{"id":281758,"date":"2021-06-23T16:50:00","date_gmt":"2021-06-23T13:50:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/peter-morici-powell-and-the-fed-are-enabling-the-biden-inflation\/"},"modified":"2021-06-23T16:50:00","modified_gmt":"2021-06-23T13:50:00","slug":"peter-morici-powell-and-the-fed-are-enabling-the-biden-inflation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/peter-morici-powell-and-the-fed-are-enabling-the-biden-inflation\/","title":{"rendered":"#Peter Morici: Powell and the Fed are enabling the Biden inflation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dd28eab60c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dd28eab60c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powell-and-the-fed-are-enabling-the-biden-inflation\/#Huge_increase_in_federal_deficits_in_next_few_years_will_bring_back_inflation_with_a_bang\" >Huge increase in federal deficits in next few years will bring back inflation with a bang<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powell-and-the-fed-are-enabling-the-biden-inflation\/#Demand_outstripping_supply\" >Demand outstripping supply<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powell-and-the-fed-are-enabling-the-biden-inflation\/#Federal_deficits_are_projected_by_the_Biden_administration_to_decline_slowly_and_to_remain_near_5_of_gross_domestic_product_for_the_rest_of_the_decade\" >Federal deficits are projected by the Biden administration to decline slowly and to remain near 5% of gross domestic product for the rest of the decade.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powell-and-the-fed-are-enabling-the-biden-inflation\/#Fed_miscalculations\" >Fed miscalculations<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-morici-powell-and-the-fed-are-enabling-the-biden-inflation\/#Peter_Morici\" >Peter Morici<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Peter Morici: Powell and the Fed are enabling the Biden inflation<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Huge_increase_in_federal_deficits_in_next_few_years_will_bring_back_inflation_with_a_bang\"><\/span>\n  Huge increase in federal deficits in next few years will bring back inflation with a bang<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000313800\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000313800\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p>\n<p> President Joe Biden\u2019s budget deficits threaten to ignite the kind of inflation that followed the Vietnam War and Great Society, and Federal Reserve Chairman Jerome Powell <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears content to enable him.<\/p>\n<p>The president inherited most pieces for a robust recovery.<\/p>\n<div class=\"paywall\">\n       The\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.foxbusiness.com\/economy\/us-spending-on-covid-relief-poised-to-hit-6t\" class=\"icon none\">$4 trillion in COVID relief enacted through December<\/a>\u00a0closed the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.crfb.org\/blogs\/america-faces-380-billion-output-gap\" class=\"icon none\">gap between aggregate demand and potential GDP in February to $380 billion<\/a>.\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/thehill.com\/policy\/finance\/544188-larry-summers-blasts-least-responsible-economic-policy-in-40-years?rl=1\" class=\"icon none\">Ignoring warnings about the potential to overheat the economy<\/a>, the March\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/american-rescue-plan\/\" class=\"icon none\">American Rescue Plan<\/a>\u00a0sent state governments, small businesses, the unemployed and others $1.9 trillion in additional stimulus\u2014five times the output gap.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Demand_outstripping_supply\"><\/span>Demand outstripping supply<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Americans are now spending more than global factories can provide, bottlenecks abound on everything from copper to\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2021-05-12-gartner-says-global-chip-shortage-expected-to-persist-until-second-quarter-of-2022\" class=\"icon none\">computer chips<\/a>\u00a0and\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/spoonuniversity.com\/place\/japan-potato-shortage-is-causing-a-potato-chip-price-crisis\" class=\"icon none\">potato chips<\/a>\u2014and prices are jumping.<\/p>\n<p>See MarketWatch\u2019s complete coverage of inflation.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-28\/powell-waves-inflation-worries-away-as-fed-holds-rates-near-zero\" class=\"icon none\">Powell<\/a>\u00a0has been telling us that inflation expectations in financial markets are not building but that only indicates he\u2019s persuaded\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fred.stlouisfed.org\/series\/T5YIFR\" class=\"icon none\">bond buyers<\/a>, not\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/graphics\/opinion-authers-inflation-tracker\/\" class=\"icon none\">business leaders<\/a>\u00a0or\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/the-rise-of-inflation-expectations-11621195245\" class=\"icon none\">consumers<\/a>,\u00a0who are bidding up prices for\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fred.stlouisfed.org\/series\/HOSMEDUSM052N\" class=\"icon none\">homes<\/a>\u00a0and everyday items.