Inflation is painful, but policies that could undermine longer-term growth are far more worrying.
Something still feels off in this economy. It’s booming in many respects, with a strong labor market, healthy corporate and household balance sheets, and a lot of consumption. But some, like JPMorgan Chase & Co. CEO Jamie Dimon, are worried we’re seeing the calm before the storm. There are signs things could get gnarly. Inflation is at a 40-year high, shelves are empty, real wages are shrinking and labor is in short supply.
Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.
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