to the trend line. But because of the Federal Reserve's operation, it produced all of this excessive inflation, which had a devastating impact. And so the economy has been left in a very difficult position. If you look at the real average weekly earnings over the full time hourly and salary people, which is about 120 million people in the last 14 quarters of the expansion, there's been a decline in the one and a half percent annual rate. That's the average. But within that average, you've got some skew at the very high end. There was excellent performance. And so the high inflation has just really had a terribly debilitating effect on the vast majority of our people, which it always does. In fact, there was a pre-Adam Smith economist by the name of Richard Camelot that understood that when you have rapid monetary growth, you get excessive inflation, a damaging impact on more moderate income people, which exacerbate the income and wealth of us, which is what the pandemic did. And we're (28/41)
You are viewing a single comment's thread from: