The Federal Reserve is making a huge mistake that’s hurting our economy. Steve Forbes calls it a “fatal conceit” – that’s when leaders think they’re smarter than they really are. The Fed believes it must crush economic activity to control inflation. That’s just plain wrong.
These bureaucrats refuse to cut interest rates despite clear signs of trouble. They’re clinging to outdated theories while real Americans suffer. Their stubbornness comes from thinking they can micromanage the economy like chess pieces. History shows this always fails.
Forbes explains the Fed’s basic idea is flawed from the start. They think slowing down business hiring and spending fixes inflation. But that’s like using a sledgehammer to fix a watch. It breaks things instead of helping.
This arrogance has real consequences. Our economic growth is slowing down fast. The Fed itself admits growth will be weaker than they thought just months ago. Businesses are holding back investments because borrowing costs stay painfully high.
Working families feel this pain every day. Mortgages and car loans cost more than necessary. Small businesses can’t afford to expand or hire. The Fed’s policies make everything harder for ordinary people trying to build a better life.
Common sense tells us you don’t fight inflation by making goods more expensive to produce. That’s exactly what high interest rates do. The Fed should be freeing markets, not tying them down with red tape and high borrowing costs.
True patriots know the solution isn’t complicated. Let businesses grow without artificial barriers. Stop meddling with interest rates that distort natural economic rhythms. Trust free people and free markets – they’ve always driven American prosperity.
The Fed’s ivory tower theories are failing us. It’s time to demand they change course before more damage is done. Our country deserves leaders who understand how real economics works, not textbook fantasies.
