Galbraith and all the fathers of dumb downed American economics believe this crap. Their obsession with eliminating the business cycle comes at such insane cost.
“Shock people into expecting higher inflation?”
Those of us who have been living in suburban and rural America know about inflation. Food, health care, rents, utilities, higher education, auto repair costs, taxes at all levels, common household items, and other costs the Fed, press, and administration ignore have been increasing steadily. We know the real rate of inflation for the things we buy to survive are increasing at an annual rate of 7-8% while the government is reporting 1-2% increases in inflation, the return on our savings is approaching zero, and our after tax disposable incomes are sharply declining. How do you “shock” people who are living with inflation? Perhaps you should shock the policymakers.