Tag: Inflation
Ineffective Government, Empty Shelves and Inflation
On January 11, 2022, U.S. Transportation Secretary Pete Buttigieg toured the southern California ports of Los Angeles and Long Beach. That the transportation secretary would visit these two ports is no surprise. They have special importance because they process 40% of the goods imported by Americans every year.
Evaluating Our Inflation Gurus
Back in June, Federal Reserve Chair Jerome Powell said the mid-year spike in inflation was temporary, and John Williams, President of the Federal Reserve Back of New York, said he expected inflation in 2021 to be around 3% for 2021. These are the people who are in charge of managing inflation. At the time,...
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Crazy, Stupid Federal Spending!
If you follow wasteful spending stories involving the misplaced priorities of Washington D.C. politicians and bureaucrats, the holiday season brings a special treat. That’s when Senator Rand Paul issues his annual “Festivus Report” on the federal government’s most wasteful spending programs. The report has become a must-read for anyone needing a good laugh at...
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Why the Casual Attitude Toward Inflation?
The Federal Reserve and the Biden administration seem to have a very casual attitude toward inflation. When inflation started to draw some attention, the Federal Reserve’s official line was that it was transitory. In June, Federal Reserve Chairman Jerome Powell said it was temporary, and John Williams, President of the New York Federal Reserve...
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From Biden’s $1.9 Trillion “Rescue” Plan to Today’s Inflation
It’s not often you get to see cause and effect in action for government spending. Take the Biden-Harris administration’s $1.9 trillion “American Rescue” plan. That’s the one I described as a “failure of fiscal discipline” for which “ordinary Americans will ultimately pay” back in March of this year. That spending bill is back in...
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Komsomol Currency Controller Nominee Pivots from Marx to Maggie
Saule Omarova, Joe Biden’s nominee for comptroller of the currency in the Treasury Department, went to Moscow State University on a Lenin Scholarship and wrote a thesis on “Karl Marx’s Economic Analysis and the Theory of Revolution in ‘The Capital.’” Omarova has yet to provide the Senate banking committee with readable copies and the...
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The Costs of the Build Back Better Act
The Congressional Budget Office released its estimate of the costs of H.R. 5376, a.k.a. the “Build Back Better” Act. According to the CBO’s budget math, the much smaller spending bill that we talked about a few months ago doesn’t cost $0 as President Biden claimed it would. In fact, it doesn’t cost anywhere close...
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Transitory Inflation? Move Along. Nothing to See Here.
Many Beacon readers will be aware that the current rate of inflation, measured by the government’s Consumer Price Index, is 6.2%, measured from October 2020 to October 2021. Jerome Powell, Chair of the Federal Reserve Bank’s Board of Governors, says this inflation is transitory. Yet he also says we could be seeing high inflation...
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Are We Too Distracted to Notice Inflation?
The Consumer Price Index was up again in September. The annual rate of inflation, from September to September was 5.4%, and is likely to go higher by year-end. The Federal Reserve claims to have an inflation target of 2%, but seems to be in no hurry to enact policies to slow the rise in...
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August Inflation Lower than Expected: Look at the Numbers
The Consumer Price Index numbers for inflation showed a lower-than-expected increase in August, but as this article notes, we still have a lot of inflation. I’m drawing my information from the Bureau of Labor Statistics, the government’s official measure of prices. The good news is that prices increased by only 0.2% in August, but...
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