It seems almost laughable for a country that can’t keep its government up and running to criticize other nations, but that’s what the U.S. Treasury did last week in its semiannual report on International Economic and Exchange Rate Policies.
President Barack Obama, under pressure from Republican lawmakers and constituents to reduce the highest jobless levels in more than a quarter century, faces a more persistent, underlying challenge: long-term unemployment.
Inflation is sometimes referred to as a hidden tax. Unlike other taxes, it doesn’t require legislation by Congress or the states. It doesn’t merit a line item on the 1040 federal income-tax form many Americans will file this week. And it doesn’t appear on the bottom of sales’ receipts as a percentage markup on the things we buy.