Consumers deserve an inflation rebate (with Congressman Ro Khanna)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 17 May 2022

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Gas prices have reached record highs in the United States. Is inflation actually to blame, or is it the greed of Big Oil, which is enjoying record profits? Congressman Ro Khanna walks us through his proposal for a Big Oil Windfall Profits Tax, which he says will help curb profiteering while reducing gas prices. Congressman Ro Khanna represents California’s 17th Congressional District. He’s the author of Dignity in a Digital Age: Making Tech Work for All of Us. Twitter: @RoKhanna Big Oil Windfall Profits Tax would protect consumers from giant oil companies taking advantage of world events to jack up prices https://khanna.house.gov/media/press-releases/release-gasoline-prices-sky-high-khanna-whitehouse-announce-curb-big-oil Dignity in a Digital Age https://www.simonandschuster.com/books/Dignity-in-a-Digital-Age/Ro-Khanna/9781982163341 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	Gas prices are a super hot topic at the moment because they've reached record
0:04.2	highs and one of the reasons they've reached record highs is it oil corporate
0:08.1	profits or at a record high because these guys are just gouging people.
0:12.4	Inflation isn't being borne equally. It's not being borne equally by the
0:16.9	corporation of the worker. It's all falling on workers in the middle class.
0:21.3	Inflation is a global phenomenon. It's happening whether you did stimulus or
0:26.7	whether you didn't.
0:32.7	From the home offices of civic ventures in downtown Seattle, this is
0:36.2	pitchfork economics with Nick Hanauer, the best place to get the truth about who
0:40.9	gets what and why.
0:44.0	We get a lot of emails coming into the podcast and they are overwhelmingly
0:59.2	positive, but sometimes we get a few negative even angry ones and one of the
1:07.0	themes we've heard recently, Nick, is that we promised somehow I'll say you
1:12.4	promise. Your name is on this podcast. It's not just me that we weren't going to
1:18.1	get inflation and yet here we are. We have the first real inflation in maybe
1:24.3	30, 40 years. Yeah, and that's probably a fair criticism
1:28.9	goalie to a certain extent, although I don't think we said
1:33.3	that we were not going to get inflation. We said more precisely that
1:40.0	the stimulus checks that went to middle class people was not going to cause
1:46.8	inflation. I maintain that in the absence of the
1:53.4	disruption of the global supply chains and the reverberating effects that
1:59.1	had throughout the economy, those stimulus checks would in fact not have
	...

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