In a recent report from some journalist dude who apparently represents big business and corporate interest, attempts to place blame of inflation on working people. Yet he never actually pin-pointed how this is possible.
With different word salad under supply and demand rhetoric and his definition of basic econ 101, he lays out a bullet point argument to prove something everyone and their mother knows is completely untrue.
He says, “Harris and Biden fight against greedflation and price gouging ignores three fundamental truths: Consumers play a pivotal role in the price of goods. Inflation had many causes, but corporate greed was not a primary factor. And the war on inflation has largely been won already.”
First, consumers spend their hard-earned dollars to survive life and have no influence over how much things costs. Second, corporate greed was the only factor in inflation and the high cost of living seeing they set the prices, and lastly, the war is no where near over; people are still struggling.
Then he says that even though prices are up, corporations have made more profits when inflation was lower. Meaning, they have been gouging the public longer than we knew. He says that one of the main reasons was the pandemic, “with Covid throwing the global economy into turmoil. The pandemic temporarily shut down the production of goods and created massive supply and demand imbalances.”
Then he admits that businesses will and always have found a way to gouge the public. He never makes his point as to how consumers are to blame but he inadvertently makes a strong case against businesses when he says, “Make no mistake, some of the biggest food companies are raking in big fat profits.”
In other words, he wishes so badly, like all the corporations and big business economist, that consumers were the problem so the blame can be taken off corporations, but reality says otherwise, and people are not stupid. What a waste of college tuition on a so-called journalist.
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