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I am not saying the presenter has the situation figured out, he may have, but I am not a professor of global economics, so I will not say yea or nay. It is an interesting presentation, whether right or wrong. If you come away from the 16 min presentation agreeing or disagreeing, I would love to hear your opinion.
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The Phillips Curve is just another way of saying the Supply and Demand Curve.
In this case, when unemployment is low, there is a greater supply of income per person which means more people are competing for the amount of goods which created inflation.
Per the video, the lady is doing just the opposite of what I know of Supply Side Economics. But, I think you do have Gavin Newsom wanting to put price controls on Gas on California AND is proposing Windfall tax on Energy producers...so his actions are in line with what this lady is proposing.
I am not an economist or expert. What I do know is this. Unemployment is very low. Wage Demand is Very High. Open Jobs are Very high so what "trigger" or pressure will be used to close demand for jobs and higher wages?
If they attack the labor side of this, they can drive prices down. the only way to do that, that I understand is to create negative growth and have the economy contract....otherwise known as a recession..and in the worst case scenario a Depression. historicaly we have had more of them than we have had recently.
With decreased GDP, you reduce sales, which reduces labor demand...which increases unemployment.
Ok, best I can do.