Corporate Profits Have Contributed Disproportionately to Inflation. How Should Policymakers Respond?
Economic Policy Institute
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Thoughts that huge tax cuts to high-income households will offset a downturn in automobile sales, cuts in public spending, rising college tuition or a dismantling of the health sector are irrational. If theFed raises interests rates, it will threaten a more fragile economy than appears at the moment. The drive to be “normal” in a world that is clearly not normal, may put us in danger of a downturn that will be difficult to recover from.
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If most homeowners have not hedged themselves against the possibility that home prices, like bond prices, may fall if interest rates rise, we may be in for another round of very bad news if interest rates ever return to more normal levels. It is remarkable that the latest run-up in house prices has received so little attention from people in policy positions. There may be an enormous price to pay for the continued lack of attention to housing bubbles.