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Inflation is Transitory Again
Inflation is Transitory Again
Because it has to be in order to fund Bidenomics.
As Powell clasps his hands in desperate hope without any evidence to back his hope, the US Treasurer today, like the Treasurer in yesteryear, is giving a solid thumbs-up to his plan, which is already accomplishing everything the Treasury desperately needed.
After yesterday’s low “jobless claims” report that held unemployment steady and that looked rigged to hit a targeted goal (again), today delivered a “new jobs” report that came in (at 175,000 new jobs), well below expectations of 240,000. By that report, the unemployment rate ticked higher from 3.8% to 3.9%.
As I commented yesterday, we may be nearing the point where all the layoffs this year and last year are bringing jobs down enough to where they will finally start to come in line with available workers. Once that threshold is met, unemployment can rise when and if layoffs are higher than normal. We’ll have to see if this minute rise becomes a trend, though, since the numbers pulled a head fake to his level in February, too, then dipped back down in March to the familiar 3.8 level they had hovered along in August, September and October of last year.
As usual, the slightest hint of a softening labor market caused stock and bond investors to back markets down from the recent financial tightening investors had brought back to the marketplace. Brains smoked in the fumes of hopium and fueled with pure testosterone bid stocks and bonds and rate cuts hopes all back up again today in response to this slight hint that the Fed’s jobless gauge may finally allow it to cut rates. Same pipe dream from the same glass-pipe smokers. Powell’s limp comments about fighting inflation this week had already given lift back to falling markets.
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It’s Not Me, It’s You: Blaming the Public’s “Perception of the Economy”
It’s Not Me, It’s You: Blaming the Public’s “Perception of the Economy”
If you think you spent twenty years being ripped off while a generation of rent-seeking scam artists was showered with public subsidies, experts agree: your “perception” needs correcting
“People are really tying Bidenomics and their perception of the economy to the inflation rate,” said Matt Monday of Morning Consult, in a new Bloomberg story titled, “Biden’s gains against Trump vanish against deep economic pessimism, poll shows.” It’s the latest entrant in an intensifying campaign to describe voters, especially in key electoral swing states, as morons and partisan haters who’ll deny reality itself out of political spite.
This campaign has been weirdly perverse in its mockery. Seattle Times cartoonist David Horsey recently tossed off a visual of the reality-denying swing voter, rendering him as a pudgy, confused hominid in the mode of Monty Python’s duncelike Gumbys. Having negative feelings about “the best performing [economy] in the world” is equivalent to denying who won the Super Bowl:
When the Wall Street Journal a few weeks ago ran “What’s Wrong With the Economy? It’s You, Not the Data,” I thought the “It’s not me, it’s you” framing had to be ironic, a spoof of these increasingly numerous “perception of the economy” pieces. Nope:
Noting that 74% of respondents in a recent poll said they felt inflation in the “past year” was going in the wrong direction, author Greg Ip noted flatly “it’s not true,” adding:
I’m not stating an opinion. This isn’t something on which reasonable people can disagree. If hard economic data count for anything, we can say unambiguously that inflation has moved in the right direction in the past year.
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