Inflation and the High Cost of Deregulation

Steve joins the Political Misfits crew to discuss rising inflation and the arguably ineffective and unfair way it’s being addressed. The CHIPS plan is examined from the perspective of legal requirements for the empowerment of workers over continued corporate subsidies and media failure to explain the intricacies to Americans. Discussion of the train derailment in East Palestine, OH includes preliminary NTSB findings, possible Norfolk Southern practices that may have facilitated the tragedy, endemic government inaction in regulating safety issues, and the political fallout with Transportation Secretary Buttigieg arriving in East Palestine. John asks about Marianne Williamson’s now confirmed 2024 presidential run, under the shadow of an admittedly tainted Democratic Party primary system, as Steve notes, and speculates as to possible progressive inroads in spite of Democratic obstruction.

#Inflation #Fed #InterestRates #PriceGouging #Neoliberalism #CapitalOrder #Austerity #Unemployment #StockBuyBacks #Semiconductors #SupplyChain #EastPalestine #NTSB #Buttigieg #Infrastructure #Deregulation #MarianneWilliamson #MMT

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What is Modern Monetary Theory?
Modern Monetary Theory is the correct understanding of Macroeconomics.
It proves the following:
1) Taxes don't fund government spending and
2) Deficit spending is good most of the time.

Simple Economics Facts:
Government deficit = Private sector surplus
Government debt = private sector savings
The constraint on government spending is the availability of real assets/resources in an economy, not the federal budget!

To learn more about Modern Monetary Theory, check out our podcasts!

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[jimnickola]

Excellent discussion! Excellent job, Steve!

[crystal]

I ❤️ when you're on w/ Michelle & John!

[robbaxter]

Great interview! The capital order must have its thumb on everything from inflation, to the War in Ukraine to the East Palestine derailment.

[abiggiep]

Every analysis of a corporate fine needs to include whether it exceeds the profit accrued by violation.

[blackberrywhite]

I agree w/ Steve that the #RailroadIndustry should be nationalized which would likely not only reduce the # of derailments across the US but also have aid ready to be deployed as soon as one happens. #NationalizeRailRoads.

[rickb]

Giving ever more money to those with too much money is the function of every mechanism left in our economic tool kit. There are no longer any economic choices available to force currency down to the bottom of the economic pyramid.
Even when we made "direct" payments to people during the pandemic, the states first took a big cut for themselves (some through "administering" distribution, others through simple fraud), then the people had to give that money to the rentiers to either lower their accrued debt or purchase goods and services through financial systems.
The great equalizer of taxation has effectively been outlawed.

[dannywindham]

The government could do a lot about price gouging if it were captured by corporate interest. Until the average American wakes up to the realities of mmt this will continue to happen and get worse. Thank Michelle and John and of course mr. Steve grumbine

[carpediem]

"but if the serfs don't get stuff through their employers, the serfs won't work"

[Eschew_Obfuscation]

Enjoyed the conversation. Keep up the good work.

[cristinat]

The stuff we all need to learn deeply and then #eachoneteachone

[carpediem]

Why just a 10-year prohibition on stock buybacks? Why not outlaw stock buybacks? They used to be illegal.

[Achrononmaster]

@8:00 or use a job guarantee as a price stabiliser. And before _that_ hire the unemployed to do a little to ease the supply constraints. Any little bit would help than not. If governments do not want to hire they can always invest in the small businesses and suppliers who need a break to lower their costs, targeted though, to ease the supply constraints. There are ways to deal with OPEC+ too.

[cristinat]

They couldn’t fib-tweak jobs numbers a few weeks ago, so they are gonna talk (manufactured) inflation once again, hoping you will not notice this time. 😅