Estimated Reading Time: 4 minutes
Yes, we have some stagflation. Subsequent to the pre-Covid peak in Q4 2019, real final sales of domestic product have slowed to a crawl, rising by just 0.73% per annum during the last 2.5 years. We much prefer this measure over real GDP because it removes the abrupt inventory swings from quarter to quarter, which can have […]
Estimated Reading Time: 8 minutes
We are apparently back in the spend-your-way-to-prosperity mode. Last week Wall Street greeted the “strong” April PCE [Personal Consumption Expenditures] number with a spree of dip-buying, but you have to wonder just how long households can keep reaching into their cookie jars in order to spend what they are not earning. According to the Commerce […]
Estimated Reading Time: 8 minutes
Editors’ Note: Some readers may find it offensive to see the criticism of Donald Trump. We think Trump did many good things and we admire his courage. However, he and the Republican leadership did abandon one of the key elements of conservative Republicanism, fiscal prudence. Yes, he was bullied by the medical establishment, but the […]