UPDATED 2:20 PM PT – Monday, August 1, 2022
President of the Federal Reserve Bank of Minneapolis Neel Kashkari said Democrats are responsible for economic problems facing the US. In an interview Sunday, Kashkari pointed out that Biden’s officials falsely denied that inflation would get out of hand and now they are trying to change the definition of a recession.
“People don’t wait to hear from the media that they’re in a recession,” said Kashkari. “Most peoples pay checks are not going as far as it used to and that is true. They’re going to think this is a recession, they’re going to think this is a bad economy and they’re hold the party in power accountable. This administration I think has consistently played politics of the economy badly.”
"We would love it if we can transition to a sustainable economy without tipping the economy into recession. There's not a great record of doing that."
Neel Kashkari, Minneapolis Fed Bank president, said we are "a long way away" from an economy that is back at 2% inflation. pic.twitter.com/F8Mb7Bm6Ke
— Face The Nation (@FaceTheNation) August 1, 2022
The central banker said administration officials should not have done that and they should have admitted responsibility instead. He added that the US economy is not doing well.
“First in denying that inflation was going to happen, denying that it was going to stick around and now getting into this absurd definitional argument about whether we are in a recession or not,” he stated.
Kashkari went on to say that the fed’s goal is to get inflation to below two percent however they can.