Professor Richard Wolff joins Thom to talk about the recent inflation numbers.
A little–I emphasize little–inflation is not necessarily a bad thing. I think that a major contributor to the emotional panic we see today at the least little bit of inflation is a legacy of the OPEC fuel embargo of the 1970s. Fuel prices rose starkly (remember gas lines and odd-even rationing?), spurring double-digit inflation rates across the economy.
Part of the legacy of that experience, in my view, is an unreasoning fear of even the smallest hint of inflation, leading to gnashing of teeth, wringing of hands, and stupiding of policy.