When the cost of essential goods is increased beyond the rate of inflation and the company in question subsequently reports all-time record profits, and those profits are going to people who are already in the top 10% of wealth holders whose daily lives aren’t actually impacted by not having that extra wealth, that’s greed harming the lives of everybody else. When someone working a standard 40 hours a week is asking for a cost of living raise because their current wage is below poverty income (which current federal minimum wage current is below that line), it’s basic human need to survive.
When the cost of essential goods is increased beyond the rate of inflation
Inflation is the measure of the cost of goods. You have cause and effect backwards here.
and those profits are going to people who are already in the top 10% of wealth holders
Wages are up across the board. Do you resent suppliers, warehouse staff, truck drivers, grocery employees, and distributors for making more money?
The only significant life changes that happened during the post-covid inflation was wages increasing. Hiring is up, wage pressure is up, union membership is way the fuck up.
Inflation happens because people have the money to support higher prices. It’s no more greed to raise prices there than it is for you to want to make more money.
We do have an issue in our society of wealth capture, and that’s a fixable problem we’ve seen steps toward. Wealth capture and inflation aren’t directly related or correlated, however.
Inflation is the measure of the cost of goods. You have cause and effect backwards here.
Inflation is the devaluation of currency due to increased supply of it. And you’re ignoring that price increases outpaced inflation and resulted in record profits. Companies used rising inflation as a cover to simply increase profits.
Wages are up across the board. Do you resent suppliers, warehouse staff, truck drivers, grocery employees, and distributors for making more money?
You may be forgetting all the unionization and strikes that helped with those increases. And you can’t refute that there are still people making federal minimum wage, or that it is a poverty wage.
The only significant life changes that happened during the post-covid inflation was wages increasing.
If you’re asserting that companies have not been raising prices beyond inflationary rate I can only conclude you’re willfully ignorant on this topic or commenting in bad faith.
(paywall on this one) https://www.bloomberg.com/news/articles/2022-08-25/us-corporate-profits-soar-taking-margins-to-widest-since-1950
Inflation happens because people have the money to support higher prices. It’s no more greed to raise prices there than it is for you to want to make more money.
Inflation happens because the government puts more money into circulation. Raising prices at a rate consistent with inflation is not wealth-hoarding greed. Raising prices well beyond inflation just because you can blame it on inflation and raking in the profits is.
Inflation happens because the government puts more money into circulation.
No. The government is constantly putting more.money into circulation without inflationary effects. We literally had suboptimal inflation for almost a decade.
Inflation is a measurement of price increases over time. Inflation happened this time due to COVID causing pent up demand, a glut of credit and cash on hand, and supply chain issues across the board.
Companies making more profits is hardly surprising given that people wanted to go buy a ton of shit because they finally could.
If you’re asserting that companies have not been raising prices beyond inflationary rate
Again this is literally impossible because whatever they raise prices to is where we derive the inflation rate from
Inflation is the devaluation of currency due to increased supply of it
This is simply not correct. Increased supply of currency relative to the actual amount of goods and services in an economy is probably the most prominent cause of inflation, but it’s not the only cause. Inflation itself is the actual generalized rise in prices, which can be caused by a variety of factors. Find a basic econ textbook, or just read the Wikipedia article on inflation.
