MSNBC's Lawrence O'Donnell is joined by Yale Professor Jeffrey Sonnenfeld to discuss the latest evidence of the successes of Biden's economic policies. Sonnenfeld says Biden is having the strongest positive effect on the economy of any president since FDR.
I don’t think it caused the inflation spike - the assumption that inflation is linked to wages assumes an economic system very different from ours
We don’t have the capitalism of Adam Smith. Under such a system, we’d expect prices to go back down. That is based around competition, which we barely have anymore. We now have high barriers to entry due to hostile takeovers through the stock market, shutdown of competitors through outsized influence over regulators, suppliers, and financers. It’s all the hallmarks of monopolies through outright collusion or unspoken understanding that competition would kill both parties stock price for the duration of the conflict.
The payments are long over and the money mostly went to companies - this isn’t traditional inflation, this is a lack of competition. Some people are terming our current system as feudal capitalism, because it’s closer to rent extraction than a free market