Мобильный 1 Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021October 2021November 2021
News Every Day |

The Real Inflation Problem Is Corporate Profiteering

The prices of everyday goods are going up, and everyone from members of Congress to talking heads on cable news have their own diagnoses as to why it’s happening. But they’re all missing the biggest piece of the puzzle about what is to blame—namely, corporate profiteering.

You’ve heard a dizzying array of explanations about inflation. Biden administration officials have said the Covid pandemic resulted in supply chain disruptions, which are now being ironed out. Republicans are blaming Biden’s policies for putting too much money into the hands of working families. Corporate leaders are blaming it on an inability to hire workers and a workforce that wants better pay and working conditions. Economists say that while inflation is indeed occurring, the expectation of inflation is truly what’s altering consumer attitudes and behavior.

What all these arguments miss is the simple fact that, despite whatever rising costs exist for raw materials or transportation or other underlying factors, the incontestable truth is: profits are way up for the largest corporations in America.

And what that means is pretty simple: corporate America has seized on the fears of inflation to jack up prices on you and make a ton more money. According to The Wall Street Journal, nearly two out of three of the biggest U.S. publicly traded companies had larger profit margins this year than they did in 2019, prior to the pandemic. Not just profits. Larger profits. Nearly 100 of these massive corporations report profits in 2021 that are 50 percent above profit margins from 2019.

CEOs are quick to suggest to media that they have been forced to raise prices because of one difficulty or another. However, my organization More Perfect Union reviewed recent corporate earnings calls featuring CEOs of some of the largest companies in the world, like Tyson Foods, Kellogg’s, Pepsi, Mondelez (a huge snack food and beverage company that used to be known as Kraft), and others. And we found jubilant executives revealing that price hikes are great for business.

In these calls, business leaders employ fancy financial lingo to tell large shareholders how they are engaging in “pricing improvements” and “successful pricing strategies.” They tell you they are experiencing customer “elasticities” to price increases at historically low levels. When you decode what they’re saying, it’s nothing less than a euphoric articulation that they’re able to pass off price increases to consumers, who, in the words of legendary investor Warren Buffett, are “just accepting it.” The stocks have in turn moved higher and higher. (And interestingly, when a corporation like Target announces it hasn’t raised prices despite strong earnings, investors are punishing it by pushing the stock downwards.)

In an interview with Fox Business, John Catsimatidis, a conservative pundit and billionaire CEO, revealed very simply what his C-suite colleagues are doing. “Why give something away if you don’t have to, and you can have a bigger margin,” he said. Right. It’s corporate price gouging at work.

Beef prices are up this holiday season. Why are they up? Because a consolidated market has allowed monopolists like Tyson’s, Cargill, and National Beef to rake in more profits while ensuring that very little of that goes to ranchers and farmers who are raising the cattle.

Home Depot and Lowe’s recently posted incredible earnings, pleasing giddy investors. CNBC’s voluble Jim Cramer observed that these two companies “can do no wrong because they’re passing on rising costs to the public, and the public has no choice…because these two chains have single-handedly wiped out the competition already.”

The power is entirely in the hands of large corporations, and they’re going for the gold. This story of corporate greed is being missed in the national inflation conversation.

But there’s more! Think about the devious design of what corporations have been up to. For months, they have, with one hand, fueled talk of inflation as a way to make obscene profits off the backs of consumers. That’s bad enough. But with the other hand, they have been manipulating the talk of inflation to engage in a full-frontal assault on President Biden’s efforts to pass a Build Back Better bill for working families.

The U.S. Chamber of Commerce has called Biden’s proposal an “existential threat,” and they—along with many corporate PR groups—have led a multi-million dollar barrage of corporate ad spending to try to dissuade voters about it.

Corporate America is also feeding its talking points into the hands of Republican lawmakers and media outlets that pin the blame of inflation on Biden and falsely warn that enacting a working families bill is only going to feed it further. Because the Build Back Better act will have increased taxes on corporations, these big businesses are eager to kill it. They are not about to give up any of their record profits to invest back into the safety net of America.