<\/p>\n<div data-layout=\"header\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaVideo\n            header\n  article__inset\n          article__inset--type-InsetMediaVideo\n            article__inset--header\n  \"><\/p>\n<figure class=\"media-object-video article__inset__video media-object-video--standard\">\n<div class=\"wsj-media-summary clearfix\">\n<div class=\"strap-container\">\n<h4 class=\"strap\" itemprop=\"description\">\n<\/h4><\/div>\n<\/p><\/div>\n<div class=\"video-container article__inset__video__player\" id=\"http:\/\/www.marketwatch.com\/news\/6C5042B0-56D4-4537-A128-EA2D2F7C19BB\" data-src=\"http:\/\/www.marketwatch.com\/news\/6C5042B0-56D4-4537-A128-EA2D2F7C19BB\" data-format=\"standard\" data-esplash=\"\" data-msplash=\"\" data-suppressheadline=\"\" data-verticalstill=\"\">\n  <\/div><figcaption class=\"wsj-article-caption article__inset__video__caption\">\n          Rising costs for everyday foods like bacon and fruit have raised concerns about inflation. Here\u2019s why you may be paying more for breakfast, and what that says about where prices might be heading in the future. Photo: Carter McCall\/WSJ<br \/>\n        <\/figcaption><\/figure>\n<\/div>\n<p>       Components associated with the reopening of the economy\u2014for example,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2021-06-11\/what-s-happening-in-the-world-economy-powell-persuades-wall-street-on-fed\" class=\"icon none\">car rentals, lodging, airfares and restaurants<\/a>\u2014accounted for about half of the recent jump in the consumer price index. But during the Great Inflation of the 1970s, Fed Chairman\u00a0Arthur Burns discounted jumps in a succession of items as temporary or one-offs\u00a0until finally, it was conceded high inflation was a permanent feature of the landscape.<\/p>\n<p>Suppose Biden stuck $100 vouchers\u2014printed by Powell\u2014for takeout food under the windshield wipers of every car parked in Ocean City, Md., every week during the summer season. Do you suppose the prices for hamburgers and pizza at the seaside resort would rocket?<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:53.75%;\" data-mobile-ratio=\"53.75%\" data-layout-ratio=\"53.75%\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-358095?width=140&amp;size=1.8604651162790697 140w,\nhttps:\/\/images.mktw.net\/im-358095?width=540&amp;size=1.8604651162790697 540w,\nhttps:\/\/images.mktw.net\/im-358095?width=620&amp;size=1.8604651162790697 620w,\nhttps:\/\/images.mktw.net\/im-358095?width=700&amp;size=1.8604651162790697 700w,\nhttps:\/\/images.mktw.net\/im-358095?width=860&amp;size=1.8604651162790697 860w,\nhttps:\/\/images.mktw.net\/im-358095?width=1260&amp;size=1.8604651162790697 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-358095?width=620&amp;size=1.8604651162790697\" data-enlarge=\"https:\/\/images.mktw.net\/im-358095?width=1260&amp;size=1.8604651162790697\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"Federal_deficits_are_projected_by_the_Biden_administration_to_decline_slowly_and_to_remain_near_5_of_gross_domestic_product_for_the_rest_of_the_decade\"><\/span>Federal deficits are projected by the Biden administration to decline slowly and to remain near 5% of gross domestic product for the rest of the decade.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/figcaption><\/figure>\n<\/div>\n<p>       Now Biden would like to add to aggregate demand with his\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/biden-budget-plan-fiscal-2022-11622169489?mod=hp_lead_pos1\" class=\"icon none\">$6 trillion 2022 budget<\/a>, and Powell is supporting him by keeping interest rates at depression levels and printing money to purchase about\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/monetary20210428a1.pdf\" class=\"icon none\">$1.4 trillion in government and mortgage-backed securities this year<\/a>.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Is it any wonder that prices for homes are jumping out of sight and beyond the reach of many\u00a0first-time buyers\u00a0and especially working-class Americans, minorities and single mothers?<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Fed_miscalculations\"><\/span>Fed miscalculations<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Biden is proposing the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/biden-is-the-6-trillion-man-11622241749?mod=hp_opin_pos_1\" class=\"icon none\">biggest budget outlays since World War II<\/a>\u00a0even though the U.S. economy by this summer will have made up all the lost growth imposed by the COVID recession.<\/p>\n<p>We have had\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.piie.com\/blogs\/realtime-economic-issues-watch\/inflation-fears-and-biden-stimulus-look-korean-war-not-vietnam\" class=\"icon none\">two significant bouts with high inflation since World War II<\/a>. The jolt caused by the Korean War proved temporary as budget restraint resumed with the end of the conflict. The Great Inflation was ignited by the combination of the Vietnam War and Great Society spending during the Johnson administration and accelerated by the oil crises of the 1970s.<\/p>\n<p>During those years, Fed Chairmen Burns and William Miller made policy that was\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/econres\/feds\/monetary-policy-rules-macroeconomic-stability-and-inflation-a-view-from-the-trenches.htm\" class=\"icon none\">grounded in overestimates of potential GDP and employment and the output gap<\/a>. At his most recent press conference, Powell\u2019s expression of optimism about the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-16\/fed-holds-rates-at-zero-projects-two-hikes-by-the-end-of-2023\" class=\"icon none\">future elasticity of labor supply may reflect a similar miscalculation<\/a>.