Hey K, another example of what your sick, twisted Party is doing to America. Catholic school children killed by your Party's newest pet, The Trans Loons:
I am not an economist, but I know what I don’t know and understand, which is a lot in the field of economics.
However, I think I do know this much—we cannot trust Fix News to be objective and impartial any more than, according to you, we can trust what you call the New York Slimes.
And so, when I read an article by Peter Navarro, embedded with videos from other Trump whisperers and acolytes like Sean Hannity, I am naturally mistrustful. For now, I would just make two points.
First, I have read Jerome Powell’s Jackson Hole speech. Navarro says that “Federal Reserve Chairman Jay Powell finally – and grudgingly – admitted what the Trump team has been saying all along: tariffs don’t fuel inflation. At most, tariffs create a one-time adjustment in prices, not the kind of runaway spiral that demands punishing rate hikes.” This is a significant misrepresentation of what Powell said. This is what Powell actually said:
“Turning to inflation, higher tariffs have begun to push up prices in some categories of goods. Estimates based on the latest available data indicate that total PCE prices rose 2.6 percent over the 12 months ending in July. Excluding the volatile food and energy categories, core PCE prices rose 2.9 percent, above their level a year ago. Within core, prices of goods increased 1.1 percent over the past 12 months, a notable shift from the modest decline seen over the course of 2024. In contrast, housing services inflation remains on a downward trend, and nonhousing services inflation is still running at a level a bit above what has been historically consistent with 2 percent inflation (figure 4).
The effects of tariffs on consumer prices are now clearly visible. We expect those effects to accumulate over coming months, with high uncertainty about timing and amounts. The question that matters for monetary policy is whether these price increases are likely to materially raise the risk of an ongoing inflation problem. A reasonable base case is that the effects will be relatively short lived—a one-time shift in the price level. Of course, "one-time" does not mean "all at once." It will continue to take time for tariff increases to work their way through supply chains and distribution networks. Moreover, tariff rates continue to evolve, potentially prolonging the adjustment process.
It is also possible, however, that the upward pressure on prices from tariffs could spur a more lasting inflation dynamic, and that is a risk to be assessed and managed. One possibility is that workers, who see their real incomes decline because of higher prices, demand and get higher wages from employers, setting off adverse wage–price dynamics. Given that the labor market is not particularly tight and faces increasing downside risks, that outcome does not seem likely.
Another possibility is that inflation expectations could move up, dragging actual inflation with them. Inflation has been above our target for more than four years and remains a prominent concern for households and businesses. Measures of longer-term inflation expectations, however, as reflected in market- and survey-based measures, appear to remain well anchored and consistent with our longer-run inflation objective of 2 percent.
Of course, we cannot take the stability of inflation expectations for granted. Come what may, we will not allow a one-time increase in the price level to become an ongoing inflation problem.”
In short, although ‘[a] reasonable base case is that the effects will be relatively short lived—a one-time shift in the price level,’ Powell hedged that concession with several qualifications regarding the potential risks of longer-term inflation, stating that ‘[i]t is also possible, however, that the upward pressure on prices from tariffs could spur a more lasting inflation dynamic, and that is a risk to be assessed and managed.’”
Second, in an environment where everyone now understands that if you don’t say what the Great Leader wants you to say, you will be fired like the former Commissioner of the Bureau of Labor Statistics, can we trust anything that those who serve at Trump’s whim might say? For example, can we trust the 3% GDP growth figure for the second quarter announced by the Commerce Department and touted by Hannity? And even if we can trust it, perhaps this figure too should be hedged around with significant qualifications. See, e.g.,
In any event, I hope you are beginning to see the consequences for facts and truth of living in the Orwellian world created by Trump and his minions.
And to reiterate what I have said so many times before on this Blog—I am not claiming the Democrats are paragons of honesty. What I am saying is that, as Catholics, we should insist on a respect for facts and truth from everyone and not enable those who would manipulate us by their lies and deceit.
6 comments:
Hehehe....
