The US is paying for a wasted decade in economic policy

Rising prices and the Fed's efforts to combat them have put the economy in a tight spot. A recession looms unless the global economy suffers some disruption in the form of disruptions in the form of supply chains, additional oil and gas production, or a deal to allow Ukraine to export more wheat. The causes of today's rising prices are not necessarily avoidable, but it is possible, even easy, to imagine that the US economy is in a better position to cope with these pressures.

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