Larry Summers is Fretting About Inflation Again (Counter Punch)
May 28, 2021 at 7:44 PM - Views: 63 #426131mrdmkParticipant
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Larry Summers has a column in the Washington Post warning about inflationary risks to the economy, due to what he considers an excessively large recovery package from the Biden administration. Summers notes the extraordinarily high rate of inflation in the first quarter and warns us that worse is ahead if corrective measures are not taken soon.
Starting with the inflation that we have seen to date, it is important to remember that this follows the very low rate of inflation we saw in the pandemic. Much of this is just catch up.
The overall Consumer Price Index (CPI) jumped 0.8 percent in April. That sounds scary, but it is up just 3.1 percent since February of 2020, which translates into a 2.6 percent annual rate of growth. The core index, which excludes food and energy prices, is up just 2.5 percent since before the pandemic started, translating into a 2.2 percent annual rate of increase.
We can see a similar story in many of the sectors that were hard hit by the pandemic. Hotel prices jumped 8.8 percent in April, but are still almost 6.0 percent below the level of February, 2020. Air fares rose 10.2 percent in April, but are 17.7 percent below their pre-pandemic level.
How many times does Larry Summers need to be wrong to take is name off of the experts list. Then again Summers can do the world a favor by renaming himself Milton Friedman who did half apologize for the 2007-2008 financial meltdown by saying, “we may have got some things wrong!”
If you cannot dazzle them with brilliance, baffle them with bullshit WC FieldsWarning DO NOT CLICK HERE!
May 28, 2021 at 7:51 PM #426132Ohio BarbarianModerator
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Try telling that to Democrat loyalists, though.
It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs
You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton
May 28, 2021 at 7:54 PM #426135
May 28, 2021 at 7:59 PM #426138retired liberalParticipant
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Or will it, as usual, go into the pockets of rich people as increased profits?
We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.
If you are wrong, it will be because you are not cynical enough.
The older we get, the less "Life in Prison" is a deterrent.
Always wear a proper mask when out and about. The life you save could be both yours and mine.
May 28, 2021 at 8:03 PM #426141Populist ProleParticipant
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I read about his fretting here: Larry Summers Doubles Down On His Inflation Prediction | Angry Bear (angrybearblog.com)
From the piece:
“Oh, he also invokes “Higher minimum wages, strengthening unions, increased employee benefits and strengthened regulations” as further exacerbating this inflationary surge, even though he says these “are all desirable.”
Christ on a cracker. None of those things have happened at all except on a small scale here and there. What, all the throwing money from the federal reserve to goose the stock market during the onset of the pandemic doesn’t cause inflation? The continuing upward surge of wealth to oligarchs via tax cuts, stock buybacks, labor arbitrage and increased labor productivity didn’t cause inflation? But Joe Blow getting a few extra scheckles, if he gets them, does.
Right. Sure man. Noeoliberals are like 0 for 100 on their predictions. Goddamned slimy fungi, the lot of them.
May 28, 2021 at 11:17 PM #426200Cold Mountain TrailParticipant
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“What, all the throwing money from the federal reserve to goose the stock market during the onset of the pandemic doesn’t cause inflation? The continuing upward surge of wealth to oligarchs via tax cuts, stock buybacks, labor arbitrage and increased labor productivity didn’t cause inflation?”
May 28, 2021 at 8:48 PM #426152
May 28, 2021 at 10:58 PM #426198GZeusHParticipant
- Total Posts: 4,351
that would be the day that Helios decided to take a vacation.
Corporate America consists of totalitarian entities laser-focused on short-term greed.
If you just got finessed into calling the medicine that won the 2015 Nobel Prize for its role in treating human disease ‘horse de-wormer’ then you need to sit the next couple of plays out.
May 29, 2021 at 3:26 AM #4262343fingerbrownParticipant
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Why can’t this guy get run over by a limousine?
All governments lie to their citizen's, but only Americans believe theirs.
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