What lessons should we learn from 2022 for 2023 and beyond?
money jingling in their pockets. Yes, it was hard to find a new car, housing was in short supply, and it wasn’t easy to locate builders to help with home improvements. The result? Our money did not get spent quickly. There was a lot of what would later be called"excess savings."
A few economists of note who were focused on the astounding growth in the money supply and its historic relationship with inflation sounded the alarm. Johns Hopkins University’s Steve Hanke and Florida State University’s, for example, believed high inflation was inevitable. But the"it’s only transitory" contingent, progressives, and new monetary theory thinkers denied the linkage, and the more politically appealing position held sway.
Used car prices had already headed skyward along with the prices of practically everything else. In November 2021, the consumer price index had risen 6.8% year-over-year, the largest increase in three decades — by June, it would hit 9%. But thesaid not to worry, pointing to lingering supply chain problems. Instead of decisively pulling the brake lever ahead of the curve, its January forecast called for the controlled overnight interest rate to range from 0.75% to 1.0%.
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