As we head into Thanksgiving and Christmas, and we all look forward to large enjoyable feasts with friends and family, we should rightly harbor anger about inflation. Not just that they made us pay more for turkey, cranberries, and pie crusts. We’re having to pay more because corporate America made a choice to raise prices on us, and then on top of that, they tried to manipulate your fear about those prices to keep you from getting paid leave, home care, childcare, and climate change action. Corporate America made you pay more while trying to make sure they didn’t have to.









Read also

Soccer-Late goals ensure Barcelona win away at Villarreal

NURTW warns drivers against drink-driving

Chris Ihidero tells story of single father in Man Pikin


News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

Triller Triad Combat: Pulev vs. Mir live stream, results, and discussion

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Organic Food Market Will Reflect Significant Growth Prospects of US$ Mn during 2020-2026



Sports today


Новости тенниса
Александр Недовесов

«Мы понимали всю ответственность». Александр Недовесов – о победе в парной игре в матче Кубка Дэвиса Казахстан – Швеция



Спорт в России и мире

Широков назвал рабочим вариантом стыковой матч сборной России с Польшей


Загрузка...

All sports news today




Загрузка...

Sports in Russia today

РБК вспомнил о смертях российских хоккеистов из-за травм


Новости России

Game News

Fortnite's 'The End' event: Everything we know


Russian.city


Польские СМИ: Украину усилили «афганскими сувенирами» от вторжения России


Губернаторы России
#123ru.net

МегаФон продемонстрировал рост выручки на 6,2% в третьем квартале 2021 года


В Москве скончался композитор Александр Градский

В Москве девушка госпитализирована после падения с поручня эскалатора, на котором каталась

Врач Яковлев заявил, что самыми опасными после прививки от COVID-19 являются первые недели

Путин передал приветствие участникам чемпионата Европы по дзюдо среди смешанных команд


Экс-супруга Аллы Пугачевой получает пенсию в 20 тысяч рублей

Анастасия Волочкова пожаловалась на безразличие дочери к своему будущему

Спектакль «Час пробил!» по шедевру Стравинского вернули на сцену в Петербурге

«Я уже вижу, каких масштабов этот проект!" Валерий Гергиев о создании культурного кластера в Якутии


Медведев принёс сборной России по теннису победу над Эквадором на Кубке Дэвиса

Александр Бублик сравнял счет со Швецией в матче Кубка Дэвиса

Даниил Медведев: "Кубок Дэвиса" потому и является особенным, что на нём может произойти немало неожиданностей

Медведев пятый в туре ATP по числу эйсов в 2021 году




Литературный вечер «Есенин. Святая рать» и международный телемост состоялся в Санкт- Петербурге

Созин призвал Карпина включить разум и вызвать Дзюбу на стыковой матч против Польши

Кубок Федерации региональный этап по Санкт-Петербургу 2021

Сочи Пашиняна и Алиева и планы Москвы на Украину и Южный Кавказ


В США предупредили, что могут усилить давление на Иран по ядерной программе

Дипломат Полянский предрек разногласия в ООН из-за «саммита за демократию»

Глава МИД Венгрии считает, что на Западе не допустят войны между РФ и НАТО

Новолуние в Стрельце 4 декабря 2021 года: чего лучше не делать, чтобы не оттолкнуть удачу



Путин в России и мире







Персональные новости
Russian.city

Александр Градский

Поклонники выразили соболезнования после смерти Градского



News Every Day

Global Plant-based Meat Market to Offer Increased Growth Prospects for Manufacturers




Friends of Today24


Загрузка...
Музыкальные новости
"Воскресенье " Олег Митяев



Персональные новости
Близкий друг Путина миллиардер Пугачев. Вся правда о Путине, его семье и деньгах. В гостях у Гордона (2021)

Навальный об уволенном за пост священнике (2021)

Slava Marlow – суперуспех и депрессия в 21 год / вДудь (2021)

Обнаглевшие дети путинской элиты (2021)

Дайте собакам мяса (новый звук) -Владимир Высоцкий

Группа "Рождество" - песня "Так хочется жить!" (Видео с концерта в Киеве группы "РОЖДЕСТВО" в 2011 году в Доме офицеров)

Adriano Celentano Любимая песня Челентано (высочайшая энергетика) talentTV

Moscow.media