Michael Bloomberg: Best Economic Stimulus is Now Fiscal Responsibility

So much for his legacy…

Mayor Bloomberg Outlines Specific Actions For Super Committee

By Michael Bloomberg

November 8 (Moment of Truth Project) — Mayor: Best Economic Stimulus is Now Fiscal Responsibility – Super Committee Must Break Partisan Deadlock and Take Bold Action.

The following are Mayor Michael R. Bloomberg’s remarks as prepared for delivery today at a forum hosted by the Center for American Progress and the American Action Forum at the Center for American Progress’ headquarters in Washington, DC. Please check against delivery.

UK inflation 3.2%


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Looks to me like the theory that a large output gap/high unemployment will control ‘inflation’ (for anything more than the very short term) is about to fall by the wayside, just like the theory that a small output gap would cause higher inflation fell by the wayside in the late ’90s.

UK Inflation Rate Unexpectedly Rose in February

by Svenja O’Donnell

Mar 24 (Bloomberg) — The U.K. inflation rate unexpectedly rose in February after higher food costs and the weakness of the pound sustained price pressures even as Britain’s recession deepened.

Consumer prices rose 3.2 percent from a year earlier, the Office for National Statistics said today in London. The median forecast of 28 economists was for 2.6 percent. Officials said that Bank of England Governor Mervyn King will explain the increase in a letter to the government today after the rate breached its 3 percent upper limit.

“We’ve got such huge spare capacity in the economy,” James Knightley, an economist at ING Financial Markets in London. “Inflation pressures are going to be very weak indeed in the months to come. The process will continue through this year and into the next.”

Maybe.


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