God, I love paying high prices at the supermarket, don’t you? I walk outside with a bag of basics that cost approximately 500% more than they did a few years ago and it makes me feel so optimistic about life. What a wonderful thing to live in the US – the world’s richest superpower – and witness food, electricity and housing become luxury items.

Donald Trump’s chief economic adviser, Kevin Hassett, knows what I mean. On Sunday Hassett went on Fox News to inform the US public that high prices are good, actually. Trust him – he’s an economist. Yes, it’s true that last month the University of Michigan’s consumer........

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