Letting interest rise is not merely reducing the "pressure" under inflation.
It's throttling the economy in a particular way that affects economic and job growth too.
What we have is inflation caused by supply issues, including US sanctions and war, and not as much overheated demand.
Throttling this back to "cure" the inflation can cause a recession, so we'll have stagflation.
Even if we don't have recession, the interest rate cure will likely increase the misery index.
Now you might argue, they have too much crap on the books, let's just clean it up now that prices are rising.
Probably not a good idea if Democrats want to have any hope of winning in 2024 let alone 2022.
Here's a solution, offset the dumping of financial crap with "fiscal" spending. A decent start would be the $50k in student loan forgiveness Biden promised. A perfect solution would be the forgiveness of ALL student debt. That would allow a lot of dumping, and still have enough demand to keep the economy moving forwards.
And that would also be a direct benefit to lowering misery and getting Democrats elected.
And also, of course, eliminating useless and destructive-to-us sanctions against Russia, China, Iran, Cuba, Venezuela, and North Korea.
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