That is my price index. We are still deflating about ten years of oil prices too high. Sort of like undoing a long term dead cat bounce. The deflation force hits government tax income first and Fed raises taxes on banks. One of two things happen, government weeds out all of its inflation adjustments, and/or government devalues. Government cannot do the former without bringing all those earmarks out of the shadows.
The elders are stuck in their Nixon Shock Overton windows. I am not, and I suspect the banks will break before government deals with deflation. The goal is to knock some of those elders up against their Overtons before the MMT meetup. But we now have a further complication, more than tax scramble. We have to deal with mass therapy, and that takes another quarter of scramble.
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