Discover and read the best of Twitter Threads about #wagepricespiral
Most recents (3)
Giving workers modest sums to prevent them from starving during the lockdowns enraged #inflation hawks, who insist that improvements to workers' material lives will transform America into an amateur Weimar revival, with wheelbarrows of useless bank-notes. 1/ 
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/11/pri… 2/
pluralistic.net/2023/03/11/pri… 2/
"Democrats" like Larry Summers - a Clintonite ghoul who is on record as saying that women are biologically incapable of doing science - insisted that preserving workers' living standards was a terrible mistake. 3/
The US Federal Reserve has two imperatives: keeping #employment high and #inflation low. When these conflict - when unemployment goes near-zero - the Fed forgets all about #FullEmployment, cranking #InterestRates to "cool the economy" (AKA "increasing #unemployment"). 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/01/19/cre… 2/
pluralistic.net/2023/01/19/cre… 2/
An economy "cools down" when workers have less money, which means that the prices offered for goods and services go down, as fewer workers have less money to spend. 3/
Here's the #inflation story you're expected to believe (advance warning: this story is entirely false): America gave the poors too much money during the lockdown and now the #economy is awash in #FreeMoney, which made those poors so rich that now they're refusing to work. 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2022/12/14/med… 2/
pluralistic.net/2022/12/14/med… 2/
That means the economy isn't making anything anymore. With all that extra money and all those missing workers, prices are skyrocketing.
To hear ghouls like @LHSummers tell it, there is only one answer to this. 3/
To hear ghouls like @LHSummers tell it, there is only one answer to this. 3/
