"A large across-the-board increase in interest rates is a cure worse than the disease," says economist Joseph Stiglitz. "That might dampen inflation if it is taken far enough, but it will also ruin people's lives."
While inflation-hawks are quick to highlight the cost of higher prices, they rarely, if ever, mention the costs associated with the higher interest rate policy they recommend, costs that include higher unemployment and lower wages for working people.
Neoliberals say that inflation is caused by high social spending and good wages, and that working-class people must sacrifice these to bring prices down. But there are other causes of inflation, and solutions that don’t pit us against ourselves.
Companies are raising prices well above increases in their costs. The only antidote is to finally take action against corporate power.
Corporations are using inflation as an excuse to raise prices and make fatter profits — and it's making the problem worse
Inflation is a lie, communism is fun, and twerking is important
Democrats don’t lose elections because of rising prices. They lose when they cut spending and raise interest rates, sacrificing other goals at the altar of price stability.
The upward redistribution of income has cost Americans workers $50 trillion over the past several decades. On average, extreme inequality is costing the median income full-time worker about $42,000 a year.
The real, inflation-adjusted data show most U.S. workers have not benefited from the growing economy.
Our government’s and corporate media’s failure to capture the true extent of unemployment creates a distorted narrative about work that feeds bewilderment and self-recrimination.
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