Inflation in Spain hit 9.8% this month and it expected to have run above 7% in the bloc's largest economy Germany, setting up the euro zone for another record high when bloc-wide data is published on Friday.
"We know you will see higher inflation this year, there is no question about that," Lagarde said. "But we are also seeing some of those factors that fuel inflation today, energy and food, that will stay high. But we don't forecast them - not predict - to continue to move higher and higher."
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How Should Democrats Respond to Rising Inflation and High Gas Prices?As the midterms approach, some prominent members of the Party are calling for a suspension of the federal gasoline tax and for a windfall tax on the profits of energy companies. Oh lawd, rattle rattle here come the libertarian/free market cattle crowd. It’s completely unworkable from a practical point of view. The WPT of the late 70’s and early 80’s taxed neither windfall nor profits. And eventually oil prices fell by 70% and it became moot. Taxing profits and taxing wealth are two totally different things. The Dems know this and they won’t explain it to the public because they fear the backlash.
Source: NewYorker - 🏆 90. / 67 Read more »