Starting Strength Network Previews | On Inflation

[Bre Acosta]

[AFNick68]

The caller seems well intentioned but his question is irrelevant and probably stupid.
1) Whether his business has benefited from the policies is irrelevant as to whether the policies are wise
2) Define benefited? If revenues and profits are up for a year or two and then nosedive than who cares?
3) The value of a business is a function of its EARNINGS and EARNINGS POTENTIAL. Earnings are revenues minus costs. The two biggest costs by far are i) Labor, ii) Raw materials (which feed input goods) ie Commodities. The cost of BOTH are going up as a direct result of government policy in the west; this is without question
4) Even if the government pursued a policy that made Rip the richest person on planet earth, at the expense of making millions destitute, is it not fair for him to say that is an unwise policy? I am just asking. The 'you benefited from it' argument is debunked. On both sides of the aisle -- ie I never complained about Warren buffett calling for higher taxes (not that I support him necessarily) even though he benefits from the current structure.
5) As an aside, for those of you arguing about covid and supply chains, here is a great article letting you know that it is a DEMAND shock, not a SUPPLY shock causing the problems. And the demand shock is caused by monetary & fiscal policy across the developed world (+ China). If you can explain to me why these folks have an incentive to get this wrong, be my guest, but I think they probably did their homework... It’s Mostly a Demand Shock, Not a Supply Shock, and It’s Everywhere
6) "Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” - Milton Friedman. Agree or disagree with him, but I think he probably knew a thing or two

[J. Killmond]

I never complained about [rich person] calling for higher taxes (not that I support him necessarily) even though he benefits from the current structure.

Where's his skin in the game?

Nobody is going to stop someone who wants higher taxes from themselves writing a check payable to the Bureau of the Fiscal Service, as a gift to reduce the public debt:

Attn Dept G
Bureau of the Fiscal Service
P. O. Box 2188
Parkersburg, WV 26106-2188

Credibility comes from walking the walk. Just like here--the credibility is built on the training that the coaches themselves do.

Only $1.3 million was donated in fiscal year 2021. I'm not sure the fans of tax increases really believe in their heart of hearts what they're trying to sell to the rest of us:

Government - FY 2021 Gift Contributions to Reduce Debt Held by the Public