Column: American economists and consumers got inflation wrong during its recent surge. They still do

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In the latest video of GOP vice presidential candidate JD Vance to go viral but not in a good way, he’s seen standing in front of a grocery display of eggs and blaming Democratic presidential candidate Kamala Harris for driving the cost of this staple up to $4 per dozen.That’s “thanks to Kamala Harris’ inflationary policies,” Vance states. “It’s because she cast the deciding vote on the Inflation Explosion Act.”A few points about that: As multiple observers pointed out within moments of the video’s appearance on social media Saturday, the price tag on the packages of a dozen eggs directly behind him wasn’t $4, but $2.99. The good ship Transitory was a crowded one, with most mainstream analysts and advanced-economy central bankers on board. — Fed Chair Jerome Powell Also, of course, the legislation he’s referring to is the Inflation Reduction Act of 2022, which passed the Senate without a single Republican vote, and …

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