Inflation caused by corporate greed
October 6, 2022
To The Eagle:
MAGA-man wrote an evocative letter last week, spoke his truth eloquently, but degenerated into Republican-speak about how “Democrats didn't (even) wait until after the election to stick it to us with $5.69 a gallon gas”- an issue perennial as crab grass and election cycles.
Inflation at the pumps, supermarkets, and anywhere else consumers are feeling the burn, is the fault of industry -- not the fault of the customers buying their goods, or of the administration currently in power.
Corporations have the power to raise prices without losing customers because they face little competition. Since the 1980s, two-thirds of all American industries have become increasingly concentrated.
Four companies control 85% of meat and poultry processing. Just one corporation sets the price of the nation’s seed corn. Two giant firms dominate consumer staples. Big pharma is comprised of five giants. The airlines have gone from 12 carriers in 1980 to just four today. Wall Street has consolidated into five giant banks, raking in record profits.
*Industries are inflating prices well beyond production and delivery costs, just because they can. Corporations are raking in their highest profits in 70 years. Wages grew 5.6 % over the past year but prices rose 8.5 %. That means, adjusted for inflation, workers actually got a 2.9 % pay cut.
Corporate monopolies are squeezing us to extract exorbitant profits at the pumps and at the supermarket. Whine all you want about the Biden administration, but price inflation is being caused by corporate greed.
*per Robert Reich