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Overheating the Economy Analogy
- Mary Harris teases Jordan Weissmann about his past economic predictions.
- She reminds him of his analogy of overheating the economy like a microwave.
Inflation Concerns
- Inflation has surged to its highest point in three decades, exceeding the Federal Reserve's target.
- This raises concerns about a potential return to a 1970s-style wage-price spiral.
Shift in Spending and Supply Chain Issues
- Consumers shifted spending from services to goods during the pandemic, leading to increased demand.
- This demand surge, coupled with supply chain disruptions, contributes to inflation.