Correction, Please!
Inflation Clue: Continual Money-supply Expansion Still Debauches the Currency
What inflation? The Biden administration and supporters in the mainstream media claim that the recent economic “stimulus” has not, and will not, lead to massive inflation. Many disagree. (Photo credit: AP Images)
Item: The Biden White House, hearing increased rustling of complaints about its inflationary practices, responded with a punny tweet (dated July 2) trying to reassure the public about Independence Day get-togethers: “Planning a cookout? Ketchup on the news. According to the Farm Bureau, the cost of a 4th of July BBQ is down from last year. It’s a fact you must-hear(d). Hot dog, the Biden economic plan is working. And that’s something we can all relish.” The tweet even bragged that the cost of a Fourth of July cookout “is down $0.16 from last year.”
Item: Leftist economist Paul Krugman, a notorious inflation dove, also took to Twitter (on June 19) to downplay growing concern about price inflation, saying: “The case for inflation panic” has “died.” Later, in his June 24 New York Times column, Krugman doubled down on his theme. Acknowledging that “supply bottlenecks have caused some inflation,” he said, “recent data seems [sic] to validate the view that this inflation is transitory.”
The term “transitory” has been a favorite word employed by the Federal Reserve about surging inflation.
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