Jayati Ghosh and João Pedro Stedile on the fierce urgency of now
War, Inflation, Geopolitical Rivalry, and Soaring World Temperatures
To challenge the GOP and corporate media narrative on inflation, start with exposing the underreported causes, identifying those exploiting rising prices, describing why the conservative fix of jacking up interest rates will cause far worse pain
Policies that give more money to people at the top are inflationary. If we want to help the working class we have to pursue policies that reverse upward redistribution, not promise the return of manufacturing jobs that no longer offer a wage premium.
Freight train drivers who direct 20 billion tons of goods per year have threatened to walk off the job.
Profits are booming and corporations are raising prices, but instead of regulating corporations, the Federal Reserve is using its powers to create a recession and raise unemployment. Workers will suffer.
The Fed knows inflation is a problem born of insufficient supply that only governments can tackle. But that doesn’t look like stopping it from pushing the US economy, and everyone else’s, into recession.
The costs of recession are not simply limited to those workers who lose a job— they're incredibly widespread across the workforce.
Today’s inflation is driven largely by supply-side constraints, which call for supply-side solutions. Such measures would do as much to tame higher prices as limited increases in interest rates would, and they would not come at the expense of American workers and the broader economy.
New government data show that after the government terminated pandemic relief programs, millions more Americans began struggling to survive.
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