“Inflation is a little bit below target, and it’s kind of a mystery…you would have expected, given that we’re getting tighter labour markets, that we’d have a little higher inflation. I think that what that gives us is the ability to be patient”
- Jerome Powell, August 2017, CNBC
Au contraire:
1. Inflation is below target because the BLS doesn’t measure the ‘cost of living’ for the poor or the rise in asset values for the rich. The items that are included have been tortured so badly that they would seek asylum under the Geneva Convention if they could speak freely
2. A labour market with 26 million people in low wage part-time jobs, & record levels of unemployment amongst males in the core group of 25-54, is no tighter than Hillary Clinton’s grip on Donna Brazile
3. So on the contrary…I think 'what that gives us' is yet another nincompoop in the Eccles Building
If Trump really needed a new chair, he should have gone to Ikea