Keith Evans
2 min readJun 23, 2022

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I'm not sidestepping the issue. I simply don't look for an instant fix for a problem that has taken decades to evolve and is only now biting us in the ass and getting attention. The infrastructure issues causing supply chain hiccups didn't just arise since Covid, and the wage shortcomings were well known since the '80s and are only now being rectified because workers demand a bit more for risking their lives and health than they would have if Covid didn't threaten them as a extraneous cost of their employment.

The beneficiaries of the higher prices are the only ones who can "fix" them, so don't expect some magic wand waving from MMT economists if you aren't willing to hold your legislators responsible. The present inflation is a result of unrestrained capitalism working as it was designed to, not because some workers got some money to stay home for a while or are now figuring out they have some power.

This should be obvious from the evidence of 25% increases in corporate profits while production fell by about the same or the fact that monopolized corporations are buying back their own stock, which wouldn't happen in a down trending shareholder equity situation normally accompanying inflation. This inflation is just the ruling class telling the working class that they aren't going to take any hit from any source and would rather force a million people into unemployment to cover for their continued corruption than to have the world see through their ruse.

If shareholder profits must be a constant and all other factors must be adjusted to that, then workers will have to give up any wage gains they made, or inflation will continue as productivity is forced to drop. That should also be obvious and slowing consumption, already badly weakened, will only mean less productivity and another round of higher prices to protect profits. This is a death spiral for capitalism that can't be resolved by any monetary practice or theory, so MMT places the burden on legislators, the only ones who can end the cycle by doing the job they applied for and are paid for.

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Keith Evans
Keith Evans

Written by Keith Evans

Meandering to a different drummer.

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