American Institute for Economic Research: Recent Episodes
American Institute for Economic Research
The American Institute for Economic Research, also known as AIER, is an economic research institute located in Great Barrington, Massachusetts. It was founded in 1933 by the 20th century economist Edward C. Harwood with the intention of protecting individual rights and continues to produce quality content on subjects of policy, philosophy and economic science.
“Rather than consider whether the Fed should stimulate growth, we should recognize that its primary task is to prevent over- and under-production.” ~ William J. Luther
“Traditionally, NBER calls recessions and other phases of business cycles, but only retrospectively, and mostly just for scholars. Nobody actually involved in trading securities or making policy waits for its decisions and voters certainly won’t.” ~ Robert E. Wright
“Chasing after sensational headlines predicting doom and gloom do us a disservice. It hides the progress we have made historically and prevents us from using this history to guide public discussions.” ~ Vincent Geloso
“As stated by Thomas Sowell, in Wealth, Poverty, and Politics, ‘Transferring the fruits of human capital is not as fundamental as spreading the human capital itself.'” ~ Kimberlee Josephson
Given that protectionism violates the central purpose of any government, which is to benefit all its citizens, it replaces the justice of voluntary arrangements with the injustice imposed by involuntary arrangements.
“Chair Powell has repeatedly claimed that the Fed will use its tools to create price stability. Will he and other Fed officials finally bring inflation back toward their stated two percent target?” ~ Thomas L. Hogan
“Can Congress quit the Fed’s easy money policy that has allowed them to push debt levels well above 100% of GDP, or will the addiction demand more QE to support Washington’s spending habit?” ~ Peter T. Calcagno & Edward J. Lopez
“It must be hard to keep people ruled by fear of a variant ‘BA.5’ when the much more worrisome numbers impacting their lives and family are $5 gasoline and 9.1 percent inflation.” ~ Jon Sanders
“Consumer sentiment ticked up in early July but remains near record lows and consistent with prior recessions. Inflation is a driver of weakening consumer attitudes and contributing to elevated risks. The outlook is highly uncertain.” ~ Robert Hughes
“Stigler concluded that regulatory agencies are captured by the firms they regulate. Still, ultimately, it is the regulated firms that become captured by the legislators and regulators who have the power to terminate their regulatory protections.” ~ Randall G. Holcombe
“If the pandemic taught us anything about public perceptions of risk, it is that we must empower individuals to make decisions to improve their own situation rather than making it for them.” ~ Yaël Ossowski
“AIER’s Everyday Price Index rose 2.4 in June, pushing the 12-month gain to another record high. Sustained price pressures, an intensifying Fed tightening cycle, and fallout from the Russian invasion of Ukraine remain threats to the economic outlook.” ~ Robert Hughes
“Any time it looks like there’s a tradeoff between unemployment and inflation, something has gone very wrong. We could’ve avoided both horns of the dilemma if the Fed had done its job.” ~ Alexander William Salter
“The policy path to MAFA is clear, deregulate everything from Amtrak to monetary policy, while reinvigorating the Third Sector (nonprofits) and forming a Ministry of Truth to police all claims, and only claims, made by governments, government officials, and politicians.” ~ Robert E. Wright
“Since many kids dream of being pro athletes and sports generate billions in revenue, voluntary participation is not a problem. But sports generate enormous rents and competition to capture these rents ensures enduring strife between labor and management.” ~ Daniel Sutter
“While trains are not especially good for the environment, many people assume they are ‘green,’ also allowing for some of the fake virtue signaling many American politicians seem to crave.” ~ Robert E. Wright
“Private-sector job openings and quits fell in May. The effects of rising interest rates and consumer caution are becoming more apparent. The outlook remains highly uncertain.” ~ Robert Hughes
“Since entitlements are off the table under threats of touching ‘the third rail of politics,’ then proponents of fiscal discipline have been trying to reform and constrain an ever-smaller portion of the overall budget.” ~ Peter T. Calcagno & Edward J. Lopez
“America the Beautiful, I wish you a happy birthday. I thank you for your generosity over these decades, and I say sincerely, ‘Mind how you go.’ The world needs your seeking to be fair and just, and full of possibility, not divided and rancorous, and a threat to yourself.” ~ Llewellyn King
“Martin Van Buren may not be everyone’s favorite President, but he is worth studying. After all, an estimated 28 percent of Americans identify with the Democratic Party. People should at least know how their political party came to be and why it endured.” ~ Garion Frankel
“We have enough information to conclude policy mistakes, especially on the demand side, go a long way toward explaining today’s inflation.” ~ Alexander William Salter
“Critical research has itself become taboo which, in turn, means that policy makers are making decisions based more on ideologically-driven political pressure than scientific fact.” ~ John Staddon
“While there isn’t much that can be done in the short term to mitigate public school excess, taxpayers should at least be aware that public schools are using inflation as an excuse to extort them.” ~ Garion Frankel
“Hopefully, these lousy explanations will soon fade out of the public’s consciousness. We need to focus on what matters: a comparative abundance of money over goods. ” ~ Alexander William Salter
“The renaming of an Army post should be a positive, not a negative statement. Renaming some of them should not be about erasing our history, but adding to our history. Heroes from the ranks of the common soldier should be honored.” ~ Clifford F. Thies
“The realities of Public Choice should make everyone think twice when asserting that the Fed or any agency should be doing something specific to fix the economy and that they will be able to make the right choice.” ~ Fernando M. D’Andrea & Ryan M. Yonk
“The regulations in the Lummis-Gillibrand Responsible Financial Innovation Act, made public on the same day as publication of Krugman’s article, are far more likely to provide a brighter future than prohibiting cryptocurrencies, stablecoins or other digital assets.” ~ Gerald P. Dwyer
What is a better thing to celebrate than the liberty all Americans know to be their birthright? This is not a partisan victory, nor is it one of one time or another. It’s a universal victory, because the cause of freedom is the cause of everyone.
