much or to stagflation of the late 1970s. the best thing to do neil is on the fiscal side. let s take a pause as joe manchin said, let s take a strategic pause. the fed s policy statement drops any reference to inflation as transitory and acknowledges it exceeded the 2% target for some time. trouble for the president who maintains he will run for reelection and says democrats will win in the mid-terms. bill: politics always comes back to that. nice to see you from white house. dana: let s bring in james freeman. assistant editor of the wall street journal editorial page and fox news contributors. numbers on the board. call for 1. biden s social spending plan would push inflation higher, 46% say yes. hurt the economy, 42% say yes. that s a lot. the next one is has inflation caused you financial hardship over the last six months? when you have a number like
this, of course, comes after the banks got more than $100 billion from financial bailout and they borrowed billions more from the fed. and have enjoyed record low interest rates. which keeps the housing good in new york city. keeps everyone getting the bonus. banks are rich. things are wonderful. the federal reserve announced it is maintaining the controversial $600 billion program to buy bonds. the fed put together the program in an effort to stimulate the economy is lift stock prices and it could do more harm than go by fueling inflation. but we have seen no sign of that. the tax cut deal making its way through congress could ease the bond debate because it could get rid of the pressure on the fed to rally the economy. if congress does not agree on a budget and soon the entire government could shut down. it won t. but it could. next, the struggle to find an agreement on capitol hill. stay tuned.