Economic professor for the common person and former presidential candidate Senator Elizabeth Warren puts forth a very clear analysis of why we are in the inflation spiral that is straining many household budgets currently. She also offers a very common sense solution to the situation.
Yes, the government does have a role in controlling inflation – a very crucial role. But that role must be based on a very reality based analysis of the problem. The radical right has take the opportunity to blame inflation on rising workers wages.
Since workers wages have not kept pace with inflation since the start of Ronald Reagan’s presidency and are not doing so now, that dog won’t hunt. It is an old trope that is no longer credible.
Nor is President Biden singularly to blame. Inflation is a world wide phenomena. Biden does not control the world, nor can he dictate terms to worldwide corporations that would help curb inflation. Nor can he dictate monetary policy for the Federal Reserve.
What Biden can do is somewhat limited as it should be. America does not want a dictator. The very root causes of the current crisis dates back to policies that allows corporations to merge into monopolistic style businesses. Along with those policies has been a hands off policy on enforcing anti-monopoly laws. Corporations can now act with near impunity.
It is interesting that the last three Democratic presidents – Clinton, Obama and Biden – came into office with a nation in crisis. With solid policy, they were all able to pull the country from the brink. In all cases as the nation’s fortunes improved the media and the radical right Republican Party immediately began to erase the memory of Republican malfeasance that ran our country into the ditch.
In the case of Obama’s presidency, he came into office with the nation and the world on the brink of a worse depression than that the Republicans guided us into under Herbert Hoover. Obama’s policies and willingness to stick to the strategy drove us out of the ditch and into a solid economy.
Similarly, Biden came into office with an American and world economy on the very edge of crashing. Along with that he inherited a pandemic so grossly mismanaged by the previous administration that the government was practically missing in action. The previous administration was focused on ending our form of government, not in fixing the crisis.
Through solid policies both monetary and health care policies that got vaccines out to the majority of the populace in record speed, Biden’s policies turned a disaster into a great story of perhaps the greatest recovery ever.
As with Obama, the radical right has used their media to spew false propaganda that erases the memory of the disastrous previous administration while blaming problems on the wrong reasons. Typical radical right playbook maneuvers, but since they own most of the media it is hard to correct.
Remember that Biden administration policies have recovered almost all jobs lost by the previous administration. These policies have also led to wage increases unlike that which have been seen for a long time. Biden’s policies have worked a near miracle.
Just imagine how bad things would be if Trump or any radical right were president. We would be teetering on the brink while being told how great things were.