It's no secret that America is in a bit of trouble right now. We're facing down a recession, our infrastructure is crumbling, and inequality is at an all-time high. But there's hope! With the right leadership, we can turn things around. That's why I'm calling on President Biden to appoint Larry Summers as the next Chairman of the Federal Reserve.
Who is Powell and Why is He in Charge of the Fed?
Jerome Powell is the current Chairman of the Federal Reserve. He was appointed to this position by President Donald Trump in 2018. Why Biden reinstated him is beyond me! Prior to his appointment, Powell was a member of the Board of Governors of the Federal Reserve System. He has also served as an advisor to several private equity firms. In other words, he's a career banker. And like most bankers, Powell is more concerned with making money for himself and his friends on Wall Street than he is with helping ordinary Americans.
Powell's policies as Chairman of the Fed have been disastrous for American workers. He has raised interest rates several times, despite strong evidence that doing so would hurt our economy. These rate hikes have made it more difficult for businesses to expand and hire new workers. They've also made it harder for families to afford things like mortgages and car loans. All of this has contributed to the current recession we find ourselves in.
Larry Summers is one of the most qualified people in the world to lead the Fed. He's a Nobel Prize-winning economist, he served as Secretary of the Treasury under President Clinton, and he was a key advisor to President Obama during the financial crisis. He knows how to navigate a downturn, and he's not afraid to make tough decisions. That's exactly what we need right now.
Under Chairman Summers, the Fed would pursue an aggressive policy of quantitative easing in order to jumpstart the economy. In addition, he would support raising taxes on corporations and the wealthy in order to fund much-needed programs like infrastructure investment and universal healthcare. And finally, he would push for CEO compensation reforms to help reduce inequality.
My Dream Solution to America's Economic Woes
My solution if I could snap my fingers and change things todays would be this: raise wages for all employees, corporations taxed back to a 55% again. For too long, CEOs and other corporate execs have been raking in obscene amounts of money while their workers have seen their wages stagnate or even decline. It's time for a change.
By raising wages across the board, we would increase spending power for American consumers. This would give our economy a much-needed boost and help us avoid future recessions. And by taxing corporations at a higher rate, we would bring in much-needed revenue that could be used to fund things like infrastructure projects and social programs. American families deserve nothing less. This may not happen in my lifetime but I hope it does for my family's sake.
President Biden has a crucial decision to make, and I hope he makes the right one. I think we need someone like Larry Summers at the helm of the Fed if we're going to get America back on track. So let's show our support - write your congressman, tweet your support using #LarryForFedChairman, and most importantly, vote! Only together can we create the America we know is possible.
by Mark Rose