Former President Obama’s senior adviser David Axelrod on Sunday suggested President Biden drop out of the 2024 presidential race in the wake of a new poll showing the incumbent trailing …
  • theparadox@lemmy.worldEnglish
    73·
    2 years ago

    I don’t think low rates caused inflation, and I don’t think high rates were to lower inflation.

    Inflation resulted from supply chain issues and businesses believing (correctly) that they could raise prices beyond their increased costs and rake in additional profit, all while blaming inflation.

    High interest rates were to punish labor - to raise unemployment in order to prevent labor from obtaining enough power to demand better pay and better conditions.