Market Overview Analysis by Claudia Sahm covering: . Read Claudia Sahm's latest article on Investing.com
Many are tying the Democrat losses in the election to high inflation in recent years. There's some truth to that, but it's complicated and it's crucial to take the right lessons.
Wrong. High unemployment is “social-wide,” too. It’s a symptom of a lousy labor market, with smaller paychecks, fewer jobs, and less bargaining power. A lousy labor market is a hardship for nearly all workers. My earlier post lays out some of the data and also discusses the long-term adverse effects of high unemployment.Better Outcomes on Inflation Require Better Tools.
More unemployment, such as from less fiscal relief or even higher interest rates, would not have spared us from the highest inflation in decades. That simplistic Phillips Curve logic would have created even more hardship. Thoughtful use of temporary taxes on extraordinary profits could be another tool to slow inflation. Unlike the broad brush of monetary policy, these alternate tools would require tailoring. Individually, the effects on inflation would be limited, but combined together with monetary policy, they could make a substantial difference.
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