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Inflation surged in June and Americans should be furious at the Axis of Idiocy that created it

Michael Davis - Yesterday 4:09 PM
video at the page link

By now you’ve seen the news that June inflation hit an annualized rate of 9.1%. And you know that’s bad—not just bad, epically bad, the highest in 41 years. What you may not know is that right now a small army of economists are trying to figure out how best to react. Should they talk about whom to blame or worry about whom to warn?

I say, why choose? Let’s warn about the people who are to blame.
Start with the Federal Reserve. They had one job—ONE JOB! They were supposed to keep inflation from ever getting started. Wednesday’s numbers are yet more evidence of how miserably they failed. And it’s not like they weren’t warned about the consequences of needlessly expansive monetary policy, they just thought they knew better.
INFLATION SURGES 9.1% IN JUNE, ACCELERATING MORE THAN EXPECTED TO NEW 40-YEAR HIGH
This is not controversial. The Fed knows it messed up. Chairman Jerome Powell has, to his credit, been saying as much for some time now.
More importantly, Powell has been issuing warnings. Interest rates are going up, almost certainly by another 0.75% at the next meeting with several more rate hikes at least through 2023. Chairman Powell knows that makes a recession in the next 12 months even more likely. But he also knows that evading responsibility and not taking aggressive action now will make things even worse in the long run. Listen to his warning.

Inflation surged in June and Americans should be furious at the Axis of Idiocy that created it (msn.com)