Magazine July 10, 2017, Issue

Against Higher Inflation

( photoMacgyver/Getty Images)
A better monetary policy wouldn’t set any inflation target

Does the U.S. economy need more inflation? A group of 22 progressive economists has written a letter to the Federal Reserve urging it to appoint a blue-ribbon commission to study whether the central bank should raise its target for inflation above its current 2 percent. Fed chairman Janet Yellen, in her press conference following the latest interest-rate increase, called it “one of the most important questions” facing the organization.

The economists’ advice shouldn’t be rejected out of hand, but it should be rejected. They make some valid points in their diagnosis of the ills of the current monetary regime. But the

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LOST PRAYER A prayer well known and repeated, and repeated, the mind focused on the words, on the words, becomes an internal ceremony, with little room, and then no room for another thought; sooner or ...
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Obergefell and Forced Labor With respect to Alexandra DeSanctis’s article “Religious Liberty after Obergefell” (June 12), it is surprising to me that no defendant has cited the 13th Amendment to the ...
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‐ Can it be mere coincidence that Ossoff is a Russian name? ‐ In spite of the total lack of available information, a host of figures in the media were convinced ...

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