BrunoT

Don’t Worry About a Return to ‘70s Stagflation

I can't believe some people have the gall to write columns as if they're experts when they lack a grasp of some pretty basic stuff.

Just one example:

The reason we use less energy per unit of GDP is that we don't MAKE as much STUFF as before! We IMPORT IT! So it doesn't show up as us using oil but instead in the cost of things we import, because the costs of the people manufacturing it overseas are going up!

And the whole premise of the column...."don't worry, we sell insurance, mow lawns, and give haircuts to each other" is scarily missing the point.