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Chairman’s Corner

As we navigate the complexities of the financial world, this space will serve as our platform to share insights, discuss trends, and explore the policies shaping our economic landscape.

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When People Have No Idea What They are Talking About….

  • June 25, 2024

A gang of 16 #Nobelprize-winning #economists signed a letter yesterday endorsing Biden for president because: “There is rightly a worry that Donald Trump will reignite inflation with his fiscally irresponsible budgets.”

But then I noticed something strange and ironic about the signatories: 13 of these economists signed a highly-publicized open letter three years ago assuring Americans that Biden’s “Build Back Better” spending spree would “ease longer-term inflationary pressures.”

Then—whoops!—18 months later #inflation soared to 9.1% under Biden – the worst U.S. inflation in almost 40 years! This would be the medical equivalent of amputating the wrong leg.

The chef’s kiss is that the first listed signer on both letters, George Akerlof, is Janet Yellen’s husband.

Maybe Joe Stiglitz (and the rest of these scoundrels) should do the standup thing, send back their Nobels and PhDs, and admit that when it comes to the real world, they have no idea what they are talking about.

Instead, they are now predicting that if Trump is elected, he will reignite inflation even though the average inflation rate during Trump’s first term was 2.5% versus closer to 5.5% under Biden.

Are these scholars so buttonholed in their ivory towers that they are unaware of this basic fact?

Here is the comparison of inflation under #Trump and #Biden.

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