Robert ReichLast quarter, American corporations took home about 10% more than they did the same time a year ago.
Folks, price gouging is driving inflation, not wages or government spending.
Looking for explanations…@rbreich and it’s the same in Australia.
REAL GJ Zig 🏳️🌈🇺🇸
TylerJWhit@rbreich Government spending certainly increased inflation alongside price gouging.
Phil K@TylerJWhit @rbreich deficit spending certainly adds to overall demand, but you can reduce the deficit by increasing taxes on the wealthy and attain non-inflationary growth. Prof Reich knows something about this from his time in the Clinton Administration - a Golden Age of monetary and fiscal policy working in harmony
Steve Popovich@TylerJWhit @rbreich that's what the Fed says; of course, they are the ones who admit that they are trying to drive up unemployment to stop wages from rising, so in my opinion, one has to take their statement with a grain of salt, as inherently corporatist.
@sspopovich @rbreich bias against the Fed isn't sufficient evidence to discredit the notion that COVID spending increased inflation.
Olav@rbreich I can get fresh cut chicken at the local ME market $0.50/lb less than the pre-packaged junk at the local supermarket chain. That says something right there.
Angelica 🏳️⚧️@rbreich SPEAK THE TRUTH bless up
Grandma Bates@rbreich To add to the insult some industries are also refusing to pay the costs of inflation with respect to their source of products:
https://www.bbc.com/news/business-64204759
https://www.bbc.com/news/business-64204759
@rbreich hi! How can we get more folks on Cup of Tea? Glad to see you here
EPD Total Landscaping@rbreich what about the billions worth of crypto created out of thin electrons?
@EricPaulDennis @rbreich that's the "bigger fool theory" in action. I'm waiting for that bubble to burst, since there is absolutely nothing of value backing cryptocurrency; not even the nebulous "faith and credit" of a government that backs fiat currency.
Rick@rbreich Trump only got elected by convincing disillusioned "working stiffs" that he "alone can fix it", helping them get around the system, like he had, for decades. He never delivered, nor, did he intend to, however, once they went full-on MAGA, there was no turning back, they were hooked! It should be the prime objective of Democrats to do as Bernie Sanders and Elizabeth Warren had advised, by rejecting corporate money, taxing windfall profits, and ending the oligarchy!
haresh@rbreich I 100% agree! I also don’t buy that excuse that tech companies hired too much in the up swing of the pandemic. They had plans for all those workers! All of a sudden they started a domino effect of layoffs because the fed started raising interest rates to combat their price gouging. Oh wow! Is that a coincidence or what? No! Elitism at its worst!