If, as seems increasingly likely, the United States and world have a hard economic landing next year, of one thing you can be sure: Policymakers both at home and abroad will not assume responsibility. Rather, they’ll point to COVID, a once-in-a-century health crisis, and Russia’s invasion of Ukraine as the primary causes of our economic woes.
The truth of the matter, however, is different. Without a series of egregious policy missteps in a number of the world’s major economies, we could have avoided a hard world economic landing.
But they’ll act as if it’s something that just kinda happened.