<\/p>\n<p>Also, Burns was\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2021-05-27\/inflation-watch-will-1970s-history-repeat-itself?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=210527&amp;utm_campaign=sharetheview\" class=\"icon none\">skeptical about the potency of monetary policy to curb inflation<\/a>\u00a0and inflation gradually ratcheted to double digits from 1979 to 1981.<\/p>\n<p>Even with millions of workers still displaced by COVID, the economy is again\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-27\/u-s-companies-bump-up-prices-on-supply-squeeze-and-demand-boom\" class=\"icon none\">bumping up against capacity limits<\/a>\u00a0and\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/surprise-jump-in-us-wages-gives-inflation-debate-a-new-twist\/ar-AAKRvvp\" class=\"icon none\">skilled labor shortages<\/a>. Meanwhile, changes in what Americans buy, how they shop and hybrid work patterns have made many jobs in service activities and much commercial real estate in big cities obsolete.<\/p>\n<p>Now Biden is proposing a federal budget with deficits\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-28\/biden-budget-calls-for-spending-surge-fueled-by-higher-taxes?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=210529&amp;utm_campaign=bop\" class=\"icon none\">exceeding<\/a>\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/business\/2021\/05\/28\/biden-budget-deficits\/\" class=\"icon none\">$1.3 trillion<\/a>\u00a0a year indefinitely. A responsible budget would instead more narrowly focus on shoring up infrastructure, boosting <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> industries, and training workers permanently displaced by COVID.<\/p>\n<p>To meet the shortage of workers with digital skills, Levi Strauss<br \/>\n        LEVI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204763189\/composite\" class=\"positive\">+0.84%<\/bg-quote><br \/>\n       <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/retailers-try-to-solve-labor-imbalances-by-reskilling-staff-11621157407\" class=\"icon none\">is retraining<\/a> retail employees with an intensive two-month program in\u00a0statistics, coding, neural networks and other machine-learning techniques.\u00a0Biden should leverage such private-sector efforts with support and relocation assistance for workers displaced by the pandemic.<\/p>\n<p>Powell should stop enabling reckless federal spending by ending rock-bottom interest rates<br \/>\n        FF00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210002368\/delayed\" class=\"\"><\/bg-quote><br \/>\n       and phasing-out the monetization of new federal debt with purchases of Treasuries<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">1.483%<\/bg-quote><br \/>\n       and mortgage-backed securities. But that would put Powell out of step with the Treasury secretary and White House economic advisers who likely hold the strings on whether Biden nominates him for a second term.<\/p>\n<p>We need better economics at the Fed but most of all we need more backbone\u2014not a lawyer arguing the president\u2019s case for big deficits.<\/p>\n<p><em><strong>Peter\u00a0Morici\u00a0is an economist and emeritus business professor at the University of Maryland, and a national columnist.<\/strong><\/em><\/p>\n<p><strong>More on inflation: <\/strong><\/p>\n<p><strong>Robert Powell:<\/strong> Do retirees need to be worried about inflation?<\/p>\n<p><strong>Rex Nutting: <\/strong>Here\u2019s why higher prices for car rentals, airfares and blouses won\u2019t lead to higher inflation<\/p>\n<p><strong>Stephen Roach:<\/strong> The ghost of Arthur Burns haunts a complacent Federal Reserve that\u2019s pouring fuel on the fires of inflation<\/p>\n<p><strong>Joseph Stiglitz:<\/strong> The fear of inflation is a red herring designed to distract us from the need for policies to reduce inequality<\/p>\n<p><strong>James K. Galbraith: <\/strong>Here\u2019s why fears of surging inflation are off-base<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Peter Morici\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Peter_Morici\"><\/span>Peter Morici<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-74C9-C8B589D28656%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Peter Morici: Powell and the Fed are enabling the Biden inflation&#8221; Huge increase in federal deficits in next few years will bring back inflation with a bang President Joe Biden\u2019s budget deficits threaten to ignite the kind of inflation that followed the Vietnam War and Great Society, and Federal Reserve Chairman Jerome Powell appears content&#8230;<\/p>\n","protected":false},"author":1,"featured_media":281759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-281758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/281758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=281758"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/281758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/281759"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=281758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=281758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=281758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}