This dynamic plays out in the media like a bait and switch, in which reporters acknowledge and sympathize with the pain of ordinary people, but prescribe them more pain as the only way out.
The only way out is through.The New York Times also ran a story examining evidence that corporations are using inflation as an excuse to raise prices on consumers, but unlike our "whodunnit," shied away from deciding on a guilty party for inflation writ large. The subhead was forthright enough:
Rate increases have yet to seriously dent the overall job market.... "The shocking part is, for as much as we've raised rates in six months, we're really just still not seeing much in the labor market," Christopher Waller, a Fed governor, said at a recent event.... on Tuesday. "While there are risks that our policy actions to tame inflation could induce a recession, that would be preferred to the alternative."a far worse outcome
First, inflation can take a long time to come down. Second, defeating inflation requires the participation not just of central bankers, but other policymakers too. And third, it will come with huge trade-offs.
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