New Inflation Scare: The Dumbest Thing Since Voodoo Economics

Source: In These Times
by Max B Sawicky

“After years of hypocrisy and bungled forecasts of doom, the budget deficit no longer provokes panic. The elites need a new bogeyman, otherwise Congress might actually spend us into happiness. Now, the new monster in the closet is Inflation. The great prognosticators Sen. Joe Manchin (D‑W.V.) and CNN’s Wolf Blitzer have weighed in, and we are officially advised to be afwaid, vewy afwaid. Since 2010, median housing rents have gone up by 36 percent. The cost of family health insurance has risen 47 percent. From the academic year 2009-2010 to 2018-2019, average costs of college went up 39 percent. And the median hourly wage rose by just 11 percent …. To varying degrees, each of these problems is addressed in the Democrats’ budget reconciliation bill, dubbed the Build Back Better (BBB) plan.” [editor’s note: Just a reminder of how little awareness of actual economics many “progressive” pundits have – SAT] (11/16/21)

https://inthesetimes.com/article/inflation-scare-build-back-better-biden-supply-chain-voodoo-economics