Mastodawn

PKellyLeoROC Dec 4, 2022

RT @[email protected]

The Fed has been hellbent on raising interest rates to slow the economy. That completely puts the burden of fighting inflation on low-wage workers and the poor.

Meanwhile, corporations are getting off scot-free as their profits hit a record $2.1 trillion in Q3.

Hello?

🐦🔗: https://twitter.com/RBReich/status/1598833140549619712

Robert Reich on Twitter

“The Fed has been hellbent on raising interest rates to slow the economy. That completely puts the burden of fighting inflation on low-wage workers and the poor. Meanwhile, corporations are getting off scot-free as their profits hit a record $2.1 trillion in Q3. Hello?”

Twitter

ChopinsHeart Dec 4, 2022

If they would stop places like Carlyle group from sucking everything dry, we’d be better off. And no reason Powell had to make his millions (Youngkin too) and then go into Gov’s work. Gov’t and politics and business is INCESTUOUS. There are prohibitions about this! WHERE ARE THEY AND WHO ENFORCES THEM?:

We voted, so we’re done, right? Ordinary people can only buy books and read and vote and do so much. 🤷‍♀️

Badtux the Snarky Penguin Dec 4, 2022

@rbreich The fundamental problem is a mismatch between the goods available for purchase and the money available to purchase them. The money is constant -- workers haven't had huge pay raises -- but the supply of goods has plummeted. I have no idea why the morons at the Fed think that raising interest rates is going to fix supply chain issues. It's like killing ducks to save whales -- utterly incomprehensible.

Jessica Dec 4, 2022

@rbreich If all the Leaders of major Countries got together and agreed to introduce a super Profits Tax at the same rate in every Country on Oil suppliers, shipping container suppliers etc if they do not stop profiteering of the war, we would see costs slashed and inflation drop back.

Economically Inactive Dec 4, 2022

@rbreich yeah but they need all this money to fuel growth, trickle down they say, I say bullsh@t #taxtherich

ex or current IDF unwelcome Dec 4, 2022

@rbreich Same with Bank of England. Seems it's the only lever they have without government involvement. EU Central Bank likewise

RadicalWoman111 Dec 4, 2022

@rbreich
Professor Reich, would you please toot your awesome video about how we get rid of the Electoral College? 🙂

Maquitorf Dec 4, 2022

@rbreich it doesn’t seem like change would happen anytime soon, specially if we don’t end Citizens United. The problem is that government (ALL) is very comfortable with becoming wealthy and creating rules that will only benefits them and the corporations paying them. I believe that there’s no difference between lobbying and bribing

TC Won't Give In To Lies Dec 4, 2022

@rbreich
Inflicting pain on consumers to get them to stop buying to get companies to stop raising prices to keep them spending seems like a crazy approach.

How about windfall taxes, price controls and/or trust-busting to constrain prices?
#InflationIsPriceGouging

Potassiumer Dec 4, 2022

topsy23 Dec 4, 2022

@rbreich i'm listening...i follow your posts with interest but to be honest i've still got not much idea how to use this platform...

Noob Dec 4, 2022

@rbreich wages in america have not shown any significant growth since 2008.

John Yates Dec 4, 2022

@rbreich I've logged out of twitter. If it isn't posted directly here (not a link to twitter) I don't see it. Nor miss it.

Pam Dec 4, 2022

I think we need a windfall tax.

Benowulf Dec 4, 2022

@rbreich How can we cultivate mass-scale buy-in on global boycotts of these corporations? Hit their profit margin until they lower gouging prices? It seems maddeningly clear that the government(s) don't care about the people's majority opinion. I don't see how we can enact large-scale change without a solution that bypasses the need for government intervention. Thoughts?

Quest Dec 4, 2022

"The Federal Reserve System has been given a dual mandate—pursuing the economic goals of maximum employment and price stability."

https://www.stlouisfed.org/in-plain-english/the-fed-and-the-dual-mandate

The untolded goal is preserving the USD at all cost. It is a faith based system and they will due everything to try to keep that faith. The human capital cost (ie lives) is just collateral damage in pursuit of keeping the faith using their one tool in the toolbox.

Jpow's lastest speech:

https://m.youtube.com/watch?v=5s6ZihWKyhw

The Fed and the Dual Mandate: In Plain English

The Federal Reserve System has been given a dual mandate: pursuing the economic goals of maximum employment and price stability.

Quest Dec 4, 2022

@rbreich
In that speech JPow does suggest wages aren't the cause of inflation. He also expresses concerns of a wage spiral driving inflation up when and if workers realize that their wages aren't keeping up with cost of living increases.

Quest Dec 4, 2022

@rbreich
"The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society" by Binyamin Appelbaum. I think it was in this book that I saw a quote from Janet Yellen suggesting that some inflation is good because it reduces the effective labor cost for business bc wages increase at a lesser rate than inflation. It creates the facade of getting paid more while the company effectively pays less.

Wiggie Dec 4, 2022

@rbreich
The Fed's answer to inflation is to create a recession.

Tanziers Dec 4, 2022

@rbreich yes they are and this is WRONG. Tax the RICH

The Legion of Decency Dec 4, 2022

@rbreich Why do you post Twitter in here? People need to suck it up and leave that platform. It is a toxic wasteland.

Voron Dec 4, 2022

@rbreich All the Dem party & Biden have to do is: write a windfall corporate tax bill, stay on message tying inflation to corporate profits when talking about it do a full court press.
.
Corporations would drop prices just to kill the bill.
.
Problem is Dems won’t do this

Ladybean Dec 4, 2022

@rbreich how does interest rates impact low earners? They are much less likely to borrow.

Wednesday’s Child Dec 4, 2022

@rbreich
Thanks for sharing your insights. It’s important to see the bigger picture.
🙏🏻🙏🏻🙏🏻

My Head’s Exploding 🤯 💥Dec 4, 2022

@rbreich It seems ridiculous! With the fed saying the low end wages are rising better than inflation, and then raising the rates, it seems they are also saying, ‘let’s take care of that low end gain’. I’m not an economist, but it seems crazy to me to stifle the lowest monetary group, while continuing to give privilege to the rich. Although I’m not surprised.

Democratic Warrior Dec 4, 2022

@rbreich these major companies and suppliers are purposely manipulating labor, wages and supply to suck up as much cash as they can for their stock buybacks. Tax them now.

Hunt Dec 5, 2022

@rbreich With corporate tax rates and corporate tax revenue at recent historic lows. Combined with very low taxes on dividends and it is a recipe for increasing inequality. Saddling the middle class with the cost of resolving inflation makes as much sense as blaming rain on a wet moose. How about taxing dividends like ordinary income (like we used to) and encouraging raises for workers with targeted tax credits and going with Robert’s idea for an excess profits tax?

The Ox Dec 7, 2022

@rbreich what would you suggest as an alternative to bringing inflation under control? I agree that corporations are benefitting, but what else can be done?

Barry Dec 25, 2022

@rbreich The reverse Robinhood theory of inflation mitigation. Just like trickle down economics. Self serving grifts of the super rich and corporations