Posted on 06/13/2022 6:26:27 PM PDT by MinorityRepublican
You would think by now that, informed by so many examples from history, we would be familiar with the stages of a policy disaster in the making. Calamitous wars and foreign-policy misadventures; economic, fiscal and regulatory blunders, costly social policy initiatives—almost all seem to follow the same pattern.
First denial, the refusal to accept the mounting evidence that we are on the wrong track. Next, complacency: Even when the inconvenient facts are reluctantly acknowledged, a misplaced confidence that a small adjustment is all that is needed to snatch victory from the jaws of defeat. When that fails, the policy maker turns to wishful thinking, a doughty insistence on expecting the best in the face of the worst—everything will be all right; we have a plan premised on all the best possible assumptions. This is the terminal stage: At some point the full extent of the catastrophe is evident.
The inflation disaster unfolding in the U.S. is the latest proof that we learn nothing from our mistakes. We have clearly now reached the wishful-thinking phase of our leaders’ management of the crisis.
For almost a year we were told—by the president, the Treasury secretary and the Federal Reserve chairman, that unholy trinity of economic wisdom—that it wasn’t happening, or if it was, it was “transitory.” They soon progressed from denial to complacency. It will be fine, they insisted—it was all the fault of capitalist cupidity and rapacious Russians and could be dealt with accordingly.
Now, with consumer prices rising at the fastest rate in 40 years, the administration is deploying the power of positive thought: All will be fine—the Fed has got this. A few quick interest rate increases will squeeze the inflation out of the system, at minimal cost in growth and employment.
(Excerpt) Read more at wsj.com ...
Biden’s plan seems to be to give out more free $$ to compensate for the effects of inflation.
Well that’ll fix it right up...
Loving my fixed-rate loans
The retarded shame is the libtards caused all of it.
I am in early on two mortgages. Why pay them off?
They are half what the rents would be.
The libtards think the Democraps are on their side.
I will let them figure it out.
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