2022-05-11 20:00:14
Why Is Inflation Being Blamed on Biden? But clever observers of the global economy know that the causes of inflation are much more complex than the actions of one man. If pretty much every nation in the world is experiencing inflation right now, why is it being blamed on president Biden? What are the various factors and what part do they play, from the failure of ships to leave Chinese ports because of Covid to a burst in demand as Covid goes away here, to corporate monopolies no longer having serious competition so they can charge whatever they can get away with, or Fed policy? Or any other variables? How do we fix it? Inflation happens because many variables come into place at a certain moment. Inflation is global, so why is Joe Biden being blamed? Recessions and inflation can be managed, in other ways than raising interest rates – which raises inflation. Are wages and price controls the answer? Richard Wolff outlines his solutions to inflation and why it isn’t the fault of the president.
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