed a tidbit of hearsay, or, “private musings,” from 2009, after an overseas trip Biden took: “multiple” women said they found the Vice President “sexy.”
The emails “include schedules with ordinary family get-togethers,” Politico adds. “One shows Biden had lunch with Hunter Biden’s then-15-year-old daughters, Maisy and Finnegan. Another reveals that the Ukrainians were praising his now-deceased brother, Beau. And then there are the private musings of multiple Georgian women saying they found Joe Biden ‘sexy’ during a 2009 trip that also included a stop in Ukraine.”
“’Must-read email below,’ read an email forwarded by Biden’s then-national security adviser Tony Blinken to Joe Biden and his sons, Hunter and Beau. The email’s subject line: ‘Biden as new Georgian sex symbol.'”
Other emails from the National Archives’ trove include a “June 14, 2016 schedule card shows Biden was to meet with the prime minister of Ukraine. The newly unredacted portions show he was also scheduled to work out with his personal trainer, and to dine with Hunter’s then-15-year-old daughters, Maisy and Finnegan, in the vice president’s office.”
Politico, noting that “Republicans have yet to turn up direct evidence that Joe Biden benefited personally or that he took any official action as a result of those [Hunter Biden’s] connections, also reveals a “May, 27, 2016 schedule card includes a call with former Ukrainian President Petro Poroshenko. Hunter Biden was copied on the day’s schedule. It’s already been reported that Biden was also due to attend the one-year anniversary of the passing of his son, Beau, back home in Delaware.”
“Comer had been pointing to this scheduling item, since it was also emailed to then-Vice President Biden under a pseudonym email address. Comer even said the vice president was sending a secret message to his son that he was about to fire the prosecutor. As recently as last week, Comer included that email on a list of ‘evidence’ of Joe Biden’s ‘involvement in his family’s influence peddling schemes.'”
Politico also notes that Speaker of the House Kevin McCarthy “and his allies insisted that opening a formal impeachment inquiry would empower them to dig deeper. Yet the emails are another example of the House GOP failing to turn up evidence they’ve assured the public exists and that will implicate Biden in some form of corruption that rises to an impeachable offense.”
Image via Shutterstock
‘Total Breakdown’: House Sends Members Home – Experts Warn ‘Republicans Can’t Govern’ And Have No ‘Working Majority’
Nine days before an increasingly-likely shutdown of the federal government of the United States, Speaker Kevin McCarthy has effectively adjourned the House for the rest of the week, with GOP leadership telling members they may go home and come back next week, after a procedural vote to fund the Dept. of Defense failed for the second time this week.
Fox News’ Chad Pergram reports, “Note that the House has not officially dismissed everyone.. but everyone expects they are done for the week. Why? They House lacks the VOTES TO ADJOURN.”
He later added that “Things are very fluid,” and “there could be votes TOMORROW or this weekend still in the house. This could be a problem if some members already got on flights.”
Fox News online is reporting, “House abruptly cancels votes for the week without spending deal after series of defeats for GOP leaders,” and notes members are not expected back until Tuesday.
McCarthy this week has repeatedly denigrated and attacked the extremist members of the House Republican conference on camera to reporters, and Thursday was no different, saying, “This is a whole new concept of individuals that just want to burn the whole place down.”
U.S. Senator Chris Murphy (D-CT) blasted House Republicans upon hearing the House was about to adjourn for the week.
“What you need to understand is that chaos is the point for a big chunk of House Republicans. They came to congress to BURN THE GOVERNMENT TO THE GROUND,” the Connecticut Democrat wrote. “Their goal is a shutdown.”
The sentiment is being echoed by political experts, but many of those are placing the blame on Speaker McCarthy.
Democratic strategist Sawyer Hackett, senior advisor to former Obama Cabinet secretary Julián Castro Thursday afternoon wrote: “Reminder: Kevin McCarthy could put a clean bill to fund the government on the floor right now and it would pass easily. Instead, he’s sending members home for the weekend with 9 days until a shutdown—all because he’s afraid he’ll lose his job.”
