inflation
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So, recession it is, right? Not so fast.
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Prices tell us important things about how our economy is doing.
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Federal tax revenues are approaching the highest levels in U.S. history, which were reached during World War II and again during the dot-com boom of 2000. In FY 2022, federal spending hit 25% of GDP, a level only surpassed during the height of the pandemic in 2020 and 2021 and World War II.