“The fungibility of student loans means that taxpayers will be saddled with paying for parents’ and students’ non-college purchases. Many professors will, understandably, root for student-loan forgiveness.” ~ Richard McKenzie
“Monetary policy should be about money—not specific markets, but their common denominator. The sooner we enlist Friedman to help ‘run the show,’ the faster we can clean up our economic messes.” ~ Alexander William Salter
“It’s impossible to convey in words the amount of specialized knowledge, as well as the amazingness of modern building materials and tools, that are routinely, and entertainingly displayed in each and every episode of This Old House.” ~ Donald J. Boudreaux
“Our collective understanding of the history of school choice is lacking without a chapter on Paine. With Paine in hand, we can conclude that vouchers are neither a modern idea, nor fundamentally racist.” ~ Garion Frankel
“Allowing politicians to blame Putin, corporations, shipping firms, billionaires, insufficient taxation, ‘greed,’ or other tired scapegoats is erroneous and misleading.” ~ Peter C. Earle
“Consumer sentiment plunged to a record low in early June and is consistent with prior recessions. Inflation is a driver of weakening consumer attitudes and contributing to elevated risks. The outlook is highly uncertain.” ~ Robert Hughes
“Despite the similarities between Atkinson and Musk, and the coordination between the ‘Administration papers’ then and today’s mass media echo chambers, there remained lines that the government was not prepared to cross.” ~ Robert E. Wright
“As far as public health crises are concerned, monkeypox is not in the same league as Covid-19. They are entirely different. But they share a disturbing similarity- their potential to expand and help retain government power. And this seems unpreventable.” ~ Raymond J. March
“We face even more difficult challenges ahead. We who believe in good economics and prudent political economy have our work cut out for us if we want to bring the rule of law to central banking.” ~ Alexander William Salter
“Research shows going organic globally can only feed about half the current world population. Organic farming will lead to more expensive, scarcer food for fewer people, while gobbling up more nature.” ~ Bjorn Lomborg
“The results of this study demonstrate, with more data and robustness than the CDC’s own paper, that masks in schools are an ineffective tool against COVID-19. The CDC’s decision not to publish this study in their journal only further discredits the agency.” ~ David Waugh
“We should expect more outbreaks in areas with a greater appreciation for economic freedom. Indeed, reports indicate the kindling wood has been there for some time. But don’t worry; be thankful that people live in societies that allow such diseases to spread.” ~ Byron B. Carson III
“The Fed increased its federal funds rate target by 50 basis points in May 2022 and looks set to follow with similar rate hikes in June and July. The price level data from April shows no anticipatory effects of the policy.” ~ William J. Luther
“Fickle complaints, unrealistic expectations, and perpetual irritation over trivial aspects of goods or services are a just reward for permitting entrepreneurial risk-taking, economic calculation, and markets to operate freely.” ~ Peter C. Earle
“It’s harder and harder to find good reporting, as the media is increasingly concerned with advancing a particular narrative, without concern for objectivity. Understanding it as gonzo journalism provides a helpful heuristic.” ~ Nikolai G. Wenzel
“When a recall or a shortage happens, parents would have far more options in a free market than in the current regulatory mess of cronyism and protectionism.” ~ Ryan Young
“If you do have a full breast of milk, consider donating or selling it to starving babies, though perhaps not directly as wet nurses did in the days of old. It is still legal, for now, even in often crazy California to sell your milk.” ~ Robert E. Wright
“With inflation raging at the highest rate in 40 years, it is time to reexamine the Fed’s legitimate responsibilities.” ~ Nicholas Curott & James McClure
“It seems safe to predict that the percentage of white-collar workers reporting to their workplace every day may never reach the levels of early 2020. After all, working and living in the same place is just natural.” ~ Eli Lehrer
“Weekly initial claims continue to trend slightly higher, but the low level still suggests a very tight labor market. The Russian invasion of Ukraine, lockdowns in China, sustained elevated price increases, and a new Fed tightening cycle remain risks to the outlook.” ~ Robert Hughes
“It’s not a ‘you keep buying it, we’ll make more’ situation because if it were that simple, the formula manufacturers would be happy to have that revenue. With no clearing in sight from the perfect storm of supply issues, consumers will continue to struggle.” ~ Aron Solomon
“As argued in principle by Madison, confining our country’s broad experiences with any issue or belief–in this case, gun legislation–to one sweeping federal action would miss the mark and create a great injustice to American federalism.” ~ David Gillette & Lauren Frazier
“Just like drinking, expansionary monetary policy can provide a temporary (or transitory) high at first (faster real output growth and reduced unemployment). However, the ill effects come later (in an inflation “hangover”).” ~ Gary M. Galles
“Perhaps it’s time for CTFK to return to the negotiating table to reduce the number of people who smoke by guaranteeing adults access to safer tobacco alternatives, including flavored vapor products.” ~ Kim Murray
“AIER’s Everyday Price Index rose again in April led by food prices. Sustained price pressures, a new Fed tightening cycle, the Russian invasion of Ukraine, and lockdowns in China are threats to the economic outlook.” ~ Robert Hughes
“These times of polarization pose real challenges to mass marketers. Companies such as Twitter and Disney offend the sensibilities of the mass market at their own peril. And their recent stock prices suggest they could do better.” ~ Clifford F. Thies
