We bring in the best one of the best when it comes to economics Duke economist Dr. Michael

Munger. All right, Dr. Munger help me with this because people seem in the government very happy that inflation was

7.7% that still seems very high, doesn't it?

Rob, if you weighed 600 pounds, you would be glad if you weighed 550.

Is that what it is?

The contact, yes, the contact, sure. They're looking for some sort of sign that we have turned

to corner, reached the peak. The worst is over. The darkest is before the dawn. Choose your metaphor.

That's what they're looking for. So not that, well, inflation is down slightly, but that from now on,

we can continue spending like a sailor unsure leave and inflation will not go back up.

Is that the thing that they being the government has learned, especially that when the

Democrats are in charge, we can say whatever we want, the media will regurgitate it. So why wouldn't

we say this is good because people are likely to believe it? Well, there's actually two things here.

One is that the media is likely to regurgitate it if the Democrats say it. That's fair enough.

But the Republicans have been really bad on deficits also. So actually both parties seem to agree

that they just want to be able to spend as much as they want on the particular things they're

focused on and it won't affect inflation. There's a consensus on that. So it really sort of disrupted

things on both sides when we got kind of unexpectedly got inflation. I know you and I, we always

go back to this, but I remember talking to you 2011, 2012, inflation's right around the corner.

It's going to happen. The surprising thing is that it didn't happen then. It's not at all

surprising that it's happening now. You look at the conditions of increases in the money supply

and the gigantic deficit, big increases in government spending, basically just writing people

checks. Inflation is going to get worse before it gets better unless our spending changes. This

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