LOL
K, this will ruin your day! Another delusion burst!
https://www.foxnews.com/opinion/what-fed-must-do-now-after-jerome-powells-jackson-hole-epiphany
Hey K, another example of what your sick, twisted Party is doing to America. Catholic school children killed by your Party's newest pet, The Trans Loons:
https://www.thegatewaypundit.com/2025/08/pure-evil-potential-trans-minneapolis-catholic-school-shooter/
Have you no decency, have you no shame?
TJM:
I am not an economist, but I know what I don’t know and understand, which is a lot in the field of economics.
However, I think I do know this much—we cannot trust Fix News to be objective and impartial any more than, according to you, we can trust what you call the New York Slimes.
And so, when I read an article by Peter Navarro, embedded with videos from other Trump whisperers and acolytes like Sean Hannity, I am naturally mistrustful. For now, I would just make two points.
First, I have read Jerome Powell’s Jackson Hole speech. Navarro says that “Federal Reserve Chairman Jay Powell finally – and grudgingly – admitted what the Trump team has been saying all along: tariffs don’t fuel inflation. At most, tariffs create a one-time adjustment in prices, not the kind of runaway spiral that demands punishing rate hikes.” This is a significant misrepresentation of what Powell said. This is what Powell actually said:
“Turning to inflation, higher tariffs have begun to push up prices in some categories of goods. Estimates based on the latest available data indicate that total PCE prices rose 2.6 percent over the 12 months ending in July. Excluding the volatile food and energy categories, core PCE prices rose 2.9 percent, above their level a year ago. Within core, prices of goods increased 1.1 percent over the past 12 months, a notable shift from the modest decline seen over the course of 2024. In contrast, housing services inflation remains on a downward trend, and nonhousing services inflation is still running at a level a bit above what has been historically consistent with 2 percent inflation (figure 4).
The effects of tariffs on consumer prices are now clearly visible. We expect those effects to accumulate over coming months, with high uncertainty about timing and amounts. The question that matters for monetary policy is whether these price increases are likely to materially raise the risk of an ongoing inflation problem. A reasonable base case is that the effects will be relatively short lived—a one-time shift in the price level. Of course, "one-time" does not mean "all at once." It will continue to take time for tariff increases to work their way through supply chains and distribution networks. Moreover, tariff rates continue to evolve, potentially prolonging the adjustment process.
It is also possible, however, that the upward pressure on prices from tariffs could spur a more lasting inflation dynamic, and that is a risk to be assessed and managed. One possibility is that workers, who see their real incomes decline because of higher prices, demand and get higher wages from employers, setting off adverse wage–price dynamics. Given that the labor market is not particularly tight and faces increasing downside risks, that outcome does not seem likely.
Another possibility is that inflation expectations could move up, dragging actual inflation with them. Inflation has been above our target for more than four years and remains a prominent concern for households and businesses. Measures of longer-term inflation expectations, however, as reflected in market- and survey-based measures, appear to remain well anchored and consistent with our longer-run inflation objective of 2 percent.
Of course, we cannot take the stability of inflation expectations for granted. Come what may, we will not allow a one-time increase in the price level to become an ongoing inflation problem.”
In short, although ‘[a] reasonable base case is that the effects will be relatively short lived—a one-time shift in the price level,’ Powell hedged that concession with several qualifications regarding the potential risks of longer-term inflation, stating that ‘[i]t is also possible, however, that the upward pressure on prices from tariffs could spur a more lasting inflation dynamic, and that is a risk to be assessed and managed.’”
[continued]
Second, in an environment where everyone now understands that if you don’t say what the Great Leader wants you to say, you will be fired like the former Commissioner of the Bureau of Labor Statistics, can we trust anything that those who serve at Trump’s whim might say? For example, can we trust the 3% GDP growth figure for the second quarter announced by the Commerce Department and touted by Hannity? And even if we can trust it, perhaps this figure too should be hedged around with significant qualifications. See, e.g.,
https://www.cbsnews.com/news/gdp-report-second-quarter-2025-commerce-department/
In any event, I hope you are beginning to see the consequences for facts and truth of living in the Orwellian world created by Trump and his minions.
And to reiterate what I have said so many times before on this Blog—I am not claiming the Democrats are paragons of honesty. What I am saying is that, as Catholics, we should insist on a respect for facts and truth from everyone and not enable those who would manipulate us by their lies and deceit.
Mark J.
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