Click here to view original web page at fee.org
President Joe Biden once bizarrely remarked on the 2020 campaign trail, “Milton Friedman isn’t running the show anymore.” It shows.
Earlier this month, the Labor Department reported that the CPI rose at its fastest rate since 1990: 0.9 percent for the month of October and 6.2 percent year over year—faster than Wall Street consensus estimates of 0.6 percent and 5.9 percent, respectively.
Perhaps most telling, the acceleration in prices still clocks in at 0.6 percent monthly when the volatile food and energy categories are excluded, suggesting inflation is here to stay. Astute observers might notice that the 0.9 percent monthly change in CPI represents faster inflation than earlier this year, and that if current trends continued for one year, next October’s annual price increase would be 10.8 percent. These figures, quite frankly, obliterate any notion that our inflation is “transitory” or trivial. In response, the president declared inflation his “top priority.” Judging by the administration’s economic agenda, this only spells more trouble. Most of our economic Brahmins in Washington have misdiagnosed the causes of the current inflation crisis. Watching the chattering classes or browsing through center-left websites, one deduces that there is great consensus among the intelligentsia on who is to blame: you. You buy too much, expect it too quickly, are too dependent on complicated supply chains, and have not adequately respected COVID safety measures, thus ensuring that the virus continues to disrupt the economy. Just lower your expectations, as the Washington Post opines
Missed in this analysis is the fact that the worst of COVID has been over for quite some time in the United States, and almost all states have eased or eliminated their COVID-related lockdowns and the shuttering of factories and stores. To the extent that the current inflation may be attributable to a virus with a death rate of 0.5 – 1 percent (reported—many people had the virus and never reported it), it is attributable to the unintended consequences of government overreaction—businesses that no longer exist, knowledge no longer employed, human capital lost, higher compliance and transactional costs, etc. Meanwhile, blaming the American consumer is what […]
Click here to view original web page at fee.org
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our Substack page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker