Quote (excellence @ 10 Feb 2022 18:02)
an inept administration when it comes to economic policy, foreign policy, and science. hardly surprising when it comes to a swamp demon
Hey hey, this is all still worth it so we no longer have to put up with mean tweets!
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Side note: the current development on the inflation front is checkmate for Modern Monetary Theory. MMT postulates that taxes should be raised once inflation gets out of hand, which Democrats obviously cannot do before the midterms because that would be political suicide. On the political side, proponents of MMT argue that there is room for huge amounts of government spending before inflation starts to surge, and that the reduction in purchasing power from tax hikes is no problem since the people will have enjoyed huge purchasing power gains from government programs during the years leading up to that.
As it turns out, it didn't take all that much government spending sprees to run into untenable inflation and most people saw little to no economic gains before inflation arrived. On the contrary, both tax hikes or letting inflation go unchecked will further reduce the purchasing power of most citizens. Simply put, the spending excesses of the covid era will in the end result in, surprise surprise, a huge transfer of wealth from working- and middle-class folks to capital owners.
This post was edited by Black XistenZ on Feb 10 2022 12:17pm