The entire “right” spectrum of economic ideas, from the center-right of the Republican party, to the “far-right” of Austrianism, has been proven wrong – comically, completely, utterly wrong – yet again.
If you had listened to conservative and right-wing economic ideas for the last five, ten – hell, even 50 or 100 – years, you would be convinced that the massive, unprecedented “money printing” of the last couple of years would have triggered a massive hyperinflationary collapse by now.
But, of course, the opposite is true. Inflation, by virtually any empirical measure, can’t even match the Fed’s target of 2%.
Since inflation has been running below that target, the Fed is attempting to raise inflation above 2 percent. … The Department of Labor noted that prices of used cars accounted for most of the monthly price gains, indicating that prices in other categories had fallen or remained unchanged. Food prices were unchanged, with an increase in food away from home offsetting a decline in the prices of food at home.
Inflationary pressures have remained weak throughout the year, upending the expectations of many that a return to zero-interest-rate policy from the Fed and huge emergency spending programs would combine with production disruptions to raise prices.
If one had listened to conservative, right-leaning Republicans like, say, Z-Man or RamZPaul, one would expect that these days “a piece of bread could buy a bag of gold” due to the massive money-printing.
But the inflation is no where to be found, at least not on the shelves of the grocery stores – nor at the gas pump. Despite the right-wing predicting “hyperinflation” since the 1970’s, the exact opposite is occurring.
Well – sort of. There is, in fact, inflation – a huge amount of inflation. And yes, it is caused by the money printing.
But this inflation has been greeted with applause by the conservative right-wingers – like Z-Man and RamZPaul – because the inflation is going into the stock market, luxury goods, and various Veblen goods.
These ideologues – often without even realizing it, parroting the Jewish pseudo-science of “Austrian economics” – have been praising Trump for the record high stock market, despite this being the inflation that they have been warning about.
If one pays closer attention to the actual arguments these right-wingers make, you’ll realize that they typically don’t actually involved “economics” itself – the study of scarcity.
Instead, these right-wing conservatives make moral arguments in which they themselves are morally superior to others.
So, a defense contractor – which is essentially a socialist business – is ret-conned by right-wingers into being an actor in the “free market.”
A Wall Street hedge fund trader – completely and 100% reliant on government subsidy – and extra government subsidies every decade, like clockwork, in the form of “bailouts” – are transformed magically into “risk-taking entrepreneurs” operating in the “free market.”
What is the psychological motivation of these conservative right-wingers, to spin these Sunday School moral tales, making themselves “individuals” – even heroes – constantly beset by “socialists” who just don’t know how to “work hard?”
Well, obviously, it’s class anxiety. Both examples eventually let slip their precarious economic situations, but still can’t quite acknowledge their actual class position as what they call ‘welfare queens’ and that their entire economic position is just as reliant on “big government” as the lowliest ghetto denizen of Black America.
The only actual “rugged individualists” in America are living the Ted Kaczynski life. They aren’t conservatives nor Republicans.
And to be blunt, all the country boys who like to talk about how they live off the land – well, they sure as hell love their Ford F-150 trucks – also not made by rugged individualists.