“Bitcoin, or cryptocurrency more generally, allows us to look at issues related to exchange, money, payments, and finance through a new lens.” ~ Joshua R. Hendrickson
“Show the other view’s drawbacks. But, please, do not call the other side nihilists. It is baseless. It misleads, and it is the sort of language that will contribute to already evident political dysfunction in the US.” ~ Randal Hendrickson
“Thomas Friedman declared in his 2005 book The World is Flat, that the world is flat. This “flattening” (or leveling of the playing field, as we might think of it) continues today in radically new ways that Friedman may not have imagined.” ~ Emile Phaneuf
“As the pandemic ends, there are plenty of frustrating examples of what went wrong. Let’s hope deregulation is remembered as an example of what went right.” ~ Raymond J. March
“It’s time to end mandate drift once and for all. We need qualified nominees who understand the proper role of monetary policy. Unfortunately, Dr. Cook falls short on both counts.” ~ Alexander William Salter
“It’s time the Fed accepts responsibility and moves decisively to curb inflation before the problem gets even worse. Volcker’s Fed whipped inflation, and Powell’s Fed can, too.” ~ Nicholas Curott & Tyler A. Watts
“Real progress in the U.S. K-12 system will take broad and aggressive reforms which can only be possible after we break the hold innovation’s enemies have on the education system.” ~ Don Parker
The Fed seems resolved to see inflation climb further. I expect FOMC members will revise up their projections of inflation again in June. They should revise their course of action, to bring inflation down as planned, instead.
“Across the world, Gladstein’s investigative journalism shows how Bitcoin is a tool for individuals and communities to protect their wealth and promote their well-being in the face of repressive regimes. It is a sobering perspective” ~ David Waugh
“New-home sales fell again in March as prices and mortgage rates continue to rise. Elevated prices and rising mortgage rates may further weaken demand, and combined with significant inventory, put downward pressure on prices.” ~ Robert Hughes
“Unfortunately for the administration, their politically-convenient supply-side stories explain far too little. Today’s inflation is primarily the result of excessive nominal spending, which the Fed could have and should have offset.” ~ William J. Luther
“OWS’s efforts to develop Covid-19 vaccines are often considered the crowning achievement of what went right. Unfortunately, I fear its benefits are exaggerated, and its costs are just beginning.” ~ Raymond J. March
“In four of the quotations, Lewis speaks of ‘the Tao.’ By that he means something like the universe, including its moral order, or perhaps the notion of a morally ordered universe.” ~ Daniel B. Klein
“Existing-home sales fell again in March, but supply remains very tight. Shifting housing preferences, record-high prices, and surging mortgage rates are likely to impact demand over the coming months and quarters.” ~ Robert Hughes
“In Tocqueville’s visit to America, he is struck by an ‘equality of conditions’—his approach to social capital. Perhaps we should pay more attention to the equality of values people hold dear. Public health is important, but so is personal freedom.” ~ Byron B. Carson III
“I would claim that the growth of platforms that allow peer-to-peer cooperation, and foster the low-cost commodification of excess capacity, are likely to change our relations to work, to ownership, and to each other.” ~ Michael Munger
“By offering bigger seats and more legroom, airlines are essentially asking if we’re ready to cover the cost of providing the additional comfort. When we choose cheaper, less comfortable economy class seats, we’re saying ‘No, thank you.’” ~ Art Carden
“AIER’s Everyday Price Index surged in March as upward price pressures continue. Global economic turmoil surrounding the Russian invasion of Ukraine and a new Fed tightening cycle are boosting uncertainty for the economy.” ~ Robert Hughes
“If antitrust actions go too far, it wouldn’t deliver us an era of perfect competition or vast choices. It would deny internet consumers of innovative options and stall the entrepreneurial forces that have allowed them to grow and provide value.” ~ Yaël Ossowski
“Under the classical liberal ideal, governments are formed to protect individual rights. Nothing could be further from this in Shanghai. A city of over 25 million people is being dehumanized because of a spike in largely asymptomatic COVID-19 cases.” ~ David Waugh
“Maybe America has hit rock bottom and the current travails will induce a return to limited government. Until then, though, I suggest that you remove the rocks from your own garden, and plant yourself some Liberty this spring, summer, and fall.” ~ Robert E. Wright
“The NCAA is a cartel, and acts like one. The new NIL rules are the start of something fairer and more honest. But it isn’t enough. Players should be paid for the value they create, same as everyone else.” ~ Ryan Young
“Despite the clamor of incorrect headlines, Russia’s embrace of gold amid awful circumstances remains a positive step. Gold is tangentially being utilized to make an existing money more sound.” ~ Peter C. Earle
“The proposal just gives more ammunition to the extreme left in the Democratic Party—Elizabeth Warren, Bernie Sanders, Alexandria Ocasio-Cortez, and their allies.” ~ Randall G. Holcombe
“Sensible deregulation worked for the airlines and their customers, is working for sex workers, and can work for America’s meat lovers too.” ~ Robert E. Wright
“In the long run, the money supply isn’t that important. But in the short- to medium-run, it’s pretty important. There are good reasons for the money supply to change.” ~ Alexander William Salter
