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(48,937 posts)
Fri May 5, 2023, 11:14 PM May 2023

How Pundits' Inflation Myth Crushed The Working Class


One year ago, as price hikes were becoming a major national concern, the world’s third-richest man touted his newspaper columnist asserting that corporate profits were not a driving force behind inflation — blaming temporary COVID-19 pandemic aid instead.

While Washington Post owner Jeff Bezos and others were trying to steer the inflation discourse away from a focus on business profiteering, there was already data showing that most of the price increases Americans were experiencing could be attributed to larger corporate profit margins.

Those figures were hardly surprising: Corporations that had been permitted to grow into oligopolies during the era of lax antitrust enforcement were now able to leverage their outsized market power to hike prices — and to do so with less fear of competitors undercutting them. It’s a reality that has since been recognized by a Federal Reserve study, a top economist at UBS, European central bankers, and, most recently, Rupert Murdoch’s Wall Street Journal.

And yet, corporate media outlets ignored the available data, choosing to publish and platform pundits who scoffed at accusations of what they derisively called “greedflation” and who insisted that the problem is workers being paid higher wages. That decision delivered devastating consequences for America’s working class.


How Pundits' Inflation Myth Crushed The Working Class (Original Post) Nevilledog May 2023 OP
And before that... moondust May 2023 #1
They'll keep doing it 'til we're all dead intrepidity May 2023 #2
A uniform walk-out/strike? n/t xocetaceans May 2023 #4
$7 for a jar of mayonnaise UpInArms May 2023 #3
Just checked the weekly ad from a nearby supermarket and I saw a brick of Kraft cream cheese alwaysinasnit May 2023 #5
Ya think those will get reflected in the next Consumer Price Index? NullTuples May 2023 #6
I'm right there with you. alwaysinasnit May 2023 #7
Almost? Heh. dchill May 2023 #8
paint is insane. mopinko May 2023 #9


(19,594 posts)
1. And before that...
Fri May 5, 2023, 11:49 PM
May 2023

Raygun's laissez-faire policies. I remember in 1980 after hearing Raygun's "trickle-down" BS some friends and I predicted inequality would soar as a result. A year or two after his election statistics started appearing in the papers showing the rich getting richer and the poor and working class getting nowhere. Wealth was concentrating at the top and Raygun basically told them to be as greedy as they wanted to be and do whatever they wanted in order to get richer without "interference" from "big government." Globalization began to take off and laissez-faire Raygun was never going to lift a finger to prevent the wealthy from moving large numbers of jobs offshore to cheap labor markets so they could get richer faster.


(4,965 posts)
5. Just checked the weekly ad from a nearby supermarket and I saw a brick of Kraft cream cheese
Sat May 6, 2023, 01:57 AM
May 2023

for a "sale" price of $4.79. My jaw dropped


(68,817 posts)
9. paint is insane.
Sat May 6, 2023, 02:37 AM
May 2023

it’s always been my practice to buy a gallon even for a small project cuz 2 quarts cost about the same.
but good paint is $40/gal! so i bought a quart to do 2 walls, and yes, had to go back. but they didnt have the base in a quart, so i ended up getting a gallon. used about a half pint. looking for something else than needs a fresh coat.

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