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The whole wage-price spiral theory is such bunk. The last time we in the U.S. saw significant inflation that could be directly tied to that was a time when unio
by remich 3y ago
The whole wage-price spiral theory is such bunk. The last time we in the U.S. saw significant inflation that could be directly tied to that was a time when union membership was at a much higher % of the workforce, and many unions had clauses in their CBAs that _automatically_ triggered wage increases in response to inflation.
The economy in the U.S. is in such a different place now, falling back to that explanation seems almost like intellectual malpractice.
- bboygravity 3y agoAnything goes to have the public look away from the government's insane over-spending. Enabled by central banks.
- nerdponx 3y agoThis is a non-sequitur.
- roughly 3y agoThe wage-price spiral theory is the sort of thing that would lead to a boom in the guillotine supply industry if it were more widely known or understood. “Worker wages going up is intrinsically bad and should be fought by intentionally causing a recession and putting people out of work” is the kind of thing economists can say out loud in public because there’s no such thing as class solidarity outside the billionaire class anymore.