I'm extremely not an economist, but I will put this prediction on record: within a few years, it will become clear that inflation was temporary, most things most people said about it were bullshit, & the whole thing was used, deliberately, to block the Dems' agenda.
This conclusion comes not from any particular economic theory or model, but from a simple heuristic: for the last 40 years or so, inflation fears have a) been used as a cudgel by the "we can't have nice things" crew, & b) turned out to be bullshit. The pattern will probably hold!
Because I'm no longer an Official Journalist, just a Dude With a Newsletter, I don't have to approach these situations with baby mind: "Maybe the oligarchs' concerns about deficits & inflation are sincere this time & they're just looking out for us! No way to know!"
Note: one of two recalcitrant Dem senators is waving "inflation" around to cut back spending, but the other one is *cutting back corporate taxes that would pay for the spending*. It's the corrupt oligarch two-step. The conclusion is always "we can't have nice things."
Final note, here's a more substantive argument for the same thing: nymag.com/intelligencer/…
Does this sound like a reason to substantially slash a ten-year public investment plan? theweek.com/business/10063…
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