“writer @fdrlst @nypost @quillette” nuff said
In case anything harbored any lingering hopes the WSJ might occasionally be a voice of rationality amidst the GOP becoming a lawless cult:
Molly look out behind you! There’s an astronaut with a gun!
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They wrote that article 20 years ago, now look where we are.
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https://twitter.com/ezraklein/status/1508779879218745348
Honestly thinking this is some kind of labor Laffer curve should have set some alarm bells off in Klein’s head, but I guess not.
Lol this guy has to have a resting heart rate of like 97+, he has been rage tweeting for hours and I’m here for it.
https://twitter.com/mattnegrin/status/1508815289353478156?s=21&t=uSUwNjmUkJwVyfBB2x8Miw
Like what? The economics on wage increases and inflation is complex, and literally nobody knows how it will play out in a low interest rate environment because it’s been decades since people were worried about the impact of large wage increases.
Like there’s no citation behind it and it’s all just “well it seems like” and it cuts against ‘common sense’. If nominal wages are rising but real wages are falling you’re first going to look to see if something else is causing real wages to fall because real wages are nominal wages - other things , not blame it on rising nominal wages.
Maybe it’s true, but it feels like more of a ‘just so’ story to push for reducing raises instead of some kind of rigorous analysis and Klein is like ‘uh wow that’s an interesting new theory’.
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Yeah you’re probably right that there is some motivation from the ruling class to conclude that rising wages are Actually Bad. But the relationship between rising inflation and rising wages has been studied at length, he’s not just making this stuff up. There has been a sincere chicken vs. egg question in economics for a long time about this issue, do wages rise because of inflation or does inflation happen because of rising wages? I wouldn’t say that “alarm bells should be ringing” because someone is saying hey, we should think about this because it hasn’t been a concern for several decades.
My thoughts are fuck Larry Summers, and I will be paying zero attention to anything he has to say because fuck that guy.
Also lol at your life and career if you peaked when someone else invented one instance of you not sucking (but still being an arrogant asshole) in the Facebook movie.
I am very comfortable with this take. I still don’t think we should dismiss out of hand the suggestion that raising wages as an obvious and necessary step in an inflationary environment has the frustrating, second order impact of putting another upward pressure on inflation, which is frustrating.
We’re all on year 2 of remembering all the reasons inflation is annoying as fuck, after basically decades for ho hum inflation problems. This sucks.
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I’m glad you don’t consider Austrians to be people.
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This but totally without any irony. Fuck the Austrians and their two hundred year old bullshit.
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Well they do tend to see inflation risk everywhere. I assume mises.org is non stop celebration that the Great Inflation As Foretold By The Prophets has finally arrived.
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