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December 22, 2023

Notwithstanding the lopsided opinions the editors of Time Magazine foist upon readers, the real Person of the Year is actually Man of the Year: the chair of the Federal Reserve, Jerome Powell.

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One of the criteria Time Magazine uses for its choice is “who most shaped the headlines over the previous 12 months, for better or for worse.”  (Emphasis added.)  That seems like a narrow perspective from which to filter candidates.  Still, per Google Trends, “Taylor Swift” may have been a more popular online search term than “Jerome Powell.”

One wonders who was conducting those Google searches.  Perhaps it was adoring girls searching for music or concert tickets.  By contrast, Powell is eminently uninteresting to search.  Nevertheless, in terms of who actually had the greatest influence on wealthy and struggling families looking to buy cars and houses, or more basic essentials like groceries, he was much more impactful.

Sure, Swift attracts the estrogen-fueled, screechy teenage girls — and indulgent parents — to her family-friendly concerts, which did well this year.  Indeed, her Eras concert tour is the highest grossing of all time, perhaps reflecting more performances in more venues to a growing population.   But credit where it’s due: She even had a movie of her concerts made, furthering the influence of girl power beyond toxic Barbie.

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Swift’s singing talent is noteworthy, but her pure musical abilities fade when compared to accomplished musicians like The Beatles, The Rolling Stones, Led Zeppelin, The Eagles, Grateful Dead, Nirvana, Pearl Jam…and so many others.  On stage, they could actually rock, and improvise, rather than just front a glitzy, polished production with singers shaking their groove things in front of undiscerning fans.

Even if the economic reverberations of Swift’s tour attendances surpass those of more accomplished musicians from decades ago, her overall impact on the economy, which is voters’ most pressing issue, is negligible.  It pales in comparison to the impact Powell exerted.

Indeed, during a press conference after the central bank raised interest rates for the umpteenth time, he entertained a question about Swift’s Eras concert tour.  His response was perfunctory, highlighting the economy’s overall strength. 

Admittedly, the Fed did mention the Eras Tour boosting hotel revenues in Philadelphia in one of its monthly economic reviews.  That only reinforces the supremacy of Jerome Powell’s clout on affairs that affect the well-being of all Americans, and lots of foreigners who invest here.  After all, Philadelphia is home to one of the twelve Federal Reserve Banks.

If any of the aforementioned rock groups were still in their heyday, selling out venues in 2023, Jerome Powell would still deserve to be named Man of the Year — for better or worse, starting from the worse, as he stubbornly insisted that inflation is transitory, finally moving to the (potentially) better, now that he’s assumed a more dovish stance after imposing multiple rate hikes to curb inflation.

Quite simply, Powell’s influence far exceeds Swift’s in all facets of human endeavor, except pop culture.