No one mentions the other side of using interest rates to curb inflation, the ROI the wealthy gain in higher interest payments for our Treasury debt. Not only are we saying that we will create money to repair those supply chains, but we are also saying that we will pay interest on that money to the same people who will receive the benefits of our investment.
You can bet that Summers will also get behind cuts to our safety nets that might allow those people who are about to be involuntarily unemployed to weather their circumstances. Both the inflation and the "cure" for it will cause labor to be more reliant on the investment class and capital, which is the "true" purpose of both.
Biden is already bragging about "deficit reduction" and you can bet that Manchin's concerns over it were also about "spending" on the little people while public money is created in vast sums unknown in our history to fund our wars and the climate killing fossil fuel industry. No Democratic politician ever asked "How will we pay for it?" in either case.
Labor had a brief moment in the sun during the pandemic (if one can call risking one's life to provide necessary goods being "in the sun") and the investor class isn't having any of it. The current inflation is price gouging, plain and simple, so that investors face no risk, even in a pandemic.
This can be shown by the amount of stock companies bought back and the record profits on Wall St that barely blipped below their stratospheric rise at the beginning of Covid. Covid should have crashed the stock market, not provided government-funded profits for it.
It should not surprise anyone to see Democratic leadership at the helm of these neoliberal priorities, as neoliberalism has become the cornerstone economic principle of the party since Clinton and Summers' rise to fame as an economic guru. If the people ever had a group epiphany about federal finance and the way it "actually" works there would be many heads adorning the light posts and gates guarding the elite communities of the wealthy and their political lap dogs.