“Soprano is no role model for classic liberals because he made a living by extracting economics rents by fraud and force. But he reminds Americans that they are individual human beings first, Americans second, and who really cares about the rest?” ~ Robert E. Wright
“The choices individuals make do not affect election outcomes. They make the choices that make them feel the best—and its difficult to say that by doing that, they are making bad choices.” ~ Randall G. Holcombe
“The problem in the South following emancipation wasn’t that blacks were unable to navigate a private property-based, market-oriented economy; but it was segregation, especially of the public schools, and Jim Crow laws in general.” ~ Clifford F. Thies
“Ironically, only in the United States and a few other relatively good places to live do people retain sufficient liberty to develop alternative governance systems capable of replacing existing ones, should that ever become necessary.” ~ Robert E. Wright
“The American public understands inflation and policymakers have a reasonable degree of control over it. When choosing a policy rule, we need humility first and foremost. Let’s stop asking the Fed for more than it can deliver.” ~ Alexander William Salter
“Vaping is shrouded in misinformation and more and more governments and regulatory agencies around the world are bringing the hammer down on vaping. It is doing immeasurable damage to public health and our most basic liberties.” ~ Jason Reed
“A spirit of tolerance is missing today that must be restored. Scientists and public officials will make mistakes—just ask Al Gore—but purging ideas from the public square is a sign of a dogmatic society, not a scientific one.” ~ Jon Miltimore
“From government bans to customers pouring it in gutters by the gallon, Americans are saying ‘nyet’ to Russian vodka, expressing their anger over the Kremlin’s unprovoked invasion of Ukraine.” ~ J. Mark Powell
“Pandemic deregulation’s most enduring benefit may prove to be exposing bogus rationales for rules benefitting one group of businesses over another at the expense or inconvenience of consumers.” ~ Daniel Sutter
“Sooner or later, absent substantially lowering government spending or raising taxes, interest payments will overwhelm the government’s budget. The situation might even be termed a sovereign debt crisis.” ~ Gerald P. Dwyer
"Fed Chair Jerome Powell's November statement killed the idea that inflation would be transitory. The most recent projections from the FOMC show how deeply that idea has been buried." ~ William J. Luther & Morgan Timmann
“With inflation now high and trending higher, with no end in sight, American workers, and their employers, need to bring COLAs back, arguably out of fairness to workers but really out of efficiency.” ~ Robert E. Wright
“Housing permits were off in February but remain at a solid level. Rising home prices and higher mortgage rates are strengthening headwinds for demand while elevated commodity costs remain a challenge for homebuilder profits.” ~ Robert Hughes
"A 'return to normal' requires abandoning all aspects of the 'new normal' and asserting a real normal. At long last governments are dropping mask mandates. Holdout employers must do the same." ~ Jon Sanders
“If we want to understand inflation, we need a framework to organize our thoughts. Economies are fiendishly complex; without a model that helps us focus on the relevant details, we’re lost in the woods.” ~ Alexander William Salter
“This development is significant because prominent policymakers rely on Piketty and Saez’s research to justify tax increases. These revisions must be taken into account by policymakers seeking to reduce inequality via tax policy.” ~ Amelia Janaskie & David Waugh
“Blaming big corporations for inflation no doubt serves the political interests of Sens. Warren and Sanders. But it is inconsistent with the available data. That is not surprising: It is inconsistent with standard monetary economics as well.” ~ Nicolás Cachanosky
“Not all higher ed dollars are created equal. Idaho’s legislators should create more incentives for the state’s students and colleges to excel instead of simply maintaining the institutional status quo.” ~ Stephen C. Miller & Jason Jewell
“There are several steps to go before the Federal Reserve starts selling assets to reduce the size of its balance sheet. That type of active tightening will probably not begin for a while.” ~ Thomas L. Hogan
“While a return to normal is welcome, if the driving force behind it is political polling and stakes for reelection, we should all pause and reflect on whether these people should be making such monumental decisions about our lives.” ~ David Waugh
“Conservatives honor their heritage, but when they look in the mirror they see a person, not a black person or a white person. But how does this work when you’re the only black person in a group?” ~ Clifford F. Thies
“Payrolls growth was strong again in February. While these results support a positive outlook for growth, geopolitical turmoil surrounding the Russian invasion of Ukraine has spurred a new wave of risks and potential disruptions to the global economy.” ~ Robert Hughes
“Perhaps the fact that life insurance actuaries are highly qualified independent analysts of mortality and regulated primarily at the state, not the national, level has made America’s PHOs reticent to encourage actuarial analysis.” ~ Robert E. Wright
"The Fed should acknowledge that the inflation problem is much worse than it thought when it sets its course of action and adjust course accordingly. More likely, it will stay the course—and inflation will continue to outpace its projections." ~ William J. Luther
“If you happen to be among the lucky few not vaporized in a nuclear strike launched by unknown perpetrators, you should immediately reestablish your fear of Covid-19, the virus of unknown origin. In the words of David Byrne, ‘Same as it ever was.'” ~ James R. Harrigan
“It would be far better that we insist on following Thomas Jefferson’s lead. While his predecessors, Washington and Adams, delivered their State of the Union addresses in person every year, Jefferson just sent letters to Congress.” ~ James R. Harrigan
