The non-elected Federal Reserve has had far too much power over the US economy. Governments and investors around the world watch and listen to the leaders of the Federal Reserve for any indication on what strategies they will be employing to help the US economy grow, while keeping inflation in check. While these economist are experts in their field, they yield far too much power over the United States economy.
There was a time when Congress and the President balanced out the Federal Reserve with the fiscal policy of the United States. The amount of Federal debt, the annual deficit, taxes and spending are in the control of elected officials. However, they have not been doing their job so as a result, it seems as though we are almost fully dependent on the Federal Reserve to take proactive steps to improve the economy, while it should be more of a partnership or a joint effort between fiscal and monetary policy.
It has been over 15 years since the Congress has passed 13 appropriations bills to fund the Federal government. This to me is unbelievable and unacceptable. Who gets to keep their job for over 15 years while NOT completing a core responsibility. These appropriation bills set the priority for the Federal government. The bills can help business sectors grow, can fund or create whole new ones, they can leave more money in the hands of taxpayers or they can take in more to pay down the debt or fund new programs.
With about 6 weeks until the October 1st deadline, it appears that once again Congress will not be completing its job. The consequence of this this are both direct and indirect. The most significant being the incremental power that it gives to the Federal Reserve. I hope that at some point a future Congress and President will see this and do their job and take back some of their power and influence on the US and World economies.