Wisconsin Representative Paul Ryan (WI-Janesville) on the pages of TheJournalTimes.com tells us about Inflation's Looming Shadow.
In this profoundly vapid, scholarly appearing article, Ryan uses charts and references to ominous sources to warn about looming inflation:
One of my key concerns is on the inflation front...If inflation gets out of hand, the Fed will be forced to hike interest rates and we could end up with the worst possible combination: rising prices, high interest rates, high unemployment and weak growth, or stagflation.
So what else is new? Every economist and first year business major warned us of the specter of inflation when the first solutions to the Bush-Ryan depression loomed 18 months ago.
Curiously Ryan's article is more noticeable for what he does not say:
- War contributes to inflation. As with Vietnam, when you spend hundreds of billions of dollars in Iraq for a military conflict, when those dollars are not used to produce values, housing, roads, educated children, hospital, inflation grows. Given the Bush-Ryan War in Iraq, we might as well tax the public and burn the money.
- Ryan was a principal leader in the effort to deregulate the financial services industry, an action that led to this economic crisis and the outrageous bonuses paid to Wall Street for no productive work, another source of inflation.
- Ryan was a principal leader in spending hundreds of billions of dollars to bail out companies run into the ground by his political contributors. He tells us that this bailout fuels inflation. He is silent as to his own role.
- Jobs were lost all right. They were lost to unregulated, rampant subsidies for American businesses to cease production and import products manufactured overseas by slave labor and under devastating environmental conditions at the expense of Ryan's union constituents. All orchestrated and paid for by Ryan's buddies.
- Ryan said nothing in 2008 when his buddies, the speculators, manipulated the price of oil, sending it from $65 a barrel to over $150 in three short months. Now that is inflationary.
Ryan is only interested in setting up a straw man so that when the inflation creeps into the economy he can say "I told you so," rationalize more cuts to government services, and deflect criticism of his own role in ruining the nation's economy.