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As the United States struggles to get its worst inflation in four decades under control, the Federal Reserve is eyeing interest rate hikes. But, the Fed remains essentially paralyzed by vacancies at the top. President Biden’s nominees are making matters more complicated, because he’s nominating people whose visions for America would lead to economic catastrophe. Take Sarah Bloom Raskin, Biden’s nominee for vice chairman of supervision of the Federal Reserve Board of Governors. She thinks she can predict the future, and her vision for the next chapter of America includes the demise of one of our most important industries.
She questions, for instance, why oil and gas companies receive credit and capital infusion from the government during the corona crisis, along with other industries in “Why is the Fed spending so much money on a dying industry? It should not be directing money to further entrench the carbon economy”. That’s a headline for a column she did for The New York Times. Based on what does Raskin declare a death sentence on the multi-trillion dollar oil and gas industry?
Just like former President Jimmy Carter did during his four years in the White House, Bloom Raskin is vastly overestimating the viability of alternative fuels while, at the same time, undervaluing the importance of oil and gas to future prospects of the nation. We all know how that turned out.
Well, Carter was a one term president. And by 2019, the United States was energy independent, producing more oil and gas than it consumed. Look, it’s not the job of our politicians or the government to decide what America’s future should or should not look like. It is not their job to decide what industries should flourish and which ones should fail.
Raskin is focused on promoting the progressive agenda, and President Biden seems to be on board with it. We must work to keep people who are obsessed with bigger, more intrusive government, out of the jobs that could help them make that a reality.
