My local chain grocery stores sells a single lime for $1.75 but I can drive down the street and get a lime for $0.25. That is an incredible price difference and I want to know which one they are using to measure inflation. It seems maybe inflation is mostly capturing the fact that grocery stores can charge a ton more and people will pay it e.g. what you are saying about price gouging.
The feds were talking about how labor demand was high, and not in equilibrium with supply, so they can bring it back to equilibrium faster by making it slightly more difficult for businesses to borrow money so wages don’t continue to go up. Sure, that makes sense and isn’t horribly cruel. But this guy saying that we need to be cruel to people directly because we need to go back to a time where 10% of people are too poor to shop at the expensive grocery stores and go somewhere cheaper. It’s completely unnecessary.
The unemployment Summers is talking about would have to be in the middle class since they have the most impact on spending. It’s going to radicalize a lot of people.
Unfortunately the right is so far ahead of the left on organization and political power we should probably be worried.
Yeah. Look which way the radicalization went in Weimar Germany.
Now consider that the American left is even weaker than the German left in the 1920s and 30s.
