“INFLATION IN THE U.S. ECONOMY IS CLEARLY A PROBLEM. There, I said it in all caps so that everyone can see I recognize it as a problem. The question is how big a problem. After all, we have lots of problems, millions of children in poverty, a huge homeless population, parents without access to affordable childcare, among others.
“But none of these other problems have gotten anywhere near the same amount of attention from the media in recent months as inflation. These pieces have often been quite openly dishonest. The nonstop hype of “inflation, inflation, inflation” unsurprisingly leads many people to believe inflation is a really big problem, even if their own finances are pretty good, because they hear all those wise reporters at CNN, NPR, the NYT and elsewhere telling them it’s a really big problem."
2 comments:
Not being an Economist, I feel free to say just about anything regarding this issue without fear of anybody feeling insulted or fearful.
I have long postulated that inflation would be encouraged when about half of the 'baby-boomers' had retired. This, to dampen the impact on the working population who will support these people on Social Security / Medicare.
Of course, us retired folks on a fixed income will be negatively affected, along with lower-wage workers and renters. Lots of people. And, as you might expect, those increased prices will not go down again.
But don't take My word for it. A supposedly 'smart' person derided me as a Keynesian... whatever that is.
It is a minor problem compared to not rebuilding infrastructure and dealing with the climate catastrophe. And we could also deal with it much easier if the goverrnment stopped borrowing from the rich and just created money to build infrastructure
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