Economy

I’m getting into the backseat of an Uber in Washington, DC with a cup of coffee in one hand and a tattered, floppy cloth mask in the other. I’ll make a half-assed attempt to mask up! indulging the Democrats’ last gasps of Covid political theater, only on airplanes and in Ubers, and that’s just to avoid the hassle of getting banned if you don’t. My mask — I only own one — is about as snug as a Kleenex with too-wet noodles for straps. It covers my contagion holes for only a few moments at a time when the loose cloth rests on the tip of my nose. The struggle to keep it up for the duration of the journey is my own bit of theater. “Do you need to switch that mask out?” a flight attendant once asked me. “Oh, no, I could never do that.

The Federal Reserve raised interest rates by 0.25 percent last week, the first increase since December 2018. Back then, Donald Trump had been very vocal in his criticisms of the Fed and its chair Jerome Powell, demanding no more rate increases. There was no resistance from the White House this time with press secretary Jen Psaki saying that the Biden administration respected the Fed’s independence. Powell called the rate increase necessary due to inflation coupled with rising prices. “As we emphasize in our policy statement, with appropriate firming in the stance of monetary policy, we expect inflation to return to 2 percent while the labor market remains strong,” said Powell, before warning that it will take longer than expected for inflation to sink.

The Putin price hike. That’s the line the Biden administration is using to absolve itself of blame for higher gas prices. “Russia is one of the three largest oil producers in the world,” White House spokeswoman Jen Psaki said in a social media video meant to deflect criticism from President Joe Biden. “And the fact that they started this conflict, invaded a foreign country, and they are such a big producer of oil in the world is the reason why the global oil markets are disturbed and why gas prices are going up.” The administration banned Russian oil imports this week, with the House of Representatives approving a similar ban on Thursday.

The war in Ukraine will dominate the news for the foreseeable future. But while the bombings will eventually cease, the economic consequences for the world have just begun. That’s because in an era of increasing interconnectedness, economic impacts don’t stop at borders. Most attention has been focused on the immediate impacts of sanctions on Russia, and they are significant. In the past, sanctions have proven largely ineffective at punishing foreign enemies. President Barack Obama, for example, failed to use them effectively in 2014 during the last Ukrainian-Russian dispute. But this time, the actions taken against Russia were largely unprecedented, with even traditionally neutral countries like Switzerland and Sweden calling for restrictions that are “as big as they can be.

A new report finds that for the first time since these things have been kept track of, rural America’s population has shrunk. This trend is a shame for all Americans (except for a few of us who inhabit rural America and enjoy the solitude). The University of New Hampshire Carsey School of Public Policy findings are based on Census data from April 2010-April 2020, pre-dating the Covid outbreak and its dubious effects on people’s migratory habits (a Pew Research survey suggests that reports of a mass urban exodus during the height of the pandemic were overblown).

Longtime CNN president Jeff Zucker resigned today citing an undisclosed consensual relationship with his long-time colleague Allison Gollust. There’s clearly more to the story, as Puck News founder Matthew Belloni tweeted, “Potentially important: I’m told CNN received a litigation hold letter recently from Chris Cuomo lawyers, demanding, among other things, preservation of all communications between Zucker, comms chief Allison Gollust and Andrew Cuomo.” The news left CNN ombudsman Brian Stelter decrying how shocking and stunning Zucker’s exit was, even as several other journalists and media personalities noted that the relationship between the CNN chief and Gollust was an open secret.

The Labor Department reported this week that the December inflation rate hit 7 percent on an annualized basis, the highest since 1982. That was when the country was just beginning to recover from the inflation of the 1970s, the highest peacetime inflation in the nation’s history. The inflation rate for the last three months of 2021 was 9.1 percent. The price of gasoline is up almost 50 percent over a year ago, used cars are up 37 percent and furniture is up 17 percent. Shortages cause by supply-chain disruptions are partly responsible for the upsurge (supermarket shelves have been notably empty in recent days). As grocery and food workers return to work after the latest surge of Covid, those prices should begin to drop.

Observers had mixed reactions to yesterday’s announcement that inflation rose 7 percent last year. It all depended on where they fell on the ideological spectrum. President Joe Biden attempted to spin the report, saying that gas and fuel price growth was starting to slow, while acknowledging that more work needed to be done. He’d previously blamed rising inflation on used car prices and supply chain issues, swearing that increased government spending had nothing to do with it. The White House also compared America's Consumer Price Index report to indices in other countries, calling inflation a global phenomenon. Other Democrats blamed big business for the inflation jump.

Last summer, Covid claimed yet another casualty. The Post Pub, tucked away under a low ceiling on L Street in Washington, was a throwback to a different age, one of noontime highballs and midnight shots on the house. Yet while the past had been swinging, the future for the little downtown watering hole was bleak, and so it announced that it would have to close. For me, the loss was personal. The Post was where I had deepened countless friendships over glasses filled and then unfilled with foamy brown. It was where, in 2018, I looked up at the TV above the bar, saw the words “fire and fury” on the same chyron as “North Korea,” and wondered for a fleeting second whether that was where I might die (it wouldn’t have been a bad end, all things considered).

