Originally published in the New York Times. In an interview with Lester Holt of NBC last week, President Biden hewed closely to his talking points on inflation, which over the past 12 months has risen at its fastest rate in 40 years. “The reason for the inflation is the supply chains were cut off,” he […]
In his tenth annual “Year in Charts” for The New York Times, Steven Rattner surveyed major trends in a tumultuous year that was marked by an ongoing pandemic and a steady – albeit imperfect – economic recovery. Please click here to view.
Originally published in the New York Times. Enough already about “transitory” inflation. Last Wednesday’s terrible Consumer Price Index news shifts our inflation prospects strongly into the “embedded” category: Prices are up 6.2 percent from a year ago, the largest increase in 30 years. While not likely to morph into the double-digit inflation I covered for The New York Times […]
Sometimes true costs are hidden by backloading them. Originally published in the New York Times. Americans of a certain age may remember J. Wellington Wimpy, a droll character from Popeye cartoons. “I’ll gladly pay you Tuesday for a hamburger today,” Wimpy would periodically implore passers-by. That pretty much summarizes the opaque budget math behind the two huge […]
It’s not time yet to be raising interest rates. But let’s at least stop pouring $120 billion a month into the financial markets. Originally published in the New York Times. On Wednesday the Federal Reserve tiptoed ever so slightly toward reducing its efforts to pump liquidity into the financial system. It did so through brief references that […]
The president wants to pour billions more into a service that only makes sense in a few areas. Originally published in the New York Times. Ah, the romantic suspense of train travel: Cary Grant and Eva Marie Saint canoodling in “North by Northwest.” Farley Granger and Robert Walker conspiring in “Strangers on a Train.” While […]
The president should lean more heavily on the private sector to boost his infrastructure plan’s odds of success. Originally published in the New York Times. The Biden administration has put forward the biggest, boldest, most expensive expansion of government in at least a half-century. The goals listed are on target and its sweeping ambition is welcome, […]
Fears were overblown for years. But let’s not be blasé about how hard it could be to halt high prices if they haunt us again. Originally published in the New York Times. We are all, to one degree or another, shaped by early experiences. My father grew up during the Depression and never lost his fear […]
But his opening proposal should be more targeted to the most needy. Originally published in the New York Times President Biden’s proposed $1.9 trillion Covid relief plan contains many commendable provisions, from money for speeding the vaccine rollout to aid for struggling states and cities. That said, the measure, the American Rescue Plan, is also partly […]
A tour of the major trends, from Covid-19 spread to political polarization, that affected Americans this year. Originally published in the New York Times. If 2019 was the Year of Trump, then 2020 was the Year of Covid-19 and Trump. Only the most devastating pandemic in a century could have bumped our loudmouthed president into second place. […]
