Stuart Varney: Big day for inflation fighting

"Varney & Co." host Stuart Varney discusses the Biden administration's handling of the economy as Federal Reserve Chairman Jerome Powell is expected to testify on monetary policy, arguing "it's a big day" to fight inflation during his "My Take" Wednesday.

STUART VARNEY: It’s a big day for inflation fighting. There's a two-pronged attack.

Fed Chair Jay Powell is being grilled on Capitol Hill: he's raising interest rates and cutting money printing.

President Biden is grilling oil company executives: he's demanding price cuts for oil and gas.

With 8% inflation for consumers and 10% for business costs, clearly, "something must be done."

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But don't expect a quick return to the good old days. 

It takes a long time to wring inflation out of the economy. 

There's a lot of pain. Voters don't like it. Investors don't like it.

President Biden may score a few points in the short term: gas is down a couple of cents. And beating up oil companies may be popular in some quarters. 

But inflation began on his watch, and some of it is his fault.

Jay Powell came late to the inflation-fighting game. Some of it is his fault too.

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So, we are in a new era. All kinds of things are changing. Like the cost of borrowing money for a home or car, going up. Like your standard of living, going down. 

Like the Biden-Harris administration, surely on the way out.

Isn't this an opportunity? Inflation brings economic and political change, so instead of tax and spend, we could change and go for growth and prosperity and energy independence.

I'll say it again: the inflation of the 70s gave us Ronald Reagan in the 80s.

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