Gawker returned in 2021 with the air of a drunk stumbling back into a party he had never been invited to. Leah Finnegan, the new editor, admitted that the brand was “toxic” but appealed to the reader to keep “an open mind and an open heart.” (What is this? Gawker or an e-celeb issuing an apology video over a sexual harassment scandal?) Me, I was biased. I hated Gawker. The original site was a hive of mean-spirited moralists. The average Gawker employee was the sort of person who would post revenge porn while lambasting people who mildly transgressed against speech codes. Their writing pioneered the sort of effortful indifference that still leads Brooklynites to claim that people are “having a normal one” and things are “like, er, yikes”.

My father was born in 1948. He’s the same age as Jackson Browne: ’65 I was 17, ’69 I was 21. His plan was to graduate from his Western Pennsylvania public high school and join the Marine Corps. The local draft board came damn close to saving him the trouble of enlisting. But near the end of his high school career, it was discovered that his girlfriend was “in a family way.” His parents briefly floated the idea of obtaining an illegal abortion. Fortunately, my 17-year-old father, his soon-to-be in-laws, and his Episcopal priest (in those days such men could be depended upon) stood firm. He and his girlfriend were married. Soon after, my half-brother was born and my father enrolled in an apprenticeship program with the International Brotherhood of Electrical Workers.

No issue has been more politicized over the last six months than the sudden reemergence of inflation. For those keeping score at home — and many of us are whenever we buy our groceries — the latest report puts the current inflation rate at 6.8 percent, the highest since 1982. How one perceives the inflation threat depends as much on one’s political beliefs as it does on economics. Many conservatives are inclined to see this inflation as a more permanent fixture of the economy, believing it to be a consequence of the ongoing profligacy of the Biden administration. Democrats, in contrast, have tended to characterize the phenomenon as largely transitory and more a result of ongoing supply issues related to the pandemic.

No one forced mainstream media outlets and cable news channels to go all in on Jussie Smollett’s fantastical tale of being mugged in subzero temperatures at two o’clock in the morning by two mysterious MAGA-hat-wearing perpetrators in January 2019. “The Racist, Homophobic Attack on Jussie Smollett Is America's Endgame” cried GQ in one of several instances of the mainstream press abandoning all journalistic ethics (again) or skepticism in favor of political confirmation bias. Once again they handed a giant bat to Donald Trump and others on the right who were accused of being second-hand enablers of the Smollett attack — and now, rightly, they’re being smashed for it.

Cockburn is finally allowed to travel internationally again and he is quite chapped that his airport bar bourbons will no longer be paired with a side of CNN. It was, in fact, the only time he would indulge in the network’s antics. But based on the recent headlines about the poorly rated cable news channel, the loss of its airport network should be the least of CNN’s worries. Primetime anchor Chris Cuomo, who was ousted from his show last week over revelations that he was deeply involved in his brother’s public response to sexual harassment allegations, is reportedly planning to sue the network for the rest of the money from his contract. This is bad news for CNN, which is now quietly investigating a sexual misconduct accusation against Chris.

This weekend, Donald Trump announced that his nascent digital-media company, Trump Media & Technology Group, had secured $1 billion in investment from various unnamed sources, as part of an effort to become publicly traded. Shortly after, it was revealed that Representative Devin Nunes was set to leave Congress to become the firm’s CEO. The announcement comes three months after the special-purpose acquisition company called Digital World Acquisition Corporation listed publicly to little fanfare. The SPAC, sponsored by Miami-based financier Patrick Orlando, joined more than 400 other “blank-check” companies that raised money in the first three quarters of 2021.

President Joe Biden’s re-nomination of Jerome Powell as Federal Reserve chairman came as no surprise to financial analysts. Powell remained the most likely candidate given his ability to schmooze and glad-hand with politicians within and outside the administration. He earned the title of “best bureaucrat in Washington, DC” by receiving endorsements from both National Review and the American Prospect despite their divergent policy views. A corresponding vote in the Senate seems preordained, unless Massachusetts Senator Elizabeth Warren gets her way and forces a new pick. “Reappointing Powell is the safest route here,” the Cato Institute’s Norbert Michel told me in an email after Powell’s nomination on Monday.

Scientifically, the jury is still out on whether women are better multitaskers than men. A 2013 study suggested that women do, in fact, outperform men, while a 2019 German study found no demonstrable differences between the sexes. In my entirely unscientific opinion, I think the stereotype is real. Women are engaged in all kinds of things at the same time. At any given moment, I’m engrossed in my work while also contemplating the contents of my freezer, making a mental note to order more diapers, and simultaneously clipping my daughter’s toenails. A New York Times piece on why women do the household worrying described a woman’s mental load as a “combination of anxiety and planning that is part of parenting.