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Economist Stephen Moore – 10/16 7:30 pm – Zoom
PLEASURE OR PAIN: TWO WAYS TO CURE INFLATION
Which will it be?
The Biden Administration has chosen pain: high inflation, high interest rates, high fuel prices, and higher prices for food.
The only reason inflation was coming down at all was that the Fed was moving in the opposite direction of President Biden: raising rates to slow the economy causing people and businesses to borrow less.
But inflation is rising again. It has to: the government continues to spend recklessly and run record deficits. Our so-called elites are printing money. That causes more inflation and more pain.
Our national debt just past $33,000,000,000,000 ($33 TRILLION), and the interest alone is almost as big as our defense budget - about $800 Billion!
THE PAIN
Yet raising rates in an attempt to slow the economy makes everything you borrow more expensive. It hurts homebuyers – especially those with adjustable rate mortgages. Likewise, auto loans and credit cards cost more.
On top of that the war on fossil fuels means gasoline and diesel fuel is more expensive, and that makes diesel fuel-burning trucks and freight trains costlier to operate. That's what's making food so expensive.
Our government doesn't count fuel and groceries in the inflation index. How convenient! Things are worse than they're telling us, and we know this just by shopping.
Must we be caught in the trap of high government spending, high oil prices, and high interest rates? Does the government have to inflict that pain to cure inflation?
THE PLEASURE
Or is there another way to bring inflation back to normal – one that doesn't inflict so much pain on hard-working Americans?
Of course there is, and Steve will discuss and contrast these policies.
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