Today, “The Problem with Jon Stewart” released a new episode, “The Inflation Blame Game,” featuring Groundwork’s Executive Director Lindsay Owens. During the panel, Dr. Owens breaks down the root causes of inflation, debunks the misguided and dangerous economic arguments being peddled by the Federal Reserve, and highlights the winners and losers of today’s monetary policy.
The episode also features Larry Summers, former Treasury Secretary, John Rizzo, senior vice president at the Clyde Group, and Ken Rogoff, professor of economics at Harvard University.
“The people don’t have a voice at the Fed…You can’t call the Fed up and say, ‘Hey, enough with the interest rate hikes. I’m going to be out on the street if you keep this up.’ There’s really very little accountability at the Fed right now. It’s not really a democratic institution.”
“The inflation hawks, we may not be giving them enough credit. Their viewpoint is much more dangerous than just their cures for inflation. Their diagnosis is also a problem. The prescription is to obliterate the labor market. We don’t want that. The diagnosis is that Americans have it too well off, and that means nothing else.”
“These are the same folks who are going to oppose student debt cancellation because we can’t put another dollar in Americans’ pockets because ‘Oh no, that will increase inflation.’”
“[The Fed] can act with agility, but they can’t actually solve the problem at hand. And so, the question is, what can we do instead? And there’s an answer to that. We can build a different kind of economy.”
“There’s no such thing as a free market. We make markets – humans, nation-states, governments. We make decisions – the rules that markets play by, that’s us. That’s our responsibility. And we can create a different market. We can create a resilient economy.”