Is labor guilty of wage gouging?

If corporations are guilty of price gouging then labor is guilty of wage gouging.

Democratic candidate for President Kamala Harris has said that inflation is caused by corporate greed. She says corporations are price gouging as they push prices up. Corporations respond that they are charging market prices based on the demand for the product and their cost to supply a product. Increasing labor costs are pushing prices higher. The primary culprit is wages.

For at least a decade prior to 2021, inflation mostly averaged in the 1 ½% to 2% range. Wage increases averaged in the 2% to 2 ½% range. Consumers were happy with the moderate inflation and workers were generally happy since their wage increase exceeded the inflation rate.

Mostly due to massive increases in government spending and the resulting deficit, inflation began to increase in January 2021. At the same time, the Federal Reserve forgot that price stability was the primary goal of Monetary Policy.

Throughout 2021 and extending to mid-2022, the Fed kept interest rates near zero and rapidly increased the money supply through their bond-buying program as the inflation rate peaked at more than 9%.

The obvious solution to reducing inflation was to curtail government spending. But the Biden Administration said that the government must…