An intelligent caller called our Politics Done Right program on KPFT 90.1 FM to discuss austerity and inflation. I pointed out that, more often than not, corporations’ greed and ineptitude are responsible.
Inflation and Austerity
Podcasts (Video — Audio)
Summary:
In a recent episode, Politics Done Right engaged with a caller, Tagg, about the misconceptions surrounding inflation and the dangers of austerity. They discussed how corporate greed, not government spending, was responsible for much inflation after the pandemic and why austerity measures harm working people while benefiting the wealthy. The conversation emphasized the importance of Keynesian economic policies, prioritizing government intervention in times of crisis to ensure economic stability.
Key Points:
- Biden’s use of Keynesian economics helped prevent a deep recession after the pandemic, unlike previous administrations’ austerity-driven response.
- Austerity measures, often pushed by Republicans, hurt working-class people by cutting essential public services and slowing economic recovery.
- Inflation following the pandemic was primarily caused by “greedflation,” driven by corporations raising prices rather than genuine shortages or overprinting money.
- The caller emphasized that without government spending during the pandemic, the U.S. would have faced a depression.
- Outsourcing and fragile supply chains created by corporate greed were significant contributors to the inflationary pressures in the U.S. economy.
The conversation highlights the failure of austerity and trickle-down economics, which primarily benefit the wealthy while neglecting the needs of the working class. By prioritizing government intervention and rejecting austerity, progressive policies offer a path forward that ensures economic stability and fairness, holding corporations accountable for driving inflation.
