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Do we have to watch this wretched movie all over again?

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Why do I feel that I have seen this movie before?

I would like to think that learning is cumulative. But I’m beginning to think that, every generation or two, people need to learn all over again the lessons that have unaccountably been forgotten or tossed aside.

The elderly among us can see this unfolding, even as young people insist that they are experiencing things never before experienced by human beings and that this time will be different.

Let’s take it issue by issue:

* Inflation. The Consumer Price Index for June rose on an annual basis before seasonal adjustment by 5.4%. That’s higher than in May, suggesting that inflation is accelerating. It is far above the 2% annual rate, which is the professed goal of the Federal Reserve. Treasury Secretary (and former Fed Chairwoman) Janet Yellen insists that the jumps in prices are just temporary adjustments to the COVID economy, although she’s extended the period for adjustments, and current Fed Chairman Jerome Powell says he’s not worried and will keep interest rates low.

They’ve got the bond market on their side. But those expressing alarm include not only the Wall Street........

© Washington Examiner

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