Many progressive economists pointed to corporate profits – or “greedflation” – and supply chain issues as a driver of high prices
Theft. It’s called theft.
Smokes cigar: Akshually it’s a reasonable rate of return, but I wouldn’t expect you W-2 menials to understand.
Theft is when you take something someone else has without their consent. Charging a lot for what you sell isn’t theft.
Profiteering, price gouging, and wage theft are forms of theft.
Many places already make these illegal, but corporations don’t face consequences when caught.
The worst part is that many of these companies have stated that without increases in consumer prices, they would be forced to shut down. Lies.
Our largest grocery store operator in Canada has been posting record profits these past few years, despite claiming that prices need to go up. They are stealing from consumers.
Aren’t they also losing customers? I don’t buy shit anymore. Won’t a lot of places eventually drive themselves out of business? A smaller, captive customer base with the wealth to choose differently if they feel like it. The vast majority just doing without whatever isn’t crucial.
You can’t really stop buying food. There’s a reason that (say) a laptop costs the same now that it did in 1998 but eggs went from $2.50 a dozen to $8 a dozen in a few weeks with no actual change in supply or demand outside of a very brief constraint on shipping.
Right, and when all we buy is food, many, many other businesses go poof. I’m not saying food isn’t expensive. I’m saying that’s all I buy anymore.
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Is it only half? I bet it’s way higher
Meanwhile, everyone knew this and the Fed targeted individuals instead of corporations when trying to tackle it.
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so, this is a US news community now?
Doesn’t have to be. Post something else.
Yes, the Guardian is based in Alabama. Furthermore prices have not risen anywhere else in the world.
the u.s. economy has a significant impact on the global economy, as well as local economies in other nations. so yes, this is relevant ‘global’ news.
So according to the report, since 2019 54% of price increase are due to labor, 34% to profit and 12% to non-labor.
Those 12% that started the current inflation loop are relatively small overall.
Another so called “economics think-tank” that thinks [consumer price]-[raw material cost]=[profit]. They are just ingnoring all of the other variables in equation. P&G (their biggest example) laid off a huge percentage of their workforce during the pandemic and increased the price of the products. Now they are nearly back at 100% of their workforce but everyone is being paid more. It ends up being a wash for consumers at that point. That’s not even including cost of energy, cost of machine maintenance, and all of the other little things that have increased over the last few years. Nonsense.
