For all the positive talk, Americans are piling on more debt just as real wages are falling, job losses are mounting, and debt costs are rising. Thanks, Fed!
A serious political discussion at the federal level would center on structural problems of war and peace, debt and the dollar, and entitlements. But America in 2022 is a deeply unserious country.
Federal Reserve officials, for all of their alleged wisdom and education, have a knowledge problem. Hayek and other Austrians could have told them their grandiose plans will fail.
Supporters of US microchip policy against China claim the policy is "strategic," but in reality, it is old-fashioned protectionism with all the usual economic damage.
The whole system of priorities, allocations, quotas, and licenses causes endless delays, keeps efficient concerns from expanding, and keeps inefficient concerns in business.
