Larry Summers continued to push his neoliberal rants as Democrats inflated the economy. He is now having to back away from his doom-and-gloom prediction.
Fareed Zakaria gives Larry Summers a pass.
Fareed Zakaria‘s first entry into the segment was disconcerting and unbecoming of a journalist of his stature. He acknowledged that most economists are pleasantly surprised that inflation is coming down. He then gave Summers a lifeline by asking if wage inflation was not, in fact, the most important form. Summers grabbed the lifeline. Really, Fareed?
“Fareed, you are asking the right question,” the neoliberal economist ran away with the lifeline. “Nobody can know the right answer for sure.”
Summers then tried to muddle why his prognostication of a hard landing was likely wrong. Suffice it to say that if all these economists had taken their heads out of the sand and acknowledged that inflation without shortages and corruption is not sustainable. As I have mentioned in several blogs and as Rep. Katie Porter has pointed out, our current inflation is a fraud on the American people by those with pricing power in a monopolistic system.
The American worker has had virtually flat wages for decades. Productivity increased, and all spoils went to the executives and shareholders. From a raw mathematical point of view, while there may be year-over-year wage inflation, decade-over-decade wage inflation is non-existent. In fact, we need many more years of inflated wages to get the American worker appropriately compensated for wages commensurate with their worth.
If there is a real shortage of workers, we have people from distraught parts of the world clamoring at our borders seeking work. Understand that as long as we are nothing but units of labor instead of stakeholders in our economy, they will treat the workers as antiseptic slaves. Until real progressive politicians, those who revere humanity, are back in control, the decline will continue.
