“I leave aside the deeper concern that the primary role of mainstream economics in our society is to provide an apologetics for a criminally oppressive, unsustainable, and unjust social order.” WallStreet Journal, October 14, 2021
So Federal Reserve bigwigs admit that our nation is crumbling due to criminal acts by our elite and anti-societal groups. Wow, where have they been?
Talk about inflation: Real hourly earnings are down 1.9% since January when Joe Biden became President. What the progressive government giveth in transfer payments, it taketh in higher prices and real wage declines.
The article continues: “Mainstream economics is replete with ideas that ‘everyone knows’ to be true, but that are actually arrant nonsense.” That’s not a pundit’s tweet or an academic’s blog post. It’s the opening line of a research paper released by the Vatican of mainstream economics, the Federal Reserve.
Staff economist Jeremy Rudd’s paper focuses on a purported flaw in the Fed’s sanguine outlook for inflation. But his critique extends to the entirety of the field, accusing economists of routinely making assumptions because they suit their models and theories, not because they fit the facts. Nowadays, the populist right and the progressive left regularly attack economists as tone-deaf elitists dressing up free-market dogma as science. In a decidedly uncentral bankerly footnote, Mr. Rudd hints he may agree.”