Inflation, Tariffs, and AI—Oh My! 10 Questions for the U.S. Economy

Conventional wisdom suggests that one of the primary reasons Americans voted for a change in 2024 was higher prices. But is there a practical difference between higher prices and inflation? Apostles of both the hard right and the hard left seem to have preconceived ideas about potential cures for inflation. Economists and academics have opinions, but they are viewed with skepticism by many.

As someone trained in the adversarial world of law—and one whose “expertise” could be considered anywhere from questionable to laughable—it seems reasonable to defer judgment until present economic policies and global economics have played out.

Yet to be determined are unproven answers to many questions. I will limit those questions to ten (not necessarily in order of importance), although there are undoubtedly more:

  1. What will be the effect on inflation of an ever-increasing budget deficit?
  2. How much of the stock market is real, and how much is merely a bad imitation of Las Vegas?
  3. To what degree would deregulation increase economic growth?
  4. To what degree would deregulation increase fraud?
  5. Would more tariffs increase inflation?
  6. Would deporting more illegal immigrants increase inflation?
  7. What effect would trade wars have on inflation?
  8. Would tax cuts increase or decrease inflation?
  9. Will the Federal Reserve Board increase or decrease interest rates?
  10. Would artificial intelligence increase or decrease unemployment?

It might be more entertaining to discuss divisive subjects such as sexuality, religion, race, and gender, but isn’t the hope of a better economy something that should unite us? You be the judge.

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Jim Maxson

Mr. Maxson is a retired Minot attorney, former ND State Senator representing Minot's 3rd District from 1986-1994, and former ND Democratic National Committeeman from 2000-2008. He speaks two languages, English and Metaphor, and is cursed by a long memory.

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