Quote (Black XistenZ @ Feb 10 2022 01:15pm)
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. <_<
That was always the plan. It doesn’t take PhDs in economics to understand that the economic policies of the last few years would screw the working and middle classes. You think the Washington or LA elites care about paying 40% more at the pump or at the grocery store?
Was at the store today, wanted to buy a corned beef brisket and it was like 35 bucks. Literally increasing in price like 20% in less than like two months. I swear our grocery bill feels like it doubled this year.
This post was edited by ofthevoid on Feb 10 2022 07:36pm