As price inflation stays above the previous 30 year average, concerns about general price increases continue to shift from one consumer good to another. Right now, people are focused on food prices as food is so obviously getting more expensive month to month.
With high inflation continuing, mainstream right-wing economists and pundits seem very concerned with a mythical beast called the 'wage-price spiral'. These spirals are not real and are simply an attack on working people with the poorest bearing most of the brunt of the policies of wage control. Here we look at why this is and the correct response to it.
There are many contradictory definitions, explanations, and policy responses to high inflation. Understanding the differences is important to develop the correct orientation to these pressures on workers' wage demands and the left's policy responses.