Robert ReichMar 17, 2023
Say it with me: To control inflation, we must take aim at corporate profits, not working people.
Show threadRobert ReichMar 17, 2023
https://www.bloomberg.com/news/articles/2023-03-09/how-excuseflation-is-keeping-prices-and-corporate-profits-high?sref=0KUfhQHv
How ‘Excuseflation’ Is Keeping Prices — and Corporate Profits — High

One-off disruptions can provide cover for companies to keep prices high. 

Bloomberg
Show threadSSFC KDT (MOVED)

@rbreich The economic ratchet effect strikes again

Pressure makes prices go up, reducing pressure does *not* make prices go down.

Pressure makes wages go down, reducing pressure does *not* make wages go up.

Mar 17, 2023 at 7:19pmWeb
Show threadSSFC KDT (MOVED)Mar 17, 2023
@rbreich (thus, the "ratchet effect" -- wall street and main street are connected by two racks and a ratchet. when main street does well, wall street does well, but when wall street does well, main street does not necessarily do well, because the ratchet stops the distance between the two from contracting, only expanding.)