Inflation targeting, essentially a wealth confiscation target, has been sold to the public as a good thing and deflation as a bad thing. The poor are even whipped up into a frenzy to demand free stuff, which only results in more inflation and their never ending poverty. Good luck explaining this to a "liberal".
Blaming economic data on greed is stupid -- not because greed doesn't exist but because it always has. It makes as much sense as saying, "price inflation accelerated for the second month? Well that's because people have ten fingers!" (which come to think of it sounds like a real Biden quote).
The Biden excuse of corporate greed causing higher prices would ring a little less bullshitty if S&P 500 profits in 2023 weren’t actually below where they were in 2021. They are way way below on an inflation adjusted basis.
The real problem is the inflation numbers have been so managed since the 70’s is they significantly understate actual inflation. “Owners Implied Rent” and “Chained” and “Core” gut the number by at least 50% just those three.
Then when you realize that the real inflation in the real economy is over 5 still and wage inflation - 180,000 to drive a UPS truck? - this thing is just started. Call it the return of the Wage/Price spiral.
I have zero doubt that corporate greed has played a role. And likely not a minor one. But, the situation is analogous to Obamacare. Large corporations had been itching to pass along more ‘healthcare’ costs to consumers for years prior to Obamacare. Obamacare gave them the perfect cover…hey it’s not our fault your costs are going up. Read the bill. I distinctly recall getting the letter from my former employer listing all the items they were now forced to cover (like maternity care for men) and blaming all those add on for the reason why premiums and copay’s were increasing. And once that happened, they have never looked back.
Thank you Traitor McCain.
Similarly, without the FED and the Administration conspiring to massively increase govt spending and throw free money at consumers, business could not have gotten away withthe level of price increases and shrink flation we have seen. And they also are not looking back.
Inflation targeting, essentially a wealth confiscation target, has been sold to the public as a good thing and deflation as a bad thing. The poor are even whipped up into a frenzy to demand free stuff, which only results in more inflation and their never ending poverty. Good luck explaining this to a "liberal".
Blaming economic data on greed is stupid -- not because greed doesn't exist but because it always has. It makes as much sense as saying, "price inflation accelerated for the second month? Well that's because people have ten fingers!" (which come to think of it sounds like a real Biden quote).
Two options DC has are to inflate the debt down, easy, or legitimately cut not decrease spending, hard.
DC will always choose the easy path.
The Biden excuse of corporate greed causing higher prices would ring a little less bullshitty if S&P 500 profits in 2023 weren’t actually below where they were in 2021. They are way way below on an inflation adjusted basis.
The real problem is the inflation numbers have been so managed since the 70’s is they significantly understate actual inflation. “Owners Implied Rent” and “Chained” and “Core” gut the number by at least 50% just those three.
Then when you realize that the real inflation in the real economy is over 5 still and wage inflation - 180,000 to drive a UPS truck? - this thing is just started. Call it the return of the Wage/Price spiral.
Corporate Greed sounds like a pejorative metaphor for preserving job security for company employees and preservation of shareholder wealth.
I have zero doubt that corporate greed has played a role. And likely not a minor one. But, the situation is analogous to Obamacare. Large corporations had been itching to pass along more ‘healthcare’ costs to consumers for years prior to Obamacare. Obamacare gave them the perfect cover…hey it’s not our fault your costs are going up. Read the bill. I distinctly recall getting the letter from my former employer listing all the items they were now forced to cover (like maternity care for men) and blaming all those add on for the reason why premiums and copay’s were increasing. And once that happened, they have never looked back.
Thank you Traitor McCain.
Similarly, without the FED and the Administration conspiring to massively increase govt spending and throw free money at consumers, business could not have gotten away withthe level of price increases and shrink flation we have seen. And they also are not looking back.
May they all rot in hell.