“In an open market economy, the stock of resources will never be fixed. The size and contents of that stock will change over time and that change is appropriately reckoned to be a result of the economic system.” ~ Donald J. Boudreaux
“We can learn by looking at countries that have employed these strategies before. Inflation in the U.S. has been modest by Argentine standards. To keep it that way, the US must avoid repeating Argentina’s mistakes.” ~ Nicolás Cachanosky
“The Canadian truckers are reminding the world that liberty is as essential to the True North, Glorious and Free, as the silent winters from which Canada emerges stronger, better, and more beautiful every Spring.” ~ Mary Dawood Catlin
“The supposedly dedicated committed climate change activist will take a 9,100-mile flight from Wellington to Boston. Meanwhile, back in New Zealand, Kiwis continue to come out in droves to protest the Ardern-led self-siege policy.” ~ Jordan Schachtel
“As revealed through various documents well after OWS, we know the agreements limit vaccine developers not selected for OWS from expedited clinical trials and a transparent process for authorization.” ~ Raymond J. March
"When the FDA and other agencies curtail private efforts to battle Covid-19, including limiting the use of existing and established treatments, we place our trust in less capable hands." ~ Raymond J. March
“I chalk it up to wishful thinking. Fed officials were not yet willing to tighten monetary policy. They hoped inflation would get better on its own. It didn’t, and their projections underestimated inflation as a result.” ~ William J. Luther
"The only question left is: What kind of society do you want your children to inherit? The good times are over. The hard times are coming. We need strong people like Tricia Lindsay to remind us it’s time to get comfortable with being uncomfortable." ~ Max Borders
“Consumer sentiment fell again in early February and is now below the lows seen in four of the last six recessions. Consumers are concerned about rising prices, government policies, and long-term economic prospects.” ~ Robert Hughes
“The convoy protestors want freedom from senseless, unscientific Covid restrictions and mandates and freedom from a ruling class that ignores their own rules and treats everyday Canadians with derision and disrespect.” ~ Robert E. Wright
“From an economic perspective the decades-long organ shortage has a simple cause: paying organ donors is illegal. Price controls predictably produce shortages.” ~ Daniel Sutter
“When it comes to fiscal policy, we’re off the edge of the map. The typical stories told by unreconstructed Keynesians are clearly wrong. But that doesn’t mean we never need to worry about fiscal inflation.” ~ Alexander W. Salter
“The question as to whether the vaccine should be mandatory begins with economics. What economics clearly tells us is that, at its root, this question revolves around property rights.” ~ Antony Davies
"Over the years, millions of mothers and fathers have expressed their views by voting with their feet. And Census Bureau data plainly show that parents, when they have a choice, prefer not to have their kids educated in states where government union officials wield the most clout." ~ Stan Greer
“Crises end, but newly designated powers and increased budgets governments receive throughout seldom end with them. Instead, government power exhibits a ratchet effect, never diminishing to pre-crisis levels.” ~ Raymond J. March
"On February 1st 2022 the US national debt surpassed $30 Trillion for the first time - just as the Fed is preparing a hiking campaign. Political decisions to trade the future for the present tempt further assaults upon the ever-declining soundness of the US dollar." ~ Peter C. Earle
"The Fed already lost credibility by missing its stated inflation target, and the nomination of partisan actors such as Cook would further throttle its credibility. " ~ Phillip W. Magness & David Waugh
"Price controls are a bad idea. But support for them appears to be growing. They are a terrible tool for dealing with inflation. They make no effort to reduce nominal spending. And they exacerbate supply constraints." ~ William J. Luther
“At this stage, two things seem pretty clear: Inflation is high and will likely remain above target for a few years. My own view is that the FOMC is painting a rather rosy picture, and that market expectations provide a better guide for estimating inflation.” ~ William J. Luther
“Only a monetary policy geared to reduce inflation will be effective in reducing inflation. This is as true now as when the Federal Reserve lowered inflation in the early 1980s.” ~ Gerald P. Dwyer
“The answer to a stalled agenda isn’t tearing up the rule book and drawing a new one that suits you better. The answer is better policy. It’s not easy, but that’s the job Biden set out to do.” ~ Dan K. Eberhart
“The urgency to correct the country’s large public finances is likely to be heightened by a further widening in the trade deficit in 2022 as the consequence of a stronger dollar and the relative strength of the U.S. economy.” ~ Desmond Lachman
“New-home sales rose in December, but prices plunged, and months’ supply remains relatively high. Rising prices, higher mortgage rates, and continued inventory build may continue to weigh on price increases.” ~ Robert Hughes
“Words mean different things to different people, and their meanings change over time. How we define inflation is a matter of choice, but we must also recognize that choice reflects more fundamental beliefs about how the economy functions.” ~ Michael J. Douma
“Citizens and voters have less influence over public policy than a romantic notion of democracy would suggest. The political elite tells voters what to think, and they fall in line behind their leaders.” ~ Randall G. Holcombe
“Cars are superior to transit alternatives for the vast majority of individuals and circumstances. Policies which will punish the majority for whom driving remains far superior cannot effectively serve all residents’ interests.” ~ Gary M. Galles
