As we told you on Tuesday, inflation soared to its highest level in 40 years:
#Inflation is soaring higher than economists expected. New numbers out this morning show the consumer price index jumped to 8.5% last month – the highest rate in 40 years.
— NBCNewsRadio (@NBCNewsRadio) April 12, 2022
Now, economists might have been surprised by this news but they shouldn’t have been. What did they think would happen after the U.S. just printed all that money?
So you can’t just “pause” a $20 trillion dollar economy and print money to get you by while you hide inside from a virus?
Huh. Who knew. https://t.co/srajbGQuE8
— Jesse Kelly (@JesseKellyDC) April 12, 2022
So, how do we curb inflation now that it’s here? In summary, it will be painful:
Fed official: It’s ‘fantasy’ to think modest rate rises will tame inflation https://t.co/bjY93q8JRI
— FT for Schools (@ft4s) April 13, 2022
Very, very painful. From the Financial Times:
A top Federal Reserve official has warned it is a “fantasy” to think the US central bank can bring inflation down sufficiently without raising interest rates to a level where they constrain the economy.
James Bullard, president of the St Louis branch of the Fed, said the central bank needed to be more aggressive in its efforts to root out the highest inflation in four decades as he called for rates to rise to a point where they actively curtail growth.
This is bad news for Dems in 2022 and 2024, but worse news for America. Who is ready for #BidenInflation to turn into the BidenRecession, because it’s coming:
A Fed banker admits what we should all should have know from the early ‘80s: The only way to stop consumer-crushing #Bideninflation is w/ a recession costing millions of jobs and so many barely surviving small businesses. @JoeBiden wanted to be FDR. He’s going to be Hoover. @FT pic.twitter.com/UgyiUgCV6Z
— Hugh Hewitt (@hughhewitt) April 13, 2022
Nope. Americans aren’t ready for what’s going to happen:
Great. People are going to love living through a Volckeresque shock. I'm sure the administration has the political courage for that. https://t.co/zkOrEa7i95
— Jeff B. is *BOX OFFICE POISON* (@EsotericCD) April 13, 2022