One of the latest targets of Donald Trump’s rage is Federal Reserve Chairman Jerome Powell, so on Thursday night, “The Daily Show” host Jordan Klepper explained why. It all comes down to Powell just doing his job.
Earlier this week, Trump commented that he was surprised Powell was ever appointed, let alone extended as chairman. And while it’s true that former president Joe Biden extended Powell’s tenure, he was not the president who appointed the man to begin with. Trump himself appointed Powell back in 2017.
“I get it. I’m also trying desperately to forget everything that happened during Trump’s first term,” Klepper joked.
Since appointing Powell, Trump has publicly hurled insults his way multiple times over. So, Klepper explained why Powell has become a target.
“I mean, the way Trump talks about him, you’d think they caught him at a Coldplay concert with Trump’s wife,” Klepper said. “But at its heart, this is a beef about economics.”
The host then broke it down pretty simply; Trump has consistently wanted to lower interest rates, but Powell has refused to do so, because he worries it would increase inflation.
“And nothing, nothing makes Trump angrier than someone doing their job well,” Klepper joked.
The host then explained, for those wondering why Trump doesn’t just fire Powell, that the president can’t actually do so. The federal chairman position was created to be independent from the president. That said, “Trump thinks he found a loophole.”
This week, it was reported that Trump suggested he could fire Powell with cause. The cause he has in mind? Fraud related to the multi-year $2 billion renovation of the Fed. Trump brought it up in interviews, and during a press conference at the White House.
“It’s crazy to hear Trump complain about the Federal Reserve palace while he’s sitting in his gold bedazzled office,” Klepper said with a laugh. “‘Man, that Jerome Powell sure is extravagant. Don’t you agree, gold-plated eagle holding up a marble end table?’”
You can watch Jordan Klepper’s full breakdown of Trump’s beef with Powell in the video above.
