The Wall Street Journal reports that the Federal Reserve is losing the confidence of the middle class. Lower prices on consumer electronics aren’t enough to offset skyrocketing fuel and grocery prices in real life.
As an aside, though, note that the places where prices are dropping, like consumer electronics, are the least regulated sectors, while the places where prices are skyrocketing, like food and energy, are among the most heavily regulated. Is there a lesson here?
Yes, but not one that they’ll take.