Republicans should embrace the free market to whip inflation now

Source: The Hill
by John Feehery

“The last time we had this type of terrible inflation, the Federal Reserve embarked on a chemotherapy approach to solving the problem. Then-Federal Reserve Chairman Paul Volcker believed that to save the economy, he had to kill it. He believed that only by dramatically increasing interest rates above the inflation rate would the Federal Reserve be able to slay the inflation dragon. In the process, the economy went into a severe recession …. I don’t think we necessarily need to take the chemotherapy approach to whipping inflation now, as former President Ford might have put it. I think Republicans can offer specific free-market approaches that use the laws of supply and demand to bring down prices and counter the misguided policies offered by the Biden administration.” [editor’s note: As you might expect, Feehery’s “free market” ideas are actually “slightly more permissive government regulation” ideas – TLK] (06/14/22)