Wolff is a smart guy, as Keynesians go. However, like Bernie Sanders, his hatred of business and especially large corporations crowds out much of his better judgment. This earth will burn to ashes long before America ever sees the kind of socialism Wolff advocates.

That said, he is spot on concerning the cause of our present inflation. Once production was disconnected from domestic employment business had the upper hand over labor. This was altered by the pandemic and it is now much more expensive to keep a workforce when it involves a clear danger to life and health.

Business is essentially throwing a temper tantrum and is going to keep its advantage over labor by the only means available to it, pricing of the things workers have to purchase with their higher wages. Shareholders aren't likely to accept diminished profit without turning over management in the companies they control. Top management, being on the receiving end of unreasonable demands for a change, is sweating and looking over their shoulders.

If Biden was the devout lefty he is accused of being he would have instituted a price freeze a month or more ago after it became evident that the profits of business were not at risk. He is, however, a confirmed neoliberal who worships the market as the supreme authority in all things economic.