Just weeks after the Biden administration declared victory over inflation, prices are rising again. January’s inflation rate was much higher than anticipated, while the Bureau of Labor Statistics quietly doubled fourth-quarter inflation estimates. Of course, regular Americans don’t need government revisions to know that prices keep rising, especially for necessities like food and gasoline.
Yet amid the chaos, left-wing academics are pushing a radical experiment to make inflation permanent. They should be firmly rejected.
Ever since governments got into the business of centrally planning economies, they’ve turned to one fallacy above all: that governments should print as much money as politicians want and just leave regular people to deal with the inflation.
