are there any videos making a counter argument?
I see the group responsible for this chart (apparently being treated as gospel) is the Economic Policy Institute who appears to be run by democrats including Robert Reich who sits on the board. I dont know if I've ever heard Reich say anything that made sense or had any real world realities, just an incessant drum beat of demonizing those that do and have the audacity to run a business to make a profit.
this argument feels drastically overstated & possibly misleading while ignoring the undeniable effect printing trillions of dollars has on inflation and the devaluation of the dollar to which both parties are responsible for. No one has the courage to say no to spending in DC anymore apparently
This is Democrat propaganda. Inflation, or more properly devaluation of the dollar, is caused only by government. The idea that "corporate profits" drive inflation is total nonsense. Corporations can raise prices but they cannot produce currency. Corporations are bound by the rules of economics. If corporations raise prices without raising wages, sales will decrease if the money supply is constant. This is economics 101.
Here are some facts:
In 2019, the US budget deficit was about $650 billion. In 2020, it was over $3 trillion. In 2021, it was $2.7 trillion. This year it will be about $1.3 trillion. Biden is bragging he reduced the deficit by $1.4 trillion even though he is spending $700 billion more than what we spent in 2019! That means in the last 3 years the government spent $7 trillion more than it captured in revenues. $7 Trillion, with a T. This is a staggering number and the reason the national debt has increased to over $31 trillion. Carrying this much debt has its consequences. Debt is risk to an investor. To counter that risk, interest rates must be increased. When interest rates increase so does the cost of the debt which in turn drives up the deficit which is offset by more borrowing. The government has to print money to keep up with this cycle which devalues the USD and create an inflationary cycle. The only way to stop inflation as Milton Friedman states, it to stop creating more dollars.
There is this notion floated by liberals called Modern Monetary Policy which claims that printing money to pay our bills is not harmful. It is both folly and dangerous. Borrowers of US dollars will not be happy if the dollars we use to repay them are worth less than the money they borrowed. This is why rates have to increase.
Inflation is about money supply. The more dollars on the market the less the dollar is worth, like any other commodity. Or the less demand for dollars the less it is worth.
Robert Reich and his band of partisans at the Economic Policy Institute are known liars and propagandists.