Setting the record straight on inflation (with Mike Konczal)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 3 October 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

There have been a lot of bad takes on inflation out there in the media, from wild speculation about its causes to absurd predictions about when and how the wave of price increases would finally come to an end. But now just about everyone agrees that after two years of rising prices, inflation has finally slowed down. And while there’s still a long way to go, the situation is dramatically better now than it was even six months ago. Mike Konczal from the Roosevelt Institute recently did some research into the disinflation we’ve been seeing, and he returns to the show to tell us what’s really bringing prices back down to earth. Mike Konczal is director of Macroeconomic Analysis at the Roosevelt Institute, where he focuses on full employment, inequality, and the role of public power in a democracy. Twitter: @mtkonczal Supply-Side Expansion Has Driven the Decline in Inflation https://rooseveltinstitute.org/publications/supply-side-expansion-has-driven-the-decline-in-inflation How Goldilocks Came to the U.S. Economy https://www.nytimes.com/2023/09/11/opinion/inflation-unemployment-phillips-recession.html Pre-Order Nick's new book, Corporate Bullsh*t https://www.corporatebsbook.com Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	I'm Nick Hanauer. As someone who's been in and around corporate boardrooms, my entire career,
0:07.1	there's nothing I know better than the extent to which many of my business colleagues will go
0:13.8	to lie to protect their power and profits. And in my new book, Corporate Bullshit,
0:20.4	co-authored with Joan Walsh and Don Cohen, we make this manipulative duplicity plain as day
0:27.2	by placing egregious past quotes from corporate executives next to the equally outrageous
0:34.2	contemporary quotes, all of which justify outcomes that lie in pockets while harming society.
0:41.2	Again, the book is called Corporate Bullshit and you can pre-order the book now wherever books
0:47.1	are sold. What the hell is happening with inflation? So A, we didn't have inflation.
0:56.6	Inflation to me is a wage price spiral. We had higher prices as a consequence of the most
1:03.6	profound global supply chain shock in a hundred years. So I just wrote a report called Supplyside
1:09.4	Expansion has driven the decline in inflation and so it's right there in the title. I think we
1:13.5	probably have to go a little bit deeper to understand everything that's happened.
1:20.8	From the home offices of civic ventures in downtown Seattle, this is pitchfork economics.
1:25.9	With Nick Hanauer, the best place to get the truth about who gets what and why.
1:36.9	I'm Nick Hanauer, founder of Civic Ventures. I'm David Goldstein, senior fellow at Civic Ventures.
1:48.3	A lot of people have been talking about inflation Nick and you know,
1:52.7	my first question is, how are you doing? I mean, this must have been really tough on you,
1:57.6	right? That spike of inflation must have really crimped your lifestyle.
2:01.8	Yes, not too much. Not too much. No, didn't you didn't like cut back your spending?
2:10.0	I mean, it certainly cost you more than it cost me because you spend so much more than me.
2:14.9	But not not on milk.
2:19.3	I mean, your point is a really good one, Goldie. Actually, even though you're just as always giving me
	...

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