There are several reasons why Jerome Powell should be fired or forced to resign:
Powell pretends he cares about budget deficits and inflation, but the cost for the Federal Reserve building renovations surged $700 million past the initial budget, or almost 40%:
The Federal Reserve has defended itself from White House criticism that ongoing, costly renovations at the central bank’s headquarters in Washington are the result of mismanagement.
Last week, Russel Vought, the director of the White House’s Office of Management and Budget, said the Fed was turning its headquarters into a ‘palace.’ The cost of the renovation has risen to $2.5 billion, which is $700 million above its initial estimate.
Anyone in the private sector who would miss a budget by 40% would be canned. Why shouldn’t government employees be held to the same standards? Why would you trust someone with such bad judgement to set interest rates for the entire economy? The reason the country is $36 trillion in debt is there has never been any incentive for government entities to control costs.
It appears that Powell lied to Congress when he denied that the improvements to the building were lavish. From a report at the New York Post:
Fed Chair Jerome Powell accused of lying to Congress over $2.5B ‘Palace of Versailles’ HQ revamp
Why should he be trusted? Shouldn’t people who lie to Congress be canned?
The Federal Reserve is losing money, so they have to print money to pay for those losses:
Federal Reserve Posted Loss of $77.6 Billion in 2024
Interest expenses outpaced interest income for the second straight year[.]
They don’t have to worry about Congress controlling their budget. They are off-budget.
When the Federal Reserve loses money, it doesn’t report the loss accurately. It creates a fictitious asset called a “deferred asset.” That would be called fraud if a public company did that. It does not fit in any category of generally accepted accounting principles. They would fail an audit and would be delisted, so why is the Federal Reserve special?
The Federal Reserve is losing money because it is paying banks, especially big banks, more on overnight money than it is earning. That is clearly inflationary and rewarding the rich, while hurting the poor and middle classes by keeping rates higher than the market is showing that they should be. So why are the media and other Democrats supporting Powell instead of seeking to help the poor and middle classes about whom they pretend to care?
The average salary at the Federal Reserve is around $105,000, and they get a huge benefit package along with high pensions. When there are no budget controls, the taxpayers get screwed. Continually adding government pay at high salaries and benefits obviously contributes to inflation.
Powell, for a Fed chairman, seems very confused about what causes inflation.
Powell was there while inflation stayed low throughout Trump’s first term. Inflation was only 1.4% when Biden took office despite COVID, despite tariffs, despite supply chain disruptions, and despite jobs coming back rapidly for the last seven months of Trump’s term.
Biden took over and immediately started overturning Trump’s policies. He opened the border, issued regulations as fast as he could, kept sending borrowed money to people to buy votes, and set out to rapidly destroy the oil, natural gas, and coal industries to cater to special interest groups and falsely claim the government could control the climate.
Biden’s energy policies caused crude oil prices to more than double. Prices went from $40 per barrel to well over $80 per barrel. The U.S. uses around 20 million barrels per day, and the world uses around 100 million barrels per day, so a $40 per barrel increase costs world consumers $4.0 billion per day, or over $1.5 trillion per year. This caused cascading inflation prices worldwide.
But somehow, Powell never blamed Biden for inflation. He acted like Biden was an innocent party. He and the board falsely said the inflation was transitory, and even lowered rates before the election as Biden ran up a deficit of around 7% of the U.S. economy.
Powell didn’t even care about Biden flooding the U.S. with millions of illegals each year, which clearly puts stress on the prices of everything including health care, housing, food, education, law enforcement, and all of government. In a 2024 hearing, Powell said this influx of illegals was neutral on inflation. Anyone that naive shouldn’t set interest rates.
Here are a few hints to Powell and others who are still snipe hunting for the inflation when so far it hasn’t appeared:
The sellers from other countries will absorb some of the tariffs because they need the sales, and most buyers also have some room to absorb the tariffs.
Trump is opening up energy, causing crude oil prices to average $15 less per barrel than when he took office. That saves the world around $1.5 billion per day, or over $500 billion per year.
Trump is deregulating all sorts of punishing rules. This is especially true of the fictitious goal to get to “net zero.” Car and truck manufacturers, especially, are saving lots of money. For example, companies can stop paying Tesla billions for worthless carbon credits.
For months, the Fed, the media, and other Democrats have set out to scare people that the price of new cars would soar because of tariffs. Yet, in December 2024 the average price of a new car was $49,740 and in June 2025, it was down more than two percent at $48,699. E.V. prices are plummeting because most people don’t want them. When will facts matter more than predictions?
Summary: The media and other Democrats don’t care what Powell does or how much he harms the poor and middle classes. They only care that he is against Trump and his policies. The Fed is as independent as the CBO, the Obama and Biden Justice departments, and the Obama IRS. The swamp is deep.
Image: Public domain.