No, it wasn’t a transitory “base effect”. Even the Fed’s very most favorite sawed-off inflation measuring stick, the PCE deflator less food and energy, was up by 1.99% per annum in April based on the two-year stack from April 2019.
The GOP’s careerist swamp leaders like Mitch McConnell and Kevin McCarthy aren’t useful for much, but they do, admittedly, have a talent for selling used cars.
Goodness gracious, me! Is this the ultimate case of the pot-calling-the-kettle-black or what?
Washington’s Infernal Inflation Machine is a prosperity wrecker, an assailant of wage workers, savers and retirees, a propellant of unhinged speculation, the driving force behind soaring wealth inequality and the handmaid of Big Government and its liberty-suffocating ministrations. That is, it’s the primordial force bringing the curtains down on the American Dream as we once …
Future historians will surely wonder how the fiscal incontinence now rampant in the Imperial City originated and metastasized to its current egregious extent. There is literally no fiscal cognizance at all—to say nothing of discipline or responsibility– left in the Imperial City.
There is no doubt that Washington has descended into sheer fiscal incontinence. There is no other way to explain the fact that since the pre-Covid peak, nominal GDP has declined by about $735 billion, while our unhinged legislators have ponied up $6 trillion of Everything Bailouts to purportedly stimulate a recovery.
You can’t say it often enough: Those people in the Eccles Building ought to be tarred, feathered and run out of the Imperial City on a rail.
At one point this AM, the crypto universe melted down to $1.4 trillion, representing a cool $1.0 trillion plunge from its $2.4 trillion peak a few weeks ago. But, no, we aren’t punking the true believers about, well, their ballyhooed “store of value”.
When you have to learn something about economics from the Chicoms, then a nadir of literacy and sobriety is truly at hand.
Let’s cut to the chase. The Fed is at once an engine of virulent inflation and also the cause of a massive shift of wealth to the tippy-top of the economic ladder.