Everything’s Coming Up Soft Landing

The latest numbers on consumer prices arrived on Wednesday, and they were better than even optimists had expected. Even media reports, as far I can tell, generally omitted the “but concerns remain” qualifiers that have seemed mandatory when covering good news about the Biden economy.

Which is not to say that everyone was happy. Republicans are more or less in denial, no doubt worried that they may be losing pretty much their only substantive campaign issue — leaving them with nothing to run on besides wokeness and Hunter Biden. And there have been some fairly peevish reactions from economists who had committed themselves to the grim view that we would face a nasty “sacrifice ratio” — that controlling inflation would require years of high unemployment.