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.