Gov. Ron DeSantis (R-FL) has not been afraid to boldly go after Federal Reserve Chairman Jerome Powell for his role in further upending the economy. And he has reason to, as the Fed hiked up interest rates on Wednesday by 0.25 percent, the 10th hike just this year. With the increase from 5.00 to 5.25 percent, this is the highest rate increase in over in 20 years, since January 2001. In response, Team DeSantis has released a new video, calling to mind previous comments from the governor, and telling Powell to "take a hike." Townhall received an exclusive first look.
It's not just Powell whom Team DeSantis is targeting, but President Joe Biden as well. In addition to nominating Powell for a second term in November 2021, Biden has enthusiastically supported the job that the chairman has done.
"Economy ain’t work for ya? You’re probably mad at this guy," the video's narrator told viewers. "But Biden’s got a recession sidekick. A guy by the name of Jerome Powell. Biden loves Jerome." While meeting with Powell, Biden had said "Respect the Fed. Respect the Fed’s independence," something he explained "which I have done and will continue to do."
Members of his administration, as well as Biden himself, have repeatedly sought to downplay or even deny a recession, though White House economists warned of one on Wednesday. This conveniently takes place as Biden appears to have finally acknowledged that he has to negotiate with Republicans on the debt ceiling in order to avoid default.
The video also shows Powell claiming "we expect ongoing hikes will be appropriate," as the narrator points out "Jerome loves hiking those interest rates" pointing out "that means you lose money."
As news reports have also shared, including CBS News as shown as a clip in the video, the 50 basis point interest rate hike from last December led to seeing the markets "really sort of plummet."
This is where DeSantis comes in. As part of their immediate response to Powell's announcement, the DeSantis War Room Twitter account shared a clip of DeSantis comments from March in which he declared "you know I think the Fed has done a horrible job over these last few years and they really are creating potential significant turmoil in the economy."
Governor DeSantis explains how the Fed is creating “significant turmoil” for our economy.
— DeSantis War Room 🐊 (@DeSantisWarRoom) May 3, 2023
👀 WATCH: https://t.co/DCHVzAbfFY pic.twitter.com/eqzqUHym3F
The ad closes by telling viewers to "get the economy back on track: Tell Powell to take a hike!"
DeSantis has not been afraid to call out Powell's failures and has been doing so for years. "This Fed chairman has been a total and complete disaster and you are paying for it and people all across this country are paying for it," he also said during a speech in Georgia from March of last year.
More recently, DeSantis also connected the issue to his winning campaign. He was reelected by nearly 20 points last November. "One of the things I kept noticing during the last campaign where the vast majority of Floridians were really satisfied and happy with the trajectory of Florida, but they were very pessimistic about the trajectory of the United States of America," he shared in a speech to the Pennsylvania Leadership Conference last month.
"And why not? You look what’s going on in D.C. You see Joe Biden--weak, floundering leader. He’s controlled by the leftist elements of the Democratic Party," he continued, tying such concerns to Biden and ultimately Powell. "You look at what he’s done--he has probably done as much as anybody, maybe Jerome Powell with the Fed, to unleash the worst inflation that this country has seen in over 40 years. This is making our country weaker. It's making our citizens poorer."
DeSantis is getting noticed for such a consistent stance. As McClatchy DC reported, DeSantis "has positioned himself as a forceful critic of even ostensibly non-partisan government officials who he says are part of an unaccountable bureaucracy in Washington."
An editorial last month from The Wall Street Journal also noted that "Republicans blame inflation solely on President Biden’s spending. But monetary policy has also played a major role, and it’s notable that a leading Republican politician is willing to say it," referring to DeSantis.
Even liberal outlets like The New York Times are noticing, seeking to desperately explain "Why Ron DeSantis Is Taking Aim at the Federal Reserve."
Today the @nytimes piles on - but note the tactics of new journalism: the story is already written and the points are already made. There's no room for debate, discussion, or the pursuit of truth. Just a "heads up" and a chance to comment. pic.twitter.com/rk8K9fVBYs
— Bryan Griffin (@BryanDGriffin) April 11, 2023
The governor has repeatedly pointed out before though, including in a recent keynote speech at the Heritage Foundation's 50th anniversary Leadership Summit, that he welcomes attacks from the mainstream media.
"My view is, we gotta go on offensive, we need to be leaning into issues, we need to be raising issues when other people aren't willing to do it, and we are not going to worry about the Left and the media say about us. We're going to do what is right," he said in his speech to applause from the audience. "I mean, in fact, if the media's not attacking me, then I wonder I must be doing something wrong, so it's actually good, positive feedback."
DeSantis is expected to run for president soon, with that announcement even potentially coming this month, as the Florida state legislature ends on Friday.
Watch the video below.
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