In most aspects of life, having a firm grasp of the fundamentals is critical for good decision-making and success. While we may not like the fact that water tends to flow downhill, anyone wanting to swim upstream better take that fact into consideration before venturing into the water.

Neither headline numbers nor reasoned economic assessments reveal the toll that surging prices take on many households. The non-monetary cost of today’s high inflation follows hard on the heels of the very different but similarly wrenching COVID-19 pandemic, and will likely have two profound consequences.

Democrats apparently are convinced we’re a nation of tax cheats. The same people who have repeatedly claimed there is no election fraud think that large swaths of the public, especially high-income Americans and corporations, are not just avoiding taxes, which is perfectly legal, but cheating the government out of hundreds of billions of dollars in federal income tax obligations.  

Economists know that taxes and government spending can distort individuals’ and companies’ economic decisions in both good and bad ways. And so responsible policymakers look for taxes that minimize those distortions. That is not the Democrats’ approach.

Households in lower-income countries typically spend a higher percentage of their income on food, making the pain of food inflation more extreme.

Some politicians in Washington don’t understand that increasing federal spending is one of the chief causes of inflation. Senate Democrats just rolled out new legislation titled the ‘Inflation Reduction Act.’

By: Kevin D. Williamson – nationalreview.com – July 27, 2022 When is a recession not a recession? When it is bad for Democratic incumbents. From time immemorial, the definition of “recession” in the financial press and the political conversation has been “two or more consecutive quarters of declining real GDP.” The Biden administration, fearing bad news in the near future,...

By: Phillip W. Magness – wsj.com – July 27, 2022 The Biden administration appears to be preparing for a recession—or rather, for news of one. Rather than tackling the underlying economic problems, the White House is playing word games. Economists have long defined a recession as “a period in which real GDP declines for at least two consecutive quarters,” to quote...

One economist instantly took the air out of the administration’s argument about what constitutes a recession.

Sri Lanka is an example of how easily ill-advised economic policies can turn a fairly prosperous country into one that is literally out of gas.