More inflation buzz. The U.S. consumer price index for January is expected to have risen 0.5% — culminating in an annual rise of 7.3%, which would be the largest such increase since 1982.
Yes, prices are increasing. But would you prefer a recession? As a practical matter, that’s the choice the Fed gives us. When the Fed puts on the brakes, it often pushes the economy into a ditch. A recession will cause far more hardship for many more Americans than inflation is now causing.
Want to control inflation? Don’t do it by drafting millions of workers into the inflation fight by slowing the economy. Better to ride out the storm — prices will slow down as shortages are overcome (although don’t expect corporations to reverse their price hikes). Or there’s always stronger medicine — price controls, windfall profits taxes, and antitrust.
Most importantly, focus on the real problems facing working Americans — the power imbalance that’s been keeping wages and working conditions down (adjusted for inflation) while pushing profits and stock prices up.
Specifically, stop employers from using five tactics that are seriously harming working people. Three of them are legal but shouldn’t be. No other advanced nation allows its working people to be treated this way.
1. Forced overtime. Your employer can force you to work for more than 40 hours a week. If you refuse, you can be reprimanded, demoted, or even fired.
Forced overtime is at the heart of the explosion of strikes in 2021. Workers at...
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