What seems painfully obvious maybe, at least in hindsight. Monetary policy is inherently political.
It seems to me a bit unlikely, but when the American economy was first hollowed out, starting in the early 1970s and succeeding waves, high inflation and unemployment, dollar devaluations and oil embargos
Everything meat & dairy, butter and eggs did a moonshot in price. And almost simultaneously with that, “they” started telling us all those good things were “bad for your health”, but thankfully all those cheaper ersatz synthetic substitutes are super duper Really Good For You.
> What seems painfully obvious maybe, at least in hindsight. Monetary policy is inherently political.<
Everything became political. If you want more people living in “poverty”, raise the threshold number that determines poverty level. If you want less, lower it.
America’s poor are in the top 2% of earners worldwide.
Meanwhile, our grandparents and great grandparents drank whole milk, ate red meat, bacon, sugar, eggs and potatoes. I haven’t seen many old pictures of fat people. Today???
EC