J. Bradford DeLong sees the central bank’s own forward guidance preventing it from raising interest rates as fast as it should.
Some respected economists are talking as if the US economy is in serious inflationary trouble. But the current uptick in price growth is highly likely to be a largely benign consequence of the post-pandemic recovery.
American conservatives once sought to ride the waves of markets and innovation toward ever-greater wealth and prosperity, but now they cower in fear. And, as the trajectory of today’s Republican Party shows, that makes them a threat to democracy.