Chris Hayes asks the most pertinent question about Progressives & the economy, “Why won’t the Left take credit for such an incredible accomplishment.”
Chris Hayes gets it right
Chris Hayes highlighted a critical article Zachary D. Carter wrote in The Atlantic titled “The Economy Is Good, Actually” that everyone must-read. Zachary wrote:
Compared with the federal government’s response to the 2008 financial crisis, the recovery from the COVID-19 crash has been an extraordinary success. It took more than a decade after the onset of the previous recession for the unemployment rate to fall back to 4 percent, the level where it stands today. Even this figure understates the gap between the Great Recession and the pandemic-era economy. Most of the jobs created after the 2008 crisis paid poverty wages, and the country never recovered all of the manufacturing jobs it lost. Today, manufacturing jobs have nearly returned to their pre-pandemic levels amid a burst of onshoring activity across different industries. The stunning jobs numbers over the past two months were secured as the Omicron variant damaged commercial activity across the country.
So why is the Left refusing to take credit? As people were dying from Trump’s incompetence, Trump and his minions found things to brag about irrespective of reality. So what is wrong with the Left? It is a sense of purity. How can they talk about accomplishments when many Americans are suffering. Many Americans are satisfied with the semblance of success irrespective of reality.
Inflation is somewhat of a problem worldwide. We must blame the right culprit for making the right kind of change. The private sector is entirely responsible for inflation. Their greed made them choose just-in-time-inventory, which leaves no slack to mitigate supply chain disruption. Additionally, significant corporations, which are often effectively monopolies, choose to cloak their price increases as natural inflation. It is not. It is a form of wealth transfer from the masses to the shareholders of the corporations and executives. As these corporations gain record profits, they leave Americans with record pain.