When working people, either through their own struggles or sheer good luck, manage to get paid more for their labor, we say that rising wages are a “DRIVER of INFLATION.” Wages DRIVE inflation — that sounds harsh, doesn’t it?
Then, as wages DRIVE inflation, we say the economy is HEATING UP! It’s OVERHEATING! That sounds so uncomfortable, we’d better do something! Quick, we need to COOL THINGS OFF!
Just cool out, everyone.
What “cooling off” means is the government sends someone into the basement of the Federal Reserve, where they keep the big interest rate machine, and they turn the dials to raise …
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