FOX Business host Larry Kudlow weighs in on the cause of record-high inflation on 'Kudlow.'
FOX Business host voices his concerns over inflation on 'Kudlow.'
In that same Wall Street Journal poll, 63 percent disapproved of Joe Biden's handling of inflation — just 34 percent approved. President Biden speaks about expanding access to health care and benefits for veterans affected by military environmental exposures at the Resource Connection of Tarrant County in Fort Worth, Texas, Tuesday, March 8, 2022.and what to do about it, but I think we're headed for some rough going over this inflation problem.
Right now, in the first quarter of this year, I would say real GDP will rise by around 2 percent and official inflation in the GDP accounts will be 6 percent or 7 percent. When prices are rising faster than output, that's called stagflation. Gasoline prices and the prices of virtually everything else have increased significantly — food, housing, cars, recreation, commodities, services, you name it — has gone up.
Noteworthy, Jay Powell said he wanted to be like Paul Volcker in his presser yesterday. Sorry, Jay, you're really more like Arthur Burn in the '70s who pumped up the money supply and destroyed the dollar. Basically, Volcker believed in a strong king dollar and a commodity price rule. He kept slowing down money supply until the dollar fully recovered and commodities flattened out.
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