February 3, 2023

Market and Financial News

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When Progressives Fail, Inflation Edition

1 min read

The White House is finally conceding that it made a political mistake in underestimating inflation, with some officials even offering a modified, limited mea culpa. We suppose that’s progress, but the return of soaring prices after a 40-year hiatus is also an historic policy failure that is worth recounting. It represents a failure of progressive expertise that is a lesson for the future.

“I think I was wrong then about the path that inflation would take,” Treasury Secretary Janet Yellen told CNN on Tuesday, referring to a 2021 comment that there was a “small risk” of inflation. “There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I, at the time, didn’t fully understand, but we recognize that now.”

2022-06-01 19:03:00

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