The Federal Open Market Committee’s unanimous decision on Wednesday not to raise the federal funds rate, which banks charge each other for overnight loans, has champagne corks popping in some quarters, where it is hailed as evidence of the long-in-coming conquest of inflation; while others see Federal Reserve Chairman Jerome Powell turning chicken in the face of a long-term price problem that needed far more drastic, sustained measures than ten consecutive months of Fed funds rate increases totaling 500 basis points.
The Consumer Price Index may have dropped every month for almost a year now, sinking to its current 4 percent. But core inflation—which excludes the volatile, and therefore sometimes misleading, categories of food and gasoline—rose another 0.4 percent in May, as it has on average during the preceding months of this year. It remains at a year-over-year high of 5.3 percent. Both that and the 4 percent CPI are far above the Fed’s target of 2 percent inflation.
Until President Joe Biden’s arrival in the White House nearly two and a half years ago, inflation of any consequence was unknown in America for decades. In the 1980s, Fed Chairman Paul Volcker wrenched the curse of persistent high inflation out of the economy, and President Ronald Reagan, while providing Volcker with all-important political cover by withholding any real criticism of the Fed, immediately ended the long-standing price controls on domestic oil within weeks of his taking office—an intrusion by government that had been diverting global supply and causing lines of cars at gas stations.
Reagan also demonstrated that Big Labor’s power was on the wane by firing illegally striking federal air-traffic controllers. And his massive 25 percent income tax rate cuts, attacked at the time by establishment economists as inflationary, proved that allowing Americans to keep more of their wealth does not aggravate prices.
The Reagan-Volcker low-inflation legacy withstood a lot over three-plus decades but it has not been able to take the punch of Biden’s and ever-more-radicalized congressional Democrats’ spending spree. He and a Congress controlled by his own party set in motion well over $3 trillion in additional spending, while the Fed, fearing COVID-spurred economic collapse, deployed its prodigious lending powers “to an unprecedented extent … forcefully, proactively, and aggressively” in response to COVID, buying hundreds of billions of dollars in Treasury securities and mortgage-backed securities guaranteed by the federal government.
Since the beginning of last summer, the Fed has shifted gears violently from its previous strategy of excessively loose policy. But the upshot in light of the Fed’s Wednesday action, absurdly characterized as a “hawkish pause,” is that inflation is far from cured, and the economy can’t depend on long-term Volckeresque help from Jay Powell. His comments on Wednesday, that not a single FOMC member supported easing at any time in 2023 and that there would two more Fed funds increases later in the year, amount to touting the strength of the aspirin being prescribed for a debilitating illness.
And for what? There is no avoiding economic downturn. Not only does the Conference Board forecast three quarters of negative GDP on the horizon, but simultaneously, “Asian economies are expected to drive most of global growth in 2023, as they benefit from ongoing reopening dynamics and less intense inflationary pressures compared to other regions.”
In the wake of the federal government handing out spending money to employees rendered idle by the lockdowns, credit card debt now actually stands at a higher level than before COVID—nearly $988 billion. Meanwhile, the Consumer Financial Protection Bureau is going to force credit card lenders to increase rates, and yank away some customers’ credit by regulating new restrictions on the ability to charge late fees—which are a disincentive to the over-extending of credit card use.
Then, there is the federal government’s own taxpayer-financed credit card. The Congressional Budget Office determines that Social Security spending will overtake revenues to the program in less than a decade, in 2033, while the same fate awaits Medicare.
Indeed, Powell admitted once again on Wednesday that the country is on an “unsustainable fiscal path.” But Biden’s glee earlier this year in attacking Sen. Rick Scott, the Florida Republican, for proposing a universal five-year sunset on federal spending legislation, including entitlements, points to the Democrats’ wish to wait and wait until the last possible minute before reducing Social Security and Medicare benefits on their terms, i.e. paired with tax increases that will bring the private sector job environment more in line with socialist-leaning Europe.
Recession is not the only trouble ahead for the private sector. Far under the radar is deep blue New York State’s ongoing crusade against business—with national consequences—under the assumption that the 10 percent of the nation’s Fortune 500 companies based in New York will put up with anything the state and city governments can throw at them, rather than relocate to somewhere where you can’t find a good bagel or with inadequate museum and theatre life.
Under the pretense of fighting monopolies, the State Senate has passed a bill that would slap corporations with a fine of as much as $100 million for, truth be told, simply being too successful. A State Assembly committee is now examining the proposed law. Both chambers are dominated by left-wing Democrats.
In its twisted, anti-free market thinking, the legislation considers a company that controls only 40 percent of the market to be a monopoly. New York State already suffers from the highest combined income tax rate in America, and even has the shameful distinction of being the only state to have increased income taxes during the COVID lockdowns. If there is a sizable exodus from the Empire State of major businesses in the financial and other sectors, it could mean the forced geographical upheaval of this country’s financial establishment, with unpredictable impacts.
