RW economists have been warning about 'Big Inflation' each time

[speak easy]

... each time a Democrat is in the White House. They remain strangely silent when Republicans blow up the deficit.

Friedman-lite, Larry Summers, is the latest example.
https://www.businessinsider.com/larry-summers-inflation-fears-biden-stimulus-infrastructure-federal-reserve-recovery-2021-3?op=1

There was 'Big Inflation' in the 1970s, and I remember those debates well.

The monetarists were lying through their teeth. It was not deficits and government spending that ramped up inflation. There was the little matter of oil prices rising from $3.25/barrel in 1973, to $33/barrel in 1980. And that had nothing to do with the free-market. It was OPEC.

Biden should not give small government economists 1 minute of his time.

[iemitsu]

1. Time to tax the rich and corporations.

[speak easy]

2. Indeed.

And tax them hard.

[iemitsu]

4. Like in 1950.

When America was great.

[speak easy]

6. I'll take JFK's 70% top rate,

no concessions on capital gains, and serious work on a wealth tax.

[iemitsu]

7. Amen.

[speak easy]

9. Oh ... and strident economic sanctions against tax havens.

[Claire Oh Nette]

8. $400,000

Isn't that what the President makes?

Any income over that amount ought to be taxed at 50% MINUMUM.
Yes, yes, California and New York...

I can live pretty comfortably in California on $400,000. Even in Orange County.

You have a bigger house, nicer cars, larger lots, more property because you benefit from the services of others.

Adam Smith still applies. Keynes, too.

basic needs or just plain greed?

[Claire Oh Nette]

3. Lie out of both sides of their mouths every time they speak

We can't raise minimum wage because Inflation!
We can't keep up with inflation because of stagnant wages.

I've ordered my pitchfork on amazon.
get yours now, before inflation spikes the price.


something has got to give.
I'm pulling for a revitalization and flourishing of Unions to offset corporate greed and malfeasance and help rebuild the middle class in the Infrastructure Project.

[dalton99a]

5. No shit.

[House of Roberts]

10. They never complain when all that free money goes to the rich,

and the only inflation is on Wall Street!

[Generic Brad]

11. RW Economists? More like propagandists!

A reputable economist is simply called economist.

[Beastly Boy]

12. Oh noes! We risk a rise in money supply, so average Americans can pay rent on time,

keep up with their loan payments, and (gasp) the country may even achieve full employment!

We are doomed!

[Johnny2X2X]

13. Wages

They don't want to pay good wages. Biden's stimulus gives people money, it also allows people to stay on unemployment if their employer won't pay them well. A $15 minimum wage would mark a major shift for the working class.

Republicans are talking about working people making more money when they talk inflation, they desperately want to avoid that.

[louis-t]

14. Republicans are NOT 'economists'.

They are ideologues. They have a bunch of stupid ideas written on a napkin that say "if you do this, then this will happen". They are always wrong. Trickle down has never worked and it never will work.

[Cicada]

15. Summers is cool with $ for infrastructure, environment

He only worries about the large amounts of money dropped from helicopters, like the $2800 helicopter money put in my account Mar 17. He thinks the three trillion for infrastructure will not cause inflation. And he thinks the trillion or so for stimulus, unemployment extension, etc has only a one in three chance of igniting inflation.He doesn’t oppose giving me 2800 for doing something productive, in fact he wants me to get 2800. But he thinks I should be required to do something productive, like buy an energy efficient door etc.

Maybe he’s right. But Yellen, the most accurate at predicting when she was on the fed, says she knows how to keep inflation controlled.