The seal of the Federal Reserve Board as it appears outside the Fed's William McChesney Martin Jr. Building in Washington on March 13, 2023. Alex Wong/Getty Images
Every major economic downturn of the past 110 years bears the mark of the Federal Reserve. In fact, as long as the Fed has been around, it has swung the economy between inflation and recession. Yet Americans, surprisingly, have tolerated it.
E.J. Antoni, PhD, is a public finance economist and the Richard F. Aster research fellow in The Heritage Foundation’s Grover M. Hermann Center for the Federal Budget.