“Billions of federal dollars have kept airports open and planes in the air with practically no airport layoffs when traffic was greatly depressed, producing enormous increased operations costs not borne by ticket prices.” ~ Colin McNickle
“You can’t give the lie the same credence as the truth or you will hide in false equivalence and fail the public. Even journalists I know who are socially and politically conservative are signing on to the idea that they must take a stand for the truth.” ~ Llewellyn King
“Adjustments of money prices are the easiest and most obvious way of causing each other to overlook goods’ and services’ non-monetary aspects that would otherwise reduce the amount of mutually advantageous exchange that occurs.” ~ Donald J. Boudreaux
“Art, music, religion, science, language, food, and more all evolve due to the cultural ebbs and flows of human inspiration. Ultimately, the process is not one of theft, but of admiration and respect, and should be treated as such.” ~ Daniel Asia
“Weekly initial claims for unemployment benefits rose to a two-month high, possibly impacted by the current surge in new Covid cases. Regardless, the labor market remains very tight.” ~ Robert Hughes
“Going forward, there should be less of a one-size-fits-all approach to such policy, as a more targeted bill would minimize waste of scarce resources, and curtail detrimental consequences, like inflation, to working-class Americans.” ~ Siddharth Gundapaneni
"The emails quickly made the rounds, and they reveal Fauci’s modus operandi. He speaks 'the science' to the public while working in private to stifle dissenting views." ~ David Waugh & James R. Harrigan
“If we want to argue deficits matter more conventionally, we’ll have to do some more theoretical heavy lifting. The usual aggregate demand stories we tell don’t cut it.” ~ Alexander William Salter
"America does not have the ‘luxury’ of waiting for governments to produce a housing revolution. Instead, by freeing real estate from the boot of urban planners, let’s create the conditions that allow people to thrive!" ~ Isadore Johnson
“Democratic proposals generally involve making the tax code even more complicated, with the Alternative Minimum Tax applying to increasing numbers of taxpayers, and increasing the demand for tax-planning.” ~ Clifford F. Thies
“May 2022 be the year we finally lean into law enforcement as a collaborative and complex undertaking that requires an investment in meaningful engagement.” ~ Rev. Markel Hutchins
“Job openings fell but quits surged to a record in November. Enticing people back into the workforce could help ease supply problems and reduce upward pressure on prices.” ~ Robert Hughes
“While an M.Ed. may look a lot more like an M.SJW. right now, the status quo does not have to be destiny. Education departments are not offering serious classes, but grassroots efforts can help fill the void.” ~ Garion Frankel
“Will the search for technological supremacy lead us to embrace China’s vision of governance by a technologically sophisticated bureaucracy, and what does that mean for individual rights and dignity?” ~ Todd Myers
“It is rarely prudent to assume that a central bank’s central planners can predict the future better than you can, or that they really know what they are doing and why.” ~ Alan Reynolds
“You may not find yourself worshiping at the altar of capitalism, but if you like iPhones, comparison shopping, and merit-based pay, you’re probably not a socialist.” ~ Albert Eisenberg
“The story of Harrison Bergeron should remind Americans that individuals can never achieve equity if the state is powerful enough to enforce equality of outcomes. Like the pigs in Animal Farm, the enforcers will always remain ‘more equal’ than the others.” ~ Robert E. Wright
“Asking the state to celebrate the holiday is no less hostile to freedom than is asking the state to prohibit its celebration. Christmas is, after all, a celebration. And the last thing anyone should want is the government showing up at the festivities.” ~ James R. Harrigan & Antony Davies
“It seems the Fed is not committed to hitting its average inflation target. Inflation will be transitory in the sense that the rate will eventually return to 2 percent. But the price level will likely remain elevated.” ~ William J. Luther
“Observing the expansion over the past two years of the biosecurity state, I detect enormous evil in what the vanguard of progressives incessantly works to do to liberal civilization.” ~ Donald J. Boudreaux
“There’s a part of me that wonders how anybody can use an iPhone to record herself and then share the recording with the entire world and not appreciate how tremendously better life is because of the advance of math, science and technology.” ~ Clifford F. Thies
“The threat of inflation has been apparent for some time now, but those who have the power to do something about it seem to have the attitude that it will go away on its own.” ~ Randall G. Holcombe
“To avoid groupthink and, worse still, bellyfeel, humans need to foster more creative, independent thought, not hackneyed beliefs possible only within the confines of a pinhole view of the world.” ~ Robert E. Wright
“The usefulness of supply and demand is most obvious in the case of microeconomics, which focuses on households and firms. But it’s just as handy for macroeconomics in studying economy-wide phenomena like growth and business cycles.” ~ Alexander William Salter
“AIER’s Everyday Price Index posted its 12th consecutive increase in November, pushing the 12-month gain to the highest since 2008. Shortages of supplies and materials, logistical and supply chain issues, and labor problems are sustaining upward price pressures. Recurring waves of new Covid cases will likely compound the difficulties.” ~ Robert Hughes
“The provisions of H.R. 3 being included in the BBBA will only make matters worse, fail to fix the underlying conditions that have distorted the marketplace, and devastate America’s robust and competitive biopharmaceutical marketplace.” ~ Elizabeth Wright
