{"id":98741,"date":"2021-12-14T20:27:27","date_gmt":"2021-12-15T01:27:27","guid":{"rendered":"http:\/\/www.thedailygouge.com\/?p=98741"},"modified":"2021-12-14T20:27:32","modified_gmt":"2021-12-15T01:27:32","slug":"the-daily-gouge-archive-monday-december-13th-2021","status":"publish","type":"post","link":"https:\/\/www.thedailygouge.com\/?p=98741","title":{"rendered":"The Daily Gouge Archive, Monday, December 13th, 2021"},"content":{"rendered":"

It’s Monday, December 13th, 2021…but before we begin, we know you join us in wishing a VERY happy 32nd birthday to our youngest son Travis, along with MANY happy returns.<\/strong><\/p>\n

Now, here’s The Gouge<\/em>!<\/strong><\/p>\n

First up, Jim Geraghty notes…<\/strong><\/p>\n

Despite a Particular Economics Columnist\u2019s Confident Predictions, Inflation Is Really Bad<\/span><\/strong><\/span><\/a><\/h1>\n

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\"\"<\/a><\/p>\n

Paul Krugman, May 7<\/span><\/em><\/span><\/a>: \u201c[Treasury secretary] Janet Yellen and I believe that the Fed can contain any inflationary risks.\u201d<\/span><\/strong><\/p>\n

Paul Krugman, June 21<\/span><\/em><\/span><\/a>: \u201cFor those paying closer attention to the flow of new information, inflation panic is, you know, so last week.\u201d<\/span><\/strong><\/p>\n

Paul Krugman, July 23<\/span><\/em><\/span><\/a>: \u201cOverheating is still possible, and the Fed should keep its eye on that possibility. But the big numbers aren\u2019t as scary as they seem.\u201d<\/span><\/strong><\/p>\n

Paul Krugman, August 12<\/em><\/span><\/a>: \u201cAnxiety about the inflationary impact of public investment just doesn\u2019t make sense if you work through the numbers.\u201d<\/span><\/strong><\/p>\n

Paul Krugman, September 10<\/a><\/span><\/em><\/span>: \u201cCompanies aren\u2019t acting as if they expect lots of future inflation, where they can hike wages without losing competitive advantage. They\u2019re acting, instead, as if they see current inflation as a blip.\u201d<\/span><\/strong><\/p>\n

Paul Krugman, November 11<\/a><\/span><\/em><\/span>: \u201cSo yes, that was an ugly inflation report, and we hope that future reports will look better. But people making knee-jerk comparisons with the 1970s and screaming about stagflation are looking at the wrong history. When you look at the right history, it tells you not to panic.\u201d<\/span><\/strong><\/p>\n

The\u00a0New York Times<\/em>,\u00a0<\/span>this morning<\/a><\/span><\/em><\/span>:<\/span><\/strong><\/p>\n

Inflation jumped to the highest level in nearly 40 years<\/span>, fresh data released on Friday showed, as supply chain disruptions, rapid consumer demand and rising housing costs combined to fuel the strongest inflationary burst in a generation<\/span>.<\/em><\/strong><\/span><\/p>\n

The rising costs spell trouble for officials at the Federal Reserve and the White House, who are trying to calibrate policy at a moment when the labor market has yet to completely heal from the pandemic, but the risk that price increases could become more lasting is increasing.<\/em><\/strong><\/span><\/p>\n

The\u00a0Consumer Price Index\u00a0climbed by 6.8 percent in the year through November, the data showed, the fastest pace since 1982<\/span>.<\/em><\/strong><\/span><\/p><\/blockquote>\n

One of the reasons inflation is such a serious problem right now is that we have an administration, a Fed, and a lot of ideologically or politically aligned economic elites<\/em><\/span> who are wedded to the belief<\/em><\/span> that inflation is not<\/span><\/em> a serious problem<\/em><\/span>.<\/strong><\/span><\/p>\n

In other words, they’re playing politics<\/em><\/span>, NOT trading in truth<\/em><\/span>.\u00a0 Which makes them, in our humble opinion, unserious<\/span><\/em> people whose opinions and judgement mean about as much as that of any random individual standing on a street corner in West Baltimore<\/em><\/span>…or anywhere else<\/em><\/span> in the world<\/strong><\/p>\n

Speaking of those whose opinions and judgement means about as much as that of any random individual standing on a street corner in West Baltimore…or anywhere else in the world:<\/strong><\/p>\n