cross-posted from: https://thelemmy.club/post/12591808

  • Jared Bernstein, Joe Biden's Chief Economist, faced difficulties explaining money's workings in a documentary or Finding The Money,' despite his role.
  • He stumbled through concepts, highlighting the confusion around government money printing and borrowing
  • Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip
  • Self_Sealing_Stem_Bolt [he/him, they/them]
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    edit-2
    6 months ago

    There has never been a real world example of a wage price spiral tho. It's a boogeyman invented by bougie economists to keep the working class in line (accepting of low wages)

    https://thenextrecession.wordpress.com/2022/11/20/the-wage-price-spiral-refuted/