Originally posted August 5, 2020.
Back in the late fifties, the great Bo Diddley sang “Crackin’ Up.”
Today, “Shotgun” Joe Biden may as well have adopted Bo’s catchy tune as his campaign theme song. The sad old guy is indeed Crackin’Up in front of America’s eyes. Presidential candidate? Please!
Biden’s Fed proposal, as outlined by the WSJ, is truly nuts! Who is thinking this junk up? I’d really like to hear candidate Biden opine, by example, on Fed open market policy. OK, so that’s not even funny but …
From the WSJ:
Joe Biden called on the Federal Reserve to play a bigger role in addressing racial economic inequality, demanding the central bank look beyond its current mandate of containing inflation and maximizing employment.
The presumptive Democratic presidential nominee proposed in a speech Tuesday that Congress amend the Federal Reserve Act to “add to that responsibility and aggressively target persistent racial gaps in job, wages, and wealth.”
Mr. Biden has steered away from some aggressive policies to curb the racial wealth gap endorsed by some of his rivals for the Democratic presidential nomination, such as “baby bonds,” a plan that would give all Americans a federally funded savings account at birth, allowing low-income families to build up net worth.
Overall, Mr. Biden’s proposed programs would increase federal spending by more than $7 trillion, according to some independent estimates.
The Biden campaign has said he will ultimately unveil tax increases and other offsets to cover most of the new spending.
Jacob M. Schlesinger at email@example.com