transition from recovery to stable steady growth and bring down inflation. the president laying out a three-part plan of giving the fed the space to act, finding ways to lower prices, boost production, and address supply chain problems. and reducing the deficit. but the biden administration under intense scrutiny on whether it did too little too late to proactively tackle inflation. last summer, the president predicted that inflation would be a temporary problem. by late november, fed chairman powell acknowledging that inflation is not transitory. it s probably a good time to retire that word and try to explain more clorely what we mean. trying to reassure the public the central bank is sympathetic to u.s. consumers concerns. we understand completely what they re going through. now the biden administration signaling there is light at the end of the tunnel. russia s war on ukraine disabled not only gas prices and food prices but also disrupted supply chains. we didn
i am delighted to see the president emphasize the political independence of the fed, first off. i want to praise him for that. very important to do. he s right that his predecessor did the opposite. there are limited tools that the president of the united states has available to deal with prices. the president doesn t control macro economic trends, doesn t control inflation, but there are some things he could do, things like liberalizing trade. right? trump imposed a ton of tariffs. you could they were condemned widely by democrats at the time. biden could unilaterally repeal some of those. it would have a modest one-time effect on prices. for example, the immigration system was also sabotaged by trump. further complicated and backed up by the pandemic. that s contributing to the labor shortages we see today, which are in turn feeding into inflation. the administration has been really slow in working to repair some of those problems, which again, they weren t caused by him, but the