Steeped in the 1970s, Joe Biden and his administration are clearly on the cost\u002Dpush side of the inflation debate
costs. For most businesses, they’re the biggest cost. Any serious cost-cutting is bound to hit wages. And, of course, if costs reallyThen the president went into a long, loud riff about “instead of relying on foreign supply chains, let’s make it in America … Make more cars and semiconductors in America. More infrastructure and innovation in America. More goods moving faster and cheaper in America.” The roar that followed each shouted sentence fragment was a gut punch to Canadian exporters.
When politicians figure their best anti-inflation policy is to start telling people how to run their affairs, you know we’re in trouble. The governor of the Bank of England, Andrew Bailey, was pilloried recently, and rightly so, for seeming to advise unions to swallow recent price increases without trying to get them back: “e do need to see a moderation of wage rises. Now that’s painful. I don’t want to in any sense sugar that, it is painful.