{"id":1069582,"date":"2021-11-30T17:58:42","date_gmt":"2021-11-30T22:58:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1069582"},"modified":"2021-11-30T17:58:47","modified_gmt":"2021-11-30T22:58:47","slug":"its-ravaging-our-people-john-kennedy-holds-nothing-back-with-powell-yellen-over-skyrocketing-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-ravaging-our-people-john-kennedy-holds-nothing-back-with-powell-yellen-over-skyrocketing-inflation\/","title":{"rendered":"\u2018It\u2019s Ravaging Our People\u2019: John Kennedy Holds Nothing Back With Powell, Yellen Over Skyrocketing Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fits-ravaging-our-people-john-kennedy-holds-nothing-back-with-powell-yellen-over-skyrocketing-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1069582&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>Republican Louisiana Sen. John Kennedy pressed Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen on the continuing rise of inflation on the Senate floor Tuesday.<\/p>\n<p>\u201cIs the Fed considering increasing the pace of its tapering? We\u2019ve got to get control of inflation, it\u2019s ravaging our people,\u201d Kennedy told Powell.<\/p>\n<p>\u201cI think what we missed about inflation was we didn\u2019t predict the supply side problems and those are highly unusual and very difficult. Very nonlinear and it\u2019s very hard to predict those things,\u201d Powell replied. \u201cBut that\u2019s really what we missed and that\u2019s why all of the professional forecasters had much lower inflation projections.\u201d<\/p>\n<p>Powell said the Fed will discuss at a December meeting whether it is \u201cappropriate\u201d to finish their taper purchases and accelerate their tapering a few months earlier than scheduled, due to inflated pressures and the supply chain issues. <strong><a href=\"https:\/\/dailycaller.com\/2021\/11\/30\/john-kennedy-louisiana-jerome-powell-inflation-psychic-hotlines\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Fed Inflation Experts Are About As Credible As \u2018Late-Night Psychic Hotlines,\u2019 GOP Senator Says)&nbsp;<\/a><\/strong><\/p>\n<p><a href=\"https:\/\/dailycaller.com\/2021\/11\/10\/inflation-consumer-price-index-bureau-labor-statistics\/\" target=\"_blank\" rel=\"noopener noreferrer\">Inflation<\/a> has hit its highest levels in three decades, with the Consumer Price Index (CPI) hitting 6.2% on a year-over-year measure. The prices of <a href=\"https:\/\/dailycaller.com\/2021\/11\/02\/joe-biden-russia-opec-rising-gas-prices\/\" target=\"_blank\" rel=\"noopener noreferrer\">gas<\/a>, food, and other products have suffered from a shortage, causing companies to raise their prices as their quarterly profits continue to plummet.<\/p>\n<p>Kennedy said the recently passed <a href=\"https:\/\/dailycaller.com\/2021\/11\/06\/infrastructure-bill-joe-biden-win-republicans-help\/\" target=\"_blank\" rel=\"noopener noreferrer\">infrastructure bill<\/a> and President Joe Biden\u2019s <a href=\"https:\/\/dailycaller.com\/2021\/11\/18\/biden-build-back-better-poll-economy-approval\/\" target=\"_blank\" rel=\"noopener noreferrer\">Build Back Better<\/a> plan will cause the \u201cAmerican people to incur substantial debt,\u201d prompting him to ask Yellen about the Biden administration\u2019s limit on raising the national debt.<\/p>\n<p>\n<iframe loading=\"lazy\" title=\"&#039;It&#039;s Ravaging Our People&#039;: John Kennedy Grills Powell And Yellen About How They&#039;ll Handle Inflation\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/gY-JUe_HlrU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/p>\n<p>\u201cFirst of all, I want to say I disagree with your assessment of Build Back Better. It is fully paid for or even more than fully paid for, and CBO just completed a comprehensive review of it, which they found essentially the same thing,\u201d Yellen replied. \u201cWe\u2019re very accustomed to looking at debt-to-GDP ratios.\u201d<\/p>\n<p>\u201cAnd using those kinds of metrics and looking around the world, many economists have found that debt-to-GDP ratios of 100 or more tend to be associated with significant problems,\u201d she continued.<\/p>\n<p>Kennedy replied that he disagrees with the idea that Build Back Better is fully paid for. The <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2021\/11\/15\/hr-5376-build-back-better-budget-macro\" target=\"_blank\" rel=\"noopener noreferrer\">Penn Wharton Budget Model<\/a> estimates that the legislation will increase government spending by $2.1 trillion and raise the deficit by $274 billion.<\/p>\n<p>Meanwhile, the <a href=\"https:\/\/www.cbo.gov\/publication\/57627\" target=\"_blank\" rel=\"noopener noreferrer\">Congressional Budget Office<\/a> (CBO) recently estimated the U.S. deficit will surge to $327 billion due to Build Back Better. The most expensive Build Back Better provision, if passed, will fund $273 billion toward universal daycare and childcare, as well as spending an extra $268 billion towards a childcare tax credit and an expansion of Obamacare.<\/p>\n<p>The president, House Speaker Nancy Pelosi, and White House Chief of Staff Ron Klain all promised that a <a href=\"https:\/\/dailycaller.com\/2021\/11\/18\/build-back-better-367-billion-congressional-budget-office\/\" target=\"_blank\" rel=\"noopener noreferrer\">minimum 15% corporate tax<\/a> rate and funding for the IRS to cover missed taxes and a new surtax on millionaires and billionaires would prevent Build Back Better from raising the debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republican Louisiana Sen. John Kennedy pressed Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen on the continuing rise of inflation on the Senate floor Tuesday.\u201cIs the Fed &#8230;<\/p>\n","protected":false},"author":198,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1069582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1069582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/198"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1069582"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1069582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1069582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1069582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1069582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}