'Constant refrains that we ought not be worried about inflation because it was merely 'transitory' began to fade from the public discourse almost two years ago, as it became abundantly clear inflation was here to stay.' -Jack_Elbaum
Constant refrains that we ought not be worried about inflation because it was merely “transitory” began to fade from the public discourse almost two years ago, as it became abundantly clear inflation was here to stay. But that did not stop economist/columnist Paul Krugman from claiming yesterday that inflation was, in fact, transitory — despite our own eyes telling us an entirely different story.
The main issue with Krugman's tweet, however, is that “the original Team Transitory” argument did not have to do with the lack of an unemployment spike. That was never considered the measure of whether or not we could consider inflation transitory for anyone except Paul Krugman — who, to be fair to him, wrote that in a September 2021 opinion piece.
The chairman of the Federal Reserve, Jerome Powell, explained in April 2021 that"We want inflation to run a little bit higher than it's been averaging in the last quarter century. We want it at 2%, not 1.7%.” The White House argued that the impact of slight inflation “should fade over time as the economy recovers from the pandemic” and we will “see some increase, but from historically low to more normal levels.
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