Over Half 2021 Inflation Caused by Corporate “Markups” — Says Federal Reserve Branch
Yet the problem is always portrayed as the poor having too much, and the “solution” will always be raising unemployment
It doesn’t matter how many economists and analysts debunk our internalized economic tropes; they remain pervasive and persistent. It doesn’t even matter when conventional Nobel Prize winners themselves write papers explaining how the common narratives don’t reflect the data; falsities continue to be repeated ad nauseum.
Because the mainstream media, most economists, and politicians are not interested in the truth, they’re in the business of spreading narratives that deflect blame from corporations, their advertisers and direct anger at convenient half-truths to justify and maintain the status quo.
That is their role, and that is the role of our standard economic “doctrine” aka misinformation.
The first signs of increased inflation always leave talking heads shouting that peasants got too much “free money” from the government and workers have too much leverage, meaning regular people are spending too much money on gas, cartons of eggs, and used cars, causing prices to increase.
It is always the same.
Economists and perpetually wrong contributors like Larry Summers then get on TV and flatly state the only solution available to us is to take money from the peasants, increase unemployment, and reduce government spending — but importantly, only on social programs, not corporate subsidies or the military.
There will inevitably be increased suffering for millions, but the magical numbers say that is what we must do. And the economic shamans always claim there are no other options.
…quoting a Kroger executive, who said, “a little bit of inflation is always good for our business.”
But even the oversimplified and standard “too much money chasing too few goods” definition of inflation has two sides. There’s supply and demand. Our media pundits, politicians, and economists — who are really politicians masquerading as mathematicians…