President Joe Biden is meeting with Federal Reserve Chairman Jerome Powell at the White House Tuesday for the first time since taking office in January 2021.
The meeting comes as inflation wreaks havoc on American families with prices on essential items continuing to skyrocket.
President Biden and Fed Chair Powell are about to address the nation on inflation.— Heather Long (@byHeatherLong) May 31, 2022
Gas prices just hit a new all-time high today of $4.62 a gallon, according to AAA.
There is little relief in sight on gas, groceries and rent prices. pic.twitter.com/oVxlAxtR6z
The meeting marks a new strategy by the White House to focus on the issue, with allies in the media deflecting blame from Democrats.
It wasn’t all “U.S. policymakers”— it was Democrats. Now The Washington Post is running cover for Joe Biden and the Dems who spent TRILLIONS and drove up inflation to 40-year highs. https://t.co/SoOx0nVRUw— Ted Cruz (@tedcruz) May 31, 2022
But during an interview with 60 Minutes last year, Powell explained how the Federal Reserve "flooded the system" with printed money -- digital and physical -- to pay for Biden's big spending agenda.
Flashback from May 16, 2021:— Tom Elliott (@tomselliott) May 25, 2022
CBS: “Fair to say you simply flooded the system with money?”
POWELL: “Yes. We did. That’s another way to think about it. We did.”
CBS: “Where does it come from? Do you just print it?”
POWELL: “We print it" pic.twitter.com/cYqPuucKlV
Today, Americans are paying the price for the move as inflation rages out of control.