From WSJopinion: After failing to predict the economic and inflationary effects of the unprecedented $5 trillion in Covid spending, the Fed must properly assess current fiscal policies, writes Mickey D. Levy
Wonder Land: Republican presidential hopefuls Ron DeSantis, Mike Pence, Nikki Haley, Tim Scott, Chris Christie, Vivek Ramaswamy and maybe even Donald Trump are united on spending. All offer a much safer future than the alternative. Images: Reuters/Zuma Press Composite: Mark Kelly
As the Federal Reserve ponders more rate increases to lower inflation, it faces a misunderstood counterbalance: fiscal policy that is stimulating economic growth, employment and wages. This stimulus isn’t captured by mainstream Keynesian measures based on deficits and the ratio of deficits to gross domestic product. Given declines in those gauges following the Covid splurge, Fed Chairmanin public statements has echoed the standard assessment that fiscal policy had become restrictive to growth.
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