Inflation panic is the new deficit hawkery

The Real News Podcast · Dec 6, 2021 · 19m

“After years of hypocrisy and bungled forecasts of doom, the budget deficit no longer provokes panic,” economist Max Sawicky recently wrote in In These Times. “The elites need a new bogeyman, otherwise Congress might actually spend us into happiness. Now, the new monster in the closet is Inflation.” With all eyes on President Joe Biden’s Build Back Better plan, which would entail massive and sorely needed social investments in education, healthcare, childcare, clean energy, and more, a familiar chorus of budgetary hand-wringers has emerged to argue that such social spending is the cause of…