Commentators and politicians are frightening Americans about inflation without understanding and explaining why it burst on the scene last summer as COVID-19 receded. A growing consensus among inflation hawks says that the surge in prices is the result of the Federal Reserve’s failure to raise interest rates and slow the economy soon enough. Worse, the hawks tell Americans that the Fed must squeeze harder and that its “mistake” could lead to a long period of “stagflation” like the one the U.S. endured from 1974 to 1981. It is important to respond to this foolishness. Today’s inflation palaver fails utterly to explain the two most important facts about the recent burst of rising price
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