Mr. Governor, I have no doubt that unemployment is high. The job market is terrible, but inflation is high too.
You admitted today, for the first time, that you're going to bump up on 3% inflation. That is something you told us, and your predecessor told us, was not possible, when you first testified about this quantitative easing program only a year ago.
The people you claim to be helping, low-wage workers, women and young people, are the victims of inflation. You have admitted at this committee that the poor, the young and the dispossessed are disproportionately harmed by inflation, because they deal more in cash and because they don't own assets that inflate.
Why are you, once again, pumping billions of dollars into the system to inflate the things that the rich own, but that the poor have to buy, thus widening the gap between rich and poor?