Fmr. Treasury Secretary: Inflation is big business’ answer to take back wage increases. – Daily Kos

Attribution:

Fmr. Treasury Secretary: Inflation is big business answer to take back wage increases.

In his interview with Lawrence ODonnell, Larry Summers exposed the inconvenient truth about inflation and much more; It is shameful.

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The main engine of our form of capitalism is essentially neoliberalism. This exchange betweenLawrence ODonnelland former Treasury SecretaryLarry Summersexposes its draconian nature. But you must read between the lines. They are experts at shrowding its implementation of antiseptic slavery in terms that seem like a matter-of-fact of how the system must operate.

Here is a relevant part of the exchange below. Please watch the entire video because one sees how one can seem benevolent yet authoritative in presenting evil on the working and middle-class.

Lawrence ODonnell:What is happening to purchasing power this year. We know inflation, and you gave an early warning on inflation. You gave us an early warning on it. But what has happened to purchasing power and incomes along with inflation?

Larry Summers:Wages have come down. Thats the usual experience, [1]the usual experiences that past a certain point when you start seeing wage increases running above four and a half or 5%. It actually goes with decreasing real wages, decreasing purchasing power for workers. Thats why [2]its so unfortunate that the economy was overstimulated last year. Thats why its important that the Fed act strongly to bring down inflation. Now, weve caught a very bad break coming on top of the seven and a half percent inflation. We we have. [3]We now have extra inflationary pressure coming from oil prices and coming from wheat. And its something were going to need to really go after with policy.[4]That means strong monetary policy. And that means [5]sensible supply side policies where the government concentrates on procuring as inexpensively as possible, where we open up shipping to whoever the cheapest shipper is, rather than require that it be an American shipper. Carrying oil, for example, from Houston to the east coast of the United States, that we yes, absolutely. Look after child care, but we [6]focus on making sure that were doing as much as we can for children, not for child care providers.We can contain inflation, but it requires focusing on containing inflation.

The statements that I bolded and numbered above are crucial to understanding the evil nature of neoliberalism. The aggregate codifies working Americans as antiseptic slaves in our economic system.

Please do not believe the word salads from these quacks who continue to find ways for us to pay for their well-being. They are a type of parasite that attempts to justify their method.

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Fmr. Treasury Secretary: Inflation is big business' answer to take back wage increases. - Daily Kos