SPENGLER: The Federal Reserve Is in the Monetary Equivalent of the Kabul Airport.

Real income is falling and families are losing ground. [Federal Reserve System, Fed Chair Jerome Powell’s] performance recalls Groucho’s line, “Who are you going to believe — me or your own eyes?” Anyone who has tried to buy a pound of hamburger, rent a house, buy a used car or a household appliance, or any other item in the consumption basket knows that inflation is out of control.

Note to Republicans: Stay on message. It’s the Biden inflation, and it’s theft. He’s taking food off the table of middle-class families to hand out bribes to his favorite constituencies.

Along with his administration’s unspeakable incompetence and mendacity in Afghanistan, this sets up a Republican landslide for 2022.

Don’t get cocky.