Editors at Issues and Insights remind us that most experts’ predictions about inflation have failed to pass the reality test.
Inflation in May hit 8.6%, the highest level since 1981, much higher than the expected 8.2% increase, and despite all the “expert” predictions that inflation had already peaked.
Is it any wonder that nobody believes what the elites tell us anymore?
President Joe Biden said on Friday that he “is going to continue to do everything we can to lower the prices for the American people.” Like what? By attacking oil companies and blaming Putin?
If the experts were right, Biden wouldn’t have to do anything, because they were all exclaiming in April that inflation had peaked and would soon be heading downward.
Bank of America analysts said inflation has “likely peaked.” So did Reuters. Forbes reported that consumer inflation likely peaked in March. Our alma mater, Investor’s Business Daily, was part of the “inflation has peaked” chorus. The New York Times ran a story on April 13 headlined: “Has U.S. Inflation Peaked?” …
… Of course, who can forget what our favorite “economist,” Paul Krugman, wrote in April: “inflation will probably fall significantly over the next few months.”
Keep in mind that many of these same “experts” were telling us last year that Biden’s $2 trillion spending spree wouldn’t spark inflation, and that the spike in prices that started immediately after he signed his “rescue” plan into law was “transitory,” and that the Fed would easily be able to deal with any pricing pressures.
In other words, these people weren’t just wrong about the peak, they’ve been wrong about inflation all along. …
… So, here’s an idea. Let’s stop paying attention to the “experts” and start paying attention to the people who actually know what they’re talking about.
