There’s No Such Thing as a Value-Neutral Economic Choice

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Charles Lane complains about the politicization of the Federal Reserve:

The 1978 Humphrey-Hawkins Act, passed by a Democratic Congress and signed by Democratic President Jimmy Carter, put the Fed in charge of value-laden (i.e., political) trade-offs by requiring it to minimize both inflation and unemployment.

The implication here is that restricting the Fed’s mandate solely to inflation wouldn’t be a value-laden decision. But it is. It’s a decision to conduct monetary policy exclusively for the benefit of the moneyed class, which likes low inflation, and the corporate class, which dislikes tight labor markets—and without concern for the preferences of the middle class, which likes having a job.

Remarkably, a lot of people in Washington DC are blind to this. They simply take it for granted that conservative economic doctrines are value-neutral, and they tend to dismiss opposing views as just so much partisan nonsense. That’s what produces sentences like the one above.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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