“In Warren’s home state of Massachusetts, policies blocking the expansion of natural gas pipelines have resulted in Russian LNG tankers in Boston Harbor bringing fuel to the Bay State.” ~ Chris Woodward
“There are better solutions to address this debt than pushing the burden into taxpayers through loan forgiveness schemes. Instead, policymakers should address the rapidly rising costs of college by closing the loopholes within Borrower to Defense Repayment.” ~ Elizabeth Hicks
“The ultimate goal of Democratic lawmakers is Medicare for All. It’s hard to imagine a model with higher costs. If they’re successful, crisis standards of care will become the norm all over the United States.” ~ Sally C. Pipes
“How long will we allow variants to be exploited to maintain a permanent Covidocracy? It’s time for this to end. We need to give this variant a new Greek alphabet name: Omega. As in ‘The last.'” ~ Michael S. Fumento
“The Fed’s recent asset purchases appear to have significantly expanded the money supply. But given the small changes in bank lending, it is not clear what their overall effects will be on inflation and the economy.” ~ Thomas L. Hogan
“The real question we ought to be asking is: what do we lose when a government decides on our behalf what is morally right, and then forces that decision on us all?” ~ David McGrogan
“Powell recommended ditching the term transitory. ‘We tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation,’ he told the Senate Committee. ‘I think it’s probably a good time to retire that word and try to explain more clearly what we mean.’” ~ William J. Luther
“It is one thing to recognize this challenge, as Zemmour does, but the question is what to do? Is it even possible to retreat into nationalism without cutting yourself off from the emerging global economy and society?” ~ Clifford F. Thies
“Today, instead of Aesop Fables, we have Government Fables. One of these Government Fables, College Debt Forgiveness, closely parallels the Ant and the Grasshopper but with a perverted moral.” ~ Michael Heberling
“To protect our free markets, we should not be giving government overreach that much more of a chance to succeed. That’s simply falling into the pro-government trap.” ~ Kir Nuthi
“Government control over supply chains would help make shortages permanent. Supply chains are too complex for anyone, including the managers of companies like Apple and Nike, to understand.” ~ Daniel Sutter
“Take a cue from Lincoln and appreciate the blessings that we do enjoy rather than pining for things we don’t. Take a cue from the best America has produced and say a prayer of thanks. Happy Thanksgiving.” ~ James R. Harrigan
“If we oversimplify inflation, we won’t know how to fight it, or whether we should fight it at all. Political responses to economic turmoil are bad enough without the additional complication of widespread misperceptions amongst the public.” ~ Alexander William Salter
“The problem is that we have already spent hundreds of billions of dollars on programs to end poverty, and yet there is still….poverty.” ~ Michael C. Munger
“The PWG’s worries for the safety of stablecoin users are most applicable to one set of stablecoins: the set including USD Coin and Tether. A ‘banks-only’ model may be an improvement for some stablecoins, but it certainly isn’t the only way to ensure stablecoins are safe.” ~ J.P. Koning
“Retail sales rose in October, hitting a new record high. Resilient consumer spending is a positive for the outlook but also sustains upward pressure on prices.” – Robert Hughes
“Environmental activists call it a ‘methane fee.’ The energy industry calls it a ‘natural gas tax.’ Either way, energy consumers are likely to feel the effects in their pocketbooks.” ~ Chris Woodward
“Freedom of choice is wonderful, and democracy – properly understood and constrained – can be a blessing. But democracy becomes a heinous curse when its ethos is reduced to nothing more than the belief that the majority is free to choose whatever it fancies.” ~ Donald J. Boudreaux
“Although Democrats are on the offense, Republicans were wildly irresponsible when they last held the majority. Watching the Democrats this year gives new meaning to the joke line, ‘I’m from the government and I’m here to help you.’ Remember Sen. Murray.” ~ Doug Bandow
“We, the consumers, will be partners in the electric future, managing our own uses and supporting the grid with our electric cars and trucks. That is Mansoor’s achievable vision.” ~ Llewellyn King
“With huge budget deficits, all it would take would be some future crisis for this tax to look like a good option to policy makers. And once the rich are subject to the tax, you will be next.” ~ Randall G. Holcombe
“Considering the FDA regulates nearly 40 percent of all consumer products, its recent actions are a strong cause for concern. As a health economist, I’ll be monitoring the situation closely.” ~ Raymond J. March
“Production requires real work, not government make-work jobs. By diverting millions out of productive private sector jobs, the MMT jobs guarantee seems guaranteed to impoverish America.” ~ Daniel J. Sutter
“When one takes the time to consider the multiple dimensions of what constitutes human well-being just as Crafts did, it is hard not to engage in hyperboles such as ‘We are infinitely better off than our close ancestors.'” ~ Vincent Geloso
“Payrolls posted a robust gain in October as fading new Covid cases supported a reacceleration of economic activity. The outlook is for continued recovery despite elevated price pressures.” – Robert Hughes
“Heading down to the bar for a celebratory drink–it was a great conference–I thought to myself: ‘If that is the depth of common understanding, and the full extent of their imagination: how is any of the morass the world is descending into surprising?'” ~ Peter C. Earle
“Booker T. Washington would surely have seen through the false flag effort to demonize the Virginia Governor candidate offering the best hope for blacks, as a racist. Virginia voters, as well as the rest of us, would benefit by being as observant on that score as Washington was.” ~ Gary M. Galles
