2/2: #MRMARKET: The American Rescue Act of 2021 is the sticky inflation of 2024. John Cochrane, Hoover Institution
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John Batchelor
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🗓️ 19 April 2024
⏱️ 6 minutes
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2/2: #MRMARKET: The American Rescue Act of 2021 is the sticky inflation of 2024. John Cochrane, Hoover Institution
https://www.grumpy-economist.com/p/inflation-confusion
October 1929 NYC
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| 0:00.0 | I'm John John Dr. |
| 0:02.0 | Bachelor with Professor John Cochran of the Hoover Institution, a senior fellow, |
| 0:07.0 | professor at Stanford University. |
| 0:09.0 | He keeps the grumpy economist, a blog I highly recommend because it's witty about things that are |
| 0:16.5 | dry. One of the things that are dry is inflation. while moderating at how fast it rises. |
| 0:33.8 | It's still there when you go to the store. |
| 0:35.7 | You can't get out without spending $150 and you still don't have dinner. |
| 0:40.2 | So what is to be done? |
| 0:41.3 | John, we go back to that quote in the Wall Street Journal |
| 0:43.8 | absent major tax increases or spending cuts what's wrong with that what |
| 0:49.2 | what is what is the problem with a way to solve the problem? |
| 0:54.0 | Yeah, most economists don't believe Biden can do much up at this point to bring down inflation |
| 0:57.5 | absent tax increases or spending cuts, i.e. the things that wouldn't think to have inflation. |
| 1:02.1 | All but your four fastest chips as the famous |
| 1:04.8 | quote goes. And even there we don't have to, you can at least avoid putting more gas in the |
| 1:12.3 | fire. |
| 1:13.0 | Let us admit that this inflation is driven by out-of-control fiscal policy |
| 1:18.1 | and to some extent a slow monetary policy response, |
| 1:20.9 | so that's been fixed. So you know cancelling another a couple |
| 1:25.1 | hundred billion dollars a student long debt that's just throwing throwing a gas on the |
| 1:29.0 | fire. You know maybe we could slow down our trillions of dollars of subsidies to |
| 1:33.4 | electric cars so long as they're built in the US with US union labor and US parts you |
... |
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