The failure is in the trickle down promise and the Laffler curve fallacy of right wing tax policy. Tax cuts have not led to broad based, rising tide lifts all boats, wage growth, nor has the Laffler curve philosophy produced any fruit in terms tax revenue. The Fed is not the cause of inflation, the fed is the brake on inflation. I know the trend is to blame the Fed recently because there is a correlation between recession and fed raising interest rates but the fed is also reacting to tamp down inflation, historically. And, inflation is coming. Any kid who passed macro Econ 101 yesterday can see the writing on the wall.
baloney you are just spouting propaganda without and chance of proof. you could never prove that about tax cuts because we took in 40 to 60 million more americans and we have 200 other taxes which have gone up. You tell me how many trillions of dollars has the FED printed since Reagan? Nope you can't because we don't know... the Fed does not tell us. Yet the world demand for the dollar has increased. How is it possible the dollar is not much stronger than it was? There is only one answer massive inflation via the expansion of the money supply to the tune of trillions of dollars. The FED has even told us the created money when the bought trillions of bad loans and lent out trillions during the financial crisis. So I am not making this up. And finally if the FED did not cause the systemic inflation we have... what did? And how? . I am looking forward to seeing you answers... especially about the cause of our massive inflation.
The biggest factor that will cause the coming inflation is the Trump tax cuts and increased government spending. Those tax cuts are paid for with debt and will add about $3 trillion in new debt based money. There’s also insecurity in gas prices right now. We are peaking at $3 a gallon and may even hit $4 again. We are in a weird situation where the fed will be fighting against government stimulated tax cuts. So the fed will make money more expensive while the tax cuts are making the dollar less valuable.
DOL is the appropriate resource for minimum wage inquiries. https://www.dol.gov/whd/minwage/chart.htm They have it at $1.60 per hour in 1969, or $11.11 in today’s money. The law allowed children to be paid less than minimum wage and this is causing you confusion, or purposeful obfuscation. What other figures are you dumbfounded about?
The wise student hears of the Tao and practises it diligently. The average student hears of the Tao and gives it thought now and again. The foolish student hears of the Tao and laughs aloud. If there were no laughter, the Tao would not be what it is.
Yes, the Tao says: If Obama doubles the national debt while short term rates are held underwater - we call it stable. If Trump Overspends while rates go higher - we call it reckless. The Tao knows.