From the Editorial Board: With temperatures rising and Memorial Day weekend on the horizon, the good people of Illinois are stirring into vacation mode. The summer season is almost here and we all deserve some fun. The problem? Who can actually afford it?
Chloe Carrington, left, soaks up the sun as Carlos Jones checks his phone at the edge of Lake Michigan near 67th Street in Chicago as the temperature approaches 90 degrees on May 10, 2022.
And there’s a new worrying wrinkle if the baby is in the back seat: the difficulty finding adequate supplies of formula, which is a problem most Americans associate with the former Soviet Union, not the Walmart down the street. Plenty of young families will be stockpiling where they can and not trusting their ability to take care of the needs of their gurgling bundle of fun at their summer vacation destination.
Markets, which loathe uncertainty, clearly have no idea what the cap will be on the coming interest rate hikes and thus they’ve been in a panic about the scope of the potential downside. Without question, there are more severe APR stings ahead for anyone with credit card debt, adjustable-rate mortgages or young couples hoping to buy a new home.
“Trump and Biden overdid their COVID spending packages, and the Powell Fed indulged in loose fiscal policy for too long with extreme money creation — the result of ignoring the monetary signals and relying on a New Keynesian staff model,” wrote columnist Ambrose Evans-Pritchard in the Daily Telegraph of London this week. He’s right, of course.Those mistakes are in the past. The fed’s agonizing interest rate increases are the only viable medicine. And they’re no fun at all to swallow.
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