4/27/22
I wrote the following letter to the Wall Street
Journal two weeks ago and, given the passage of time, it will not be published,
so I will no longer delay sharing it with my readers.
Incidentally, these letters to the Journal were written,
as are all letters to that paper, in response to specific articles in its Opinion
section. However, the reader did not
have to have read the original article to get the point I am making, or at
least I hope not.
4/13/22
The Wall Street Journal is correct in asserting that “This
Isn’t Putin’s Inflation (Review and Outlook, 4/13/22),” but isn’t only Joe
Biden’s inflation, either. As the Journal
points out, President Trump “signed onto an unnecessary $900 billion Covid
relief bill,” but that fiscal outrage was exceptional for Mr. Trump only in
degree. Further, Mr. Trump repeatedly
criticized Jay Powell, his own selection for Fed Chair, for, laughably, being too
tight on monetary policy. Neither of
Mr. Trump’s immediate predecessors could be described as a fiscal or monetary
hawk, either.
For those of us of a traditionalist bent in our approach to
economics, the most salient question regarding the current bout of inflation is
why it took so long to arrive.
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