In July 2020, a CNBC article entitled, Here’s why economists don’t expect trillions of dollars in economic stimulus to create inflation.
The article says: the latest projections from Federal Reserve policymakers show inflation will stay below the central bank’s 2% target over the next two years.
It also includes statements from three economists.
In the words of Homer Simpson...D'oh!!
The fact that the economist's at the Fed and the economists in the article made this prediction after trillions of dollars, out of thin air, flooded the economy is nothing short of astounding.
The average annual rate in the United States was 1.3% in 2020, the year this article and the predictions were made, only to be followed with an inflation rate of 4.7% in 2021 and 8.0% in 2022.
Why anyone listens to these people behooves me to no end.
How can all these economists not know this fact--economy-wide price increases are always the result of the Federal Reserve’s easy money policies. Inflation is actually the act of money-creation by the central bank. Widespread price increases are a symptom, not a cause, of inflation.
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