Make one substantive but succinct post Part of making an effective argument is p

Question

Make one substantive but succinct post

Part of making an effective argument is picking what you think is the strongest opposing or counter argument and refuting it (convincing your audience that it is wrong). Assume that you are arguing in favor of maintaining Federal Reserve Independence and consider the following counterargument:

                The US Congress should reduce Federal Reserve Independence. It is unfair that the power to control the money supply is in the hands of secretive unelected officials who are more concerned about keeping inflation low to protect the interests of Wall Street than in reducing unemployment to help ordinary citizens. Moreover, the Federal Reserve's efforts to reduce the severity of business cycle swings makes them worse, which is inefficient.

Do not argue in favor of the statement.

Explanation / Answer

Federal Reserve's prime objective is to control inflation without inducing a recession. In addition, to supervise the banking system to protect consumers, maintain price stability. The idea is that monetary policy acts faster on output and employment than it does on inflation. The positive view is that an independent Fed can overcome temptations to use monetary policy to influence elections or monetize debts. But many critics are skeptical that if the US does not control its long-term debt crisis then politicians worried about their re-election would pressurize the Fed to finance the debt by minting more money and if Fed did not cooperate, its independence would be withered away.

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