Underlying all of this—from a long too-powerful Fed incapable of managing inflation properly to spending-induced inflation, to the political hazards of fixing entitlements, to the left’s unquenchable hatred of the private sector—can be found apparent immoral governmental overreach.
Exposing the ubiquitous, poisonous tentacles of the state wouldn’t make a bad theme for a presidential candidacy.
Article cross-posted from our premium news partners at The Epoch Times.
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Starting the Day With a Scripture-Inspired Roast Helps Center Your Thoughts on Eternal Truths Amid Temporal Pressures
The world can seem chaotic, especially right after we wake up. Many believers start their mornings reaching for something familiar — a hot cup of coffee — yet end up settling for mediocre brews that do little more than deliver a caffeine jolt. The daily grind of life, with its endless distractions, news cycles, and responsibilities, can leave even the most faithful feeling spiritually parched alongside their physical fatigue. What if your morning ritual could do more than wake you up? What if it could ground you in truth, nourish your body with exceptional quality, and quietly advance a kingdom purpose at the same time?
That’s the promise — and the reality — behind Promised Grounds Coffee. This Christian-founded company doesn’t just roast beans; it approaches every step as an act of worship and discipleship. By selecting only the top 10% of specialty-grade beans, ethically sourced from dedicated farmers in Central and South America, and small-batch roasting them with reverence in Austin, Texas, Promised Grounds delivers what many describe as the best coffee available — never burnt, never bland, but rich with origin stories and layered flavors that honor God’s creation.
From the vibrant Psalm 27 Roast (a light, bright medium option) to the bold yet peaceful 2 Timothy 1:7 Decaf, each bag carries a Scripture verse that turns your daily pour into a gentle reminder of faith. And through their Ounce Per Ounce Promise, every ounce of coffee you enjoy provides an equal ounce of clean water to families in need via partnership with Filter of Hope — literally brewing hope for body and soul, one cup at a time.
The challenge for today’s Christians runs deeper than finding a decent cup. In an age of convenience-driven consumerism, it’s easy to support companies that dilute values or remain silent on matters of faith. Many believers want their everyday choices — from what they drink to how they spend — to reflect discipleship rather than just convenience. Promised Grounds solves this by weaving Christian excellence into the entire process: beans nurtured with prayerful stewardship by farming families, roasted as an offering rather than a commodity, and packaged with Bible verses to encourage a mindset of gratitude and purpose from the first sip. Reviewers consistently praise the smooth, rich profiles — whether enjoyed black in a drip maker, iced on a warm day, or shared in fellowship — noting how the quality stands toe-to-toe with premium secular brands while delivering something far more meaningful.
This integration of faith and flavor addresses a real need in Christian households and ministries. Busy parents, church leaders, and remote workers alike report that starting the day with a Scripture-inspired roast helps center their thoughts on eternal truths amid temporal pressures. The coffee’s exceptional character — bright citrus notes in lighter roasts or deep chocolate undertones in bolder ones — comes from meticulous selection and careful roasting that respects the bean’s natural gifts rather than masking them. It’s the kind of coffee that elevates a simple quiet time, fuels productive workdays, or sparks meaningful conversations when shared at Bible studies or outreach events. And because it’s ethically sourced with integrity, every purchase supports sustainable livelihoods for farmers who treat their crops like family harvests.
For those leading churches or small groups, the impact multiplies. Promised Grounds offers bundles and options perfect for hospitality ministries, turning ordinary coffee service into an opportunity to point people toward the living water of Christ. Imagine greeting visitors with a warm cup whose very bag carries God’s Word — a subtle yet powerful witness that aligns with the Great Commission. The company’s Texas roots and commitment to “brewing hope” resonate especially with believers who value American enterprise paired with global compassion.
Of course, quality alone isn’t enough if the experience feels out of reach. Promised Grounds keeps it accessible with practical perks like free shipping on orders over $40, sample sets for discovering favorites, and thoughtful add-ons such as faith-themed mugs. Whether you prefer whole beans for fresh grinding, grounds for convenience, or even bulk options for larger households and ministries, the result is consistently superior coffee that makes discipleship feel integrated rather than added on.
As you consider how to align even the smallest habits with your walk with God, Promised Grounds Coffee stands out as a refreshing solution. It tackles the dual problems of subpar daily sustenance and disconnected consumption by offering a product that genuinely excels in taste while advancing a mission of clean water, farmer dignity, and scriptural encouragement. Believers who make the switch often describe it as more than a beverage upgrade — it becomes part of their rhythm of gratitude, a daily invitation to remember that every good gift comes from above.
If you’re ready to transform your mornings (and perhaps your church gatherings) with coffee that honors both exceptional craftsmanship and Christian values, I encourage you to explore what Promised Grounds has to offer. One sip at a time, you’ll be nourishing your body, refreshing your spirit, and participating in something far greater — all while enjoying what truly is among the best coffee available.