You know what should haunt the Fed even more? The 70s inflation that caused the early 80s recession.
The 1970’s inflation was a direct result of fuel price increases, IMHO. That resulted in a decrease in production, and consumption, and eventually cycled into the recession.
We have the price of fuel, especially diesel, more than double that under Trump. That’s only PART of the problem, the other part is the 13.7 Trillion in spending by Joe Biden in 23 months, or about 2.5 times expected tax revenue. That causes currency devaluation which along with increased fuel prices, is pushing inflation.
I don’t see it as the same problem as 1980-81. This is a new animal werein supply side economics may or may not help. So, to control inflation and a recession we have to make energy cheaper and stop deficit spending. What we really need to help the American People is a fiscally responsible government.........
That won’t happen without a balanced budget amendment.
Some of us were there and remember that it was not Reagan’s recession or inflation, it was OPEC’s.
Carter just made it worse.
It was a miserable time if you were not in the oilfield. Things there were great.