Jared Bernstein, Joe Biden's Chief Economist, faced difficulties explaining money's workings in a documentary or Finding The Money,' despite his role.

He stumbled through concepts, highlighting the confusion around government money printing and borrowing

Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip

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[–] Self_Sealing_Stem_Bolt@hexbear.net 16 points 9 months ago* (last edited 9 months ago)

There has never been a real world example of a wage price spiral tho. It's a boogeyman invented by bougie economists to keep the working class in line (accepting of low wages)

https://thenextrecession.wordpress.com/2022/11/20/the-wage-price-spiral-refuted/