The Federal Reserve and the current administration grossly miscalculated the impact of the 2021 stimulus bill. President Biden indicated that the price hikes because of the $1.9 trillion stimulus would be temporary. Jerome Powell, Chairman of the Federal Reserve, said the new spending shouldn’t create an inflationary problem.
Janet Yellen, current secretary of the US treasury and Powell’s predecessor at the Fed, indicated that the risk of inflation was small, even insignificant. About a year ago, Secretary Yellen indicated that inflation might rise to 3.0%—it is currently at 8.3%.
The administration has blamed nearly everyone and everything including Putin, COVID, the corporate greed of oil companies and meat-packers, the Ukrainian war, truck drivers, the Federal Reserve, Republicans, computer chip shortages and Trump. Policy has been about the only thing excluded from blame, which was the purpose of the misdirection. Misdirect blame to minimize responsibility. The misdirection is likely to continue.
Miscalculation, followed by misdirection, is likely to result in deception. If we incorrectly attribute the causes of current inflationary pressures, finding solutions will be far more difficult. Not correctly evaluating potential solutions is likely to result in delay or even failure. Deception is expensive. Failed solutions are likely to result in further miscalculation, further misdirection and further deception.
For citizens of the kingdom of God, our adversary is always trying to get us to miscalculate, to misdirect us away from our King, and to deceive us into thinking that the temporary rewards of this world are greater than the eternal rewards of the kingdom. If we follow the Word and His Spirit, we will not miscalculate. If we have our hearts and minds fixed on Jesus, we will not be misdirected to anyone or anything contrary to His principles. Sincere and pure devotion to Christ will keep us from being deceived.
“See to it that there is no one who takes you captive through philosophy and empty deception in accordance with human tradition, in accordance with the elementary principles of the world, rather than in accordance with Christ” (Col. 2:8, NASB).
“But I am afraid that, as the serpent deceived Eve by his trickery, your minds will be led astray from sincere and pure devotion to Christ” (2 Cor. 11:3).
The devil will try to get us to make poor decisions by miscalculating. Eve miscalculated that she was wiser than God. The devil will misdirect us. Eve was redirected to follow the wisdom of the devil and her eyes instead of God. The devil will deceive us to be in opposition to God’s commands. By eating the fruit, Eve violated the singular prohibitive commandment given in the Garden of Eden. She then persuaded her husband to also eat. Sin loves company (Gen. 3:1-6).
These are perilous times. Fake has almost become the mantra. We are seeing more than our share of charlatans, counterfeits, cover-ups, decoys, fake news, falsities, feints, forgeries, hoaxes, illusions and replicas. We must be anchored in the truth. But, we are not left as orphans.
The antidote to the deceptions of the devil is truth. We have a King, and He is truth. We have a Guide that will lead us into all truth. We have a written standard that is the truth of God. Let us go forward boldly, valiantly and courageously in proclaiming the kingdom of God in word and deed.
“Jesus said to him, ‘I am the way, and the truth, and the life; no one comes to the Father except through Me'” (John 14:6).
“But when He, the Spirit of truth, comes, He will guide you into all the truth; for He will not speak on His own, but whatever He hears, He will speak; and He will disclose to you what is to come” (John 16:13).
“Sanctify them in the truth; Your word is truth” (John 17:17). {eoa}
James R. Russell is a professor of economics at Oral Roberts University.
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