By Stephen Moore & Alfredo Ortiz republished with permission from Real Clear Politics
Inflation is accelerating — every consumer in the country feels it every day. If there is any economic sense left in Washington, the rising inflation threat should grind President Biden’s big-government spending plans to a halt.
Federal Reserve officials have called inflation “transitory,” but what if they are wrong? The public is clearly worried. According to a new Harvard CAPS/Harris poll released this week, 85 percent of Americans are concerned about inflation. For good reason. Last month, the Consumer Price Index rose at its fastest level since 2008 .
At the same time, the Producer Price Index, which measures wholesale costs, rose at its most rapid rate in recorded history . Rising producer prices translate into higher consumer prices. This inflation tax could dramatically slow the vaccine-induced economic recovery and make ordinary Americans poorer.
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At its recent meeting this month, the Fed announced that it would accelerate its expected interest rate hike timeline and discuss tapering its $120 billion in monthly bond purchases. We hope they do.
But another factor that would inflame inflation is adding to the heavy U.S. debt loads that the Fed’s bond purchasing has facilitated. It’s Economics 101 that more money creation means the dollars in our wallets and bank accounts are worth less.Yes, monetary policy is the Fed’s domain, but Congress can […]
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