Corporations Aren't Greedy Enough

American political debates over inflation have settled into predictable — and mostly unhelpful — patterns. On one side, “neoliberal” Democrats such as Lawrence Summers and Jason Furman argue that President Biden’s Covid stimulus bill was too aggressive, causing the economy to overheat and precipitating an inflationary wage-price spiral. On the other, progressives such as Elizabeth Warren and members of the Biden administration point to factors like idiosyncratic supply chain disruptions from the pandemic and later the Ukraine war, while increasingly leaning on explanations involving “corporate greed”. Republicans, meanwhile, are eager to blame Biden for inflation, but have added nothing of substance to discussions around either its causes or cures. Read Full Article »