Evidence that the far-right extremist House Republicans, led by U.S. Reps. Matt Gaetz (R-FL) are effectively in control comes via Punchbowl News co-founder Jake Sherman:
At 1:13 PM ET Sherman posted that Rep. Gaetz had “just emerged from” Speaker Kevin McCarthy’s suite. “Gaetz said that he’s advocating for pausing consideration of the Pentagon spending bill and moving to bills that cut spending. He mentioned: State-Foreign Ops, Agriculture, Energy and Water.”
Sherman noted that Gaetz “said again there are not enough votes” for a continuing resolution, legislation to keep the government open temporarily, possibly 30 days past the September 30 deadline.
“Just to review, the plan right now is to begin passing 11 appropriations bills with relatively open rules allowing for amendments between next tues (possibly wed) and Sunday.”
At 2:40 PM, Sherman added, “This is now the strategy. They’re going to bring up individual approps [appropriations] bills next week, per lawmakers who just met with @SpeakerMcCarthy.”
Others were less pleased.
Veteran foreign policy journalist Laura Rozen wrote: “truly insane. Mccarthy surrendered to Gaetz.”
Even before McCarthy adjourned the House for the rest of the week, political experts had warned the volatile situation was worse than it may have appeared.
Sherman, late Thursday morning, issued this warning on social media after the failed Defense Dept. vote: “Just to put this in context, republicans cannot even agree to debate the pentagon spending bill. This bill usually passes by big margins. It failed twice this week. Kevin mccarthys House Republicans are in a state of crisis.”
Josh Chafetz, Georgetown Law professor of law and politics, responded to Thursday’s failed Defense Dept. procedural vote, writing: “if you can’t pass the procedural stuff you don’t have a working majority.”
Aaron Fritschner, the Deputy Chief of Staff to U.S. Rep. Don Beyer (D-VA) is calling the state of the GOP House a “total breakdown.”
“I started working in the House nearly 11 years ago, I’ve seen some crazy days and some chaotic votes but never seen anything like what is happening with this majority. Just a total breakdown,” he wrote Thursday morning.
Professor and American historian Aaron Astor on Thursday asked, “Does the GOP actually have a working majority in the House?”
Veteran journalist John Harwood quickly replied, “clearly not.”
‘Just Want to Burn the Whole Place Down’: McCarthy Rails Against House Republicans as GOP Conference Explodes in Chaos
Speaker Kevin McCarthy unleashed his anger against his own House Republican conference Thursday as chaos erupted after yet another procedural vote on a defense spending bill failed and the clock ticks closer to a GOP-caused shutdown of the federal government.
McCarthy “failed a crucial test Thursday of his ability to unite his fractured Republican caucus as he tries to rally support to pass a spending bill aimed at avoiding a government shutdown at the end of the month,” CNBC adds.
“It’s frustrating in the sense that I don’t understand why anybody votes against bringing the idea and having the debate, and then you got all the amendments and if you don’t like the bill,” McCarthy admitted to reporters in what has increasingly become opportunities for him to trash the most far-right Republicans in the House.
“This is a whole new concept of individuals that just want to burn the whole place down,” he lamented. “It doesn’t work.”
“This is a whole new concept of individuals that just want to burn the whole place down.”
— After House Republicans once again failed to pass a basic procedural rule to fund the Pentagon, Speaker Kevin McCarthy (R-CA) hits some members of his own conference pic.twitter.com/Qt4AR71jP3
— The Recount (@therecount) September 21, 2023
“This is really unheard of,” CNBC’s Emily Wilkins reported. “I mean just a rule going down as a procedural thing, that’s pretty rare as is, and for it to happen twice in one week. Last night Republicans came ut of their all hands on deck Republican meeting. A number of them sounded optimistic about moving forward.”
Thursday failed procedural vote “really did catch Speaker McCarthy by surprise,” Wilkins added.
“He said he did not realize there were not going to be the votes to move forward on this.”
The House failed to pass a procedural rules vote today, @emrwilkins
reports. “This is a whole new concept of individuals that just want to burn the whole place down,” House Speaker Kevin McCarthy said. “That doesn’t work.” https://t.co/1xf6Y33riV pic.twitter.com/kK31lrHOyr
— CNBC (@CNBC) September 21, 2023
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