“Not every failure of government-funded science is as pervasive as the high-carb diet, as ghastly as the lobotomy, or as controversial as gain of function experiments. But the risk remains as long as the government remains a major funding source for research.” ~ Raymond J. March
“Since no other developed country taxes wealth in the aggressive way that the Democrats are proposing, passage of their proposed tax would result in a massive flight of human and financial capital out of the United States.” ~ John Tamny
“Consumer attitudes recovered slightly as new Covid cases decline, supporting a more positive economic outlook. However, the psychology of rising inflation expectations remains a threat.” – Robert Hughes
“That big bankers and their government toadies continue to play the public for suckers is abhorrent. That’s especially true as, on one hand, they tout all the ‘public benefits’ of their projects as their other hand turns out taxpayer pockets.” ~ Colin McNickle
“Apparently, when it comes to maintaining peaceful relations with all, as Adam Smith, Alexander Hamilton, and scads of other political economists have advised, Uncle Sam has only one thing to say: Why bother?” ~ Robert E. Wright
“Our decisions on semantics express broader moral and political sensibilities. On my semantics, the revolutions of 1848 were not liberal. Nor, overall, was the revolution of 1789. As Edmund Burke put it in 1790: ‘Their liberty is not liberal.'” ~ Daniel B. Klein
“The Biden Administration should immediately suspend the Jones Act, at least until the shipping backlog is remedied. That, instead of coddling special interests wielding ludicrous (and arguably long out-of-date) arguments, would be a true ‘gamechanger.'” ~ Peter C. Earle
“Were the world to experience a new economic downturn, there is a great possibility that this lack of consumer use will show the current valuation of Bitcoin to have been a bubble. If this happens, a lot of retail investors will suffer.” ~ Benjamin Juhlin
“Housing activity continues to recede from the late 2020 surge but remains brisk. Rising home prices and mortgage rates will work to ease demand while secular shifts in housing preferences due to new remote work options may provide some support.” – Robert Hughes
“The problems expressed in political shutdown posturing, and battles arising from government failure to perform duties it has arrogated to itself, provide no endorsement for placing even more power over us into government hands.” ~ Gary M. Galles
“The blow-up between two of Europe’s most illustrious intellectuals was an affaire célèbre throughout Europe at the time. The two protagonists could not have disagreed more in their moral and political tendencies and influence.” ~ Daniel B. Klein
“The tradeoffs of pandemic policies were apparent early on, and now include mounting levels of fraud, theft, and violence. Although it is unlikely, hopefully that revelation will inform future policy choices.” ~ Peter C. Earle
“Let’s keep our eye on the supply side. We should be making every effort, policy-wise, to ease restrictions on production and exchange. That will help both in the short run and the long run.” ~ Alexander W. Salter
“Pennsylvania’s updated ‘climate action plan,’ as were all previous plans, is a recipe for economic disaster and society’s mutual demise. Never has such ‘forward thinking’ been so utterly backward and ignorant.” ~ Colin McNickle
“Those denying any risk that inflation will remain above target or confidently predicting that 4 percent inflation will be the new normal, are not within the range of reasonable. They are rightly ridiculed.” ~ William J. Luther
“There are many good economists who work for the IMF and they often produce high-quality research. Sadly, their sensible analysis doesn’t seem to have any impact on the decisions of the organization’s top bureaucrats.” ~ Daniel J. Mitchell
“Now, despite nominally battling each other on many issues, on one issue Democrats and Republicans stand united: their bipartisan hostility to free trade.” ~ Raymond C. Niles
“Payrolls posted another disappointing gain in September though breadth of gains in the private sector was favorable. The outlook is for continued recovery but the threats and headwinds to growth remain significant.” – Robert Hughes
“SALT deductibility suffers from several policy disabilities. If state and local governments benefit their citizens, they offer them more valuable services than costs, so no deductibility is warranted.” ~ Gary M. Galles
“If public health officials want to change behavior, they need to start treating unvaccinated Americans with respect. Adopt consistent, transparent, respectful, and persuasive messaging. Give unvaccinated Americans the facts and let them choose for themselves.” ~ Jeffrey A. Singer & Michael F. Cannon
“The world will never be completely free of bigotry, bad weather, and 97 other problems but at least taxpayers can stop paying through the nose to make them worse.” ~ Robert E. Wright
“Federal spending is out of control. Politicians know it and they know that they can’t stop it. A day of reckoning is coming. Politicians hope that we’ll keep pointing fingers at the rich so we don’t notice who the real culprits are.” ~ Antony Davies
“Having persistently undershot its inflation target for nearly a decade, the Fed now looks poised to err in the opposite direction.” ~ William J. Luther
“The truth is that no country ever got out of poverty because of income redistribution. If such ‘redistribution’ could deliver such a happy outcome, the U.S. should have no child poverty at all.” ~ Veronique de Rugy
“Let’s hope that Chinese government officials prove wiser than American politicians, pundits, and economists who to this day think 2008 was caused by the failure of a few financial institutions. This wholly mistaken view remains the only ‘systemic risk’ in the ‘system’ that is the U.S. economy.” ~ John Tamny