The latest polls show that 83 percent of the public believes that the economy is performing poorly or not so good. The top problem is of course inflation running at 8.4 percent officially but real-time data clocks it closer to 12 percent, and transportation at 22.4 percent.
The flip side of rising prices is declining purchasing power of wages, salaries, and savings. It’s not a minor annoyance: it feels like a surreptitious form of taxation because that’s precisely what it is. It’s a method of financing debt that has been chosen by government and its central bank.
The Biden administration attempted for months to say it was transitory, then to blame big business, then to pin it all on Putin. None of that worked. People have only gotten angrier especially at gas prices and how they have affected family finance and summer travel plans….