Trump Is Right: Fed Is Unmitigated Disaster, Getting Worse

Over the past few months, President Donald Trump has had some choice words when it comes to the Federal Reserve.

Most recently, on Sept. 11, he decried the Fed as “bonehead” bureaucrats missing a “once-in-a-lifetime opportunity” to benefit the American economy. And the president hasn’t stopped there. A month prior, Trump excoriated Fed Chairman Jerome Powell for his “horrendous lack of vision,” and criticized the central bank for its exceptionally poorly-timed decision-making.

Needless to say, our commander in chief has a rather low opinion of the organization responsible for America’s monetary policy. But in this case, Trump’s assessment is dead on.

The Fed is an unmitigated disaster, and it must be put in check.

The Fed has consistently underperformed the private sector over the years in its ability to forecast economic conditions. For most level-headed Americans, this revelation shouldn’t come as too much of a surprise. The Federal Reserve is, after all, an enormous government bureaucracy. And like all other bureaucracies, the Fed is a hulking behemoth of waste, misappropriation, and inefficiency. The only difference is that the Federal Reserve acts alone, independent from the interests of Americans and removed from the consequences of its own actions.