Tariffs can't be inflationary because if the price of one thing goes up, unless you give people more money, then they have less money to spend on the other thing, so there is no inflation. — Scott Bessent Copy Share Image
Two hundred years ago the first liberal economist, Adam Smith, warned businessmen that they could absorb only a certain amount of rigidity. In the easy days after World War II... wage rises could be financed out of inflationary price increases. — John Chamberlain Copy Share Image
