This is an Atlantic article. Hard to believe they published this. I guess, I’ll have to be fairer to them in the future.
https://www.msn.com/en-us/money/mark...ong/ar-AAYiYZJ
How Did They Get Inflation So Wrong?
Excerpt “…….Inflation hawks, in other words, were the proverbial boys who cried wolf. Their warnings that inflation was right around the corner were worthless because they always said that inflation was right around the corner. And the consensus among center-left economists—with the exceptions of Summers, and Olivier Blanchard and Jason Furman, two other liberal economists who warned in spring 2021 of inflationary risks—was that the risks attached to a further stimulus package were low and the potential benefits were high.
Was this wrong? Yes—but whether it was irresponsible is not obvious. Economic policy making, after all, is always a matter of balancing risks and rewards, and the potential for sustained high unemployment was very real. (Summers himself also said last year that “the dangers of doing too little are greater than the dangers of doing too much.” He just believed that $1.9 trillion was, as it were, much too much.) At this point, the contention that the stimulus package was bigger than it needed to be—or at least, could have been better directed—seems inarguable, but equally true is that it probably accounts for only a fraction of the current inflation rate. Europe, after all, did far less in the way of fiscal stimulus than the U.S., yet inflation within the European Union is now about as high…….”
If the $1.9 trillion Stimulus Bill was too much and led to disastrous inflation can you imagine what would have happened if the $3 trillion (or even worse the $6-7 trillion progressive wish list) build back better bill was passed?
Are you guys still mad a Sinema and Manchin? It looks like they may have saved our asses from an economic catastrophe.