You know the nearer your destination, the more you're slip slidin' away. ~ Paul Simon
Is it time to travel? Seems so. Many
more people have travelled to eat green bean casserole with distant relatives
and friends. AAA expected more than 53 million people will travel during this
Thanksgiving holiday, the highest single-year increase since 2005. We’re clearly
more on the move than last year.
Perhaps high-flying sojourners
are attempting to escape increasingly tumultuous, rising prices in their
localities. The media and others have been proclaiming inflation as a big, but non-transitory
issue facing President Biden.
Indeed, prices facing consumers
are elevating. The year-over-year Consumer Price Index (CPI) for October
increased 6.2%, the highest in 30 years. Gasoline prices rose 49.6%, the
second-highest increase of any CPI item. Meats, poultry, fish, and eggs’ prices
increased 11.9%, that you’ve already witnessed at your grocery’s check-out. Amazon’s
prices on more than 20,000 popular items increased 7.5% in October from a year
ago.
Are these price surges connected
with the president’s increasingly dire poll numbers? Maybe, although it’s by no
means conclusive. Time may tell.
Unfortunately, every president
including Mr. Biden has few direct means of quickly controlling rising prices
of final goods and services. President Biden’s statements that his newly-signed
$1.2T of infrastructure expenditures will reduce inflation may be true ultimately,
but only after all the bridges, highways, power lines and Amtrak have
been revitalized eight years from now. Large-scale infrastructure projects take
considerable time to start, and a long time to be completed. Needed infrastructure
improvements will not reduce inflation between now and the mid-term elections.
We economists maintain, with fingers
crossed behind our backs, that prices are simply a consequence of how market
supply and market demand are interacting. When consumer demand increases more
than supply, as seems to be happening for a while, prices will rise, as they have
been. Alas, economic models are far less definitive about the duration of upward
price pressures.
Even as the Federal Reserve and
the president maintain such price increases are merely “transitory,” monthly consumer
price increases have averaged 8% since April. October’s annualized monthly
increase is 10.8%. No wonder inflation is becoming a beyond-transitory issue for
the administration.
To show that he’s doing something,
the president has ordered that 50 million barrels be sold from the US Strategic
Petroleum Reserve, to increase the domestic supply of oil products. He also requested
that OPEC increase its production. Nice try Joe, but such efforts at best may
have some momentary political benefit, but no substantive market effect for
lowering gas prices or inflationary pressures. OPEC predictably declined his
request. Fifty million barrels represents just 2 ½ days of total US oil
consumption; and a mere 8% of the Reserve (that at some point will need to be
replaced at likely higher-per-barrel prices).
Interestingly, although transportation
expenditures’ costs rose 4.5% over the past year, airline fares taxied downward
at 4.6%. Maybe these declines, in addition to the public’s strong, pent-up
desires to share turkey and tofurkey, spurred the rush into cramped airplane
seats.
Nevertheless, a small number of
travelers aren’t flying or driving. Nope, they’re following time-slips.
If you aren’t familiar with
time-slips, they refer to fleeting, temporal anomalies experienced by
individuals. A sort of accidental, serendipitous time travel. Such time
crossings are not extended adventures such as Mark Twain described in his pioneering
1889 time-travel novel, A Connecticut Yankee in King Arthur’s Court. I
enjoyed reading this book last year.
Twain’s popular book portrays Yankee
engineer Hank Morgan as he somehow finds himself, after being hit on his head,
transported from late 19th-century New England into non-new England during the
reign of King Arthur in the 6th-century. The original frontispiece from A Connecticut
Yankee in King Arthur’s Court is shown below, where a mounted, armored
knight with a lance is charging Mr. Morgan up a tree. It describes the
considerable period and many adventures that Mr. Morgan experienced in Camelot.
His ventures allowed Mark Twain to comment on then-contemporary American
society and as well as parody the idea of chivalry and the legend of King
Arthur’s Camelot.
Source: Wikipedia
Time travel didn’t stop in the
late 1800s. Modern tales of people who have experienced transitory time-slips
(time-slippers?) describe them as short excursions back in time at the spot
where the person happens to be right before the slippage. Some time-slippers
travel far rearward in history, others not so far.
Buckle up for the several
time-slip accounts. In July 1996, Frank, an off-duty policeman, walked down a
street in central Liverpool, Merseyside, England to shop at Dillon’s Bookshop.
As he walked, he noticed the street was now cobbled. It hadn’t been before he
started; pedestrians were now wearing clothes appropriate for 40 or so years prior,
not 1996 contemporary. He crossed the cobbled street and noticed instead of
Dillon’s was a store named Cripps, selling handbags and women’s shoes. Frank
saw a woman dressed in 1990s clothes enter Cripps looking perplexed. Suddenly,
the whole scene revered back to 1996 and the cobblestones and Cripps
disappeared. Frank asked the woman if she’d seen the same strange, time-warped
things; she said yes. Frank later found out that a women’s haberdashery called
Cripps operated on the Dillon’s bookstore site in the 1950s.
Another time-slipper vividly saw
medieval boats sailing on a British river next to the ancient castle he was visiting
in Wales, and then suddenly the boats vanished as he returned to the
present-day. Two young women were walking up a densely-wooded local hill in
northwest England during the summer on a trail they had hiked on many times
before. On this hike they saw for the first time an old-fashioned, rough-stone
cottage amid the trees that reminded them of a dwelling “from the Middle Ages.”
There was smoke wafting out of the chimney and the door began to open as they
came closer. They promptly fled down the hill and haven’t seen the ancient
cottage ever again on this trail.
These time-slip recountings offer
a however brief alternative to our usual linear sense of time. Also, they
perhaps bear the idea that time is more than a one-way throughfare to the
hereafter.
Perhaps President Biden would wish
to time-slip himself back to 1965, when inflation was a trifling 1.6%. And when
the Dems enjoyed impressively formidable control of both the House and Senate
after Lyndon Johnson’s giant victory over Barry Goldwater. The Dems margin in
the 1965 House was +155 representatives; in the Senate it was a 36-senator,
filibuster-proof majority margin. Those were the days, sort of.
Here’s to slipping through time
as easily and interestingly as possible.