Inflation and the Budget
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14 responses to “Inflation and the Budget”
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Thanks for the lesson on the nuts-and-bolts of budgeting, Dick. It sounds like the system can handle modest inflation in the 2-3% range without difficulty. Inflation of 8.5% has got to be a lot more difficult.
Just wait until the budgeters have to deal with inflation and a recession. That could well be in store for us next year.
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Diamond says recession unlikely. I like his view.
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Ol’ Rosie Scenario is always seductive, but I’m buttoning down the hatches.
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Consensus is 2022 GDP +1.5 to 1.8, 2023 about 2.1.
Recessions are hard to pull off. GW managed a double dip one.
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’79-’82 is a more equivalent comparison. It came down hard, but it quelled the similarly high inflation back then. We should be so lucky today.
Some of us think recessions are easy. If Duhbya and his old man could both do them, how hard could they be?
All the geniuses have to do is not enough or too much while things are going to hell. We seem to have mastered both those “skills”, and often magnify them by alternating them inappropriately.
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The thing to remember about inflation is the cost of labor and materials have doubled, which is why profits quadruple. Can you spell “gouge”?
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1st qtr gdp growth was 1.1%, down from 6.9% in the 4th qtr last year. That’s a rapid fall. Another 5%+ drop this quarter and we’re way negative.
With $120B/month quantitative easing killed, interest rates on an escalator, gas prices still going up and inflation on a roll it’s whistling Dixie to think gdp growth will go up later this year, or next.
Remember, it’s a consensus of economists.
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Yeah, but they are one handed economists
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What happened to “but on the other hand‘?
Remember the old economist joke? They’ve predicted 12 of the last 5 recessions. Badda boom.
Gotta be careful, these could segue into banjo jokes.
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I’ll get back to you. I’ve got to tune my trombone.
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Speaking of tuning, ya’ know the difference between a banjo and a chain saw? You can tune a chain saw.
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What’s the difference between a violin and a viola? Violas burn longer.
What do you call a musician without a girlfriend? Homeless.
What’s the difference between a lead guitarist and a lead singer. A lead singer is vain and conceited… the guitarist is conceited and vain.
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What do you say to a banjo player in a suit? Will the defendant please rise.
What is perfect pitch? A banjo goes into the dumpster and lands on an accordion.
What’s the difference between a banjo and an anchor? People tie a rope to an anchor before they throw it overboard.
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3-4-3!
Hey! If you’re close to Williamsburg, you need to go to the winery. They’re having a special and I got a case of wine for my wife. Nice trade.
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