When people start to think that inflation is a measure of collateral damage in the battle between big business and aggressive labor — when they blame, in effect, the wage-price spiral — they feed into the rhetoric of both the extreme left and the extreme right. America doesn’t need another angry political narrative that may further erode our trust in each other, trust that we need for economic growth.
Yep. And all those memes, and worse, political statements, about inflation due to companies increasing prices and profits is mostly nonsense. The recent wholesale inflation number was 9.5%, while consumer inflation number was 7.5%! Consumers are still getting a pretty good deal inflation-wise, certainly a better deal that could happen if this keeps up.