cross-posted from: https://thelemmy.club/post/12591808
- Jared Bernstein, Joe Biden's Chief Economist, faced difficulties explaining money's workings in a documentary or Finding The Money,' despite his role.
- He stumbled through concepts, highlighting the confusion around government money printing and borrowing
- Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip
There has never been a real world example of a wage price spiral tho. It's a boogeyman invented by bougie economists to keep the working class in line (accepting of low wages)
https://thenextrecession.wordpress.com/2022/11/20/the-wage-price-spiral-refuted/