Robert Reich: the cause of today's inflation in the US is a lack of
competition. Businesses raise prices even though they are making
great profits already, because there is nothing to stop them.
The Federal Reserve's chair, a Republican that Biden
reappointed in the teeth of progressive demands not to do so,
is using that inflation as an opportunity to cool down the economy.
That will hamper unionization — surely a Republican's goal.
However, the Omicron variant is likely to cool the economy quite a bit
in January. Even if few get badly sick from Omicron, many will have
to stay home. Many businesses will have to reduce service. So will
hospitals; people will die from that, including people with diseases
other than Covid.