(RightWing.org) – Former President Donald Trump left a lasting mark on the nation’s economy. As recently as late last year, economists predicted 2021 would see economic growth reaching about 3.7%. Then, under Trump’s decisive leadership, Operation Warp Speed received approval for two COVID-19 vaccines, followed by a $900 billion relief package. As a result, economists raised their estimates for economic growth in 2021 to 6.4%.
With the economy expanding at breakneck speeds, some people express concern regarding interest rates. Federal Reserve Chair Jerome Powell spoke with CBS News’ 60-Minutes about the subject in a comprehensive interview that aired on Sunday, April 11.
“We want to see inflation move up to 2%. And we mean that on a sustainable basis… we want inflation to average 2% over time. And when we get that, that's when we'll raise interest rates,” says Federal Reserve Chairman Jerome Powell. https://t.co/D0puatMVza pic.twitter.com/l5y5sUKASx
— 60 Minutes (@60Minutes) April 11, 2021
According to him, “it’s highly unlikely [the Fed] would raise interest rates… this year.” Continuing, he told 60-Minutes that the Fed would “do everything” it could to “support the economy” until the nation achieves a full recovery, no matter how long that might take.
That support will include “near-zero short-term rates for borrowers and monthly bond purchases to keep the economy stable.
Incoming presidents like to take credit for the economy. But, the economy would not be where it is today were it not for Donald Trump’s quick response to the COVID-19 pandemic in the form of two vaccines and two relief packages.
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