Katie Porter Strikes Again!
During a House of Representatives hearing on Wednesday, United States Congresswoman Katie Porter (D-California) grilled Mike Konczal, the director of Macroeconomic Analysis at the Roosevelt Institute, over the primary cause of inflation in the post-COVID-19 economy.
www.alternet.org
Alternet? Really? That's your source? What, could not find anything on Counterpunch or DailyKos?
It's funny how lefties on this board dismiss certain sources but have no problem with these extremist blogs.
As far as reasons for inflation, it is hard to argue that monetary policy (interest rates too low for too long) and fiscal policy (spending trillions) did not cause inflation together with things like supply chain issues.
And yes, it was necessary to spend trillions in the wave of COVID shutting down economies worldwide, although many programs were poorly conceived and were allowed to go on too long. But the Biden administration wanted to spend additional $3.5T in inflationary spending as part of B
3. Most of that would be giveaways to those who have children, especially many children, as well as tax cuts for blue state rich. Good things most of B
3 was prevented. Then Biden cancelled loans for some borrowers (those who took their loans before 2010 are shit out of luck because of a technicality) which will cost the taxpayers additional $400G or $0.4T if you prefer. That too will be inflationary.
To blame corporate greed exclusively or mostly, why now? Were corporations less greedy when inflation hovered around 2% for decades?