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> Household debt in the U.S. is at 20 year highs. Household savings levels have completely collapsed. Inflation is still ripping. Inflation is largely caused b

> Household debt in the U.S. is at 20 year highs. Household savings levels have completely collapsed. Inflation is still ripping. Inflation is largely caused by the same issues driving this rail strike: corporate profits. Maybe Biden should actually tackle directly that rather than continuing to shit on the working class.

Workaccount2 4y ago
>Corporate profits In the social media circle-jerk, yeah. In economist circles that include the advisors consulting on policy, no. Corporations are/have always tried to maximise cost and profits. They didn't suddenly decide to get greedy 18 months ago. "Blaming inflation on corporate profits is like blaming gravity for a plane crash, technically right but totally misguided." Remember, gravity is always trying to crash a plane. Frankly I will always side with expert opinion over karma farming social media commentary. I know it feels good to blame the shadowy cabal of fat men with a top hats and eye pieces, but it's just not what is going on.
- naasking 4y ago
  > Corporations are/have always tried to maximise cost and profits. They didn't suddenly decide to get greedy 18 months ago. Actually they did: https://www.youtube.com/watch?v=Ai6B8e-C8k8#t=10m46s https://www.youtube.com/watch?v=Ai6B8e-C8k8#t=10m46s They exploited the supply chain disruptions to justified price increases that weren't warranted. The data is pretty clear on this point so I don't know what "experts" you're listening to.
  - Workaccount2 4y ago
    Nothing you stated or linked contradicts what I said. Corporations have always been greedy and will always capitalise on anything that can be used to increase profits. Blaming corporations is a miss because they are acting exactly the way they have always acted, they way they are expected to act, and the way they will act. Hence the example "It's like blaming gravity for a plane crash". Gravity's behavior is a constant, its something else on the plane that failed.
    - naasking 4y ago
      > Nothing you stated or linked contradicts what I said. Corporations have always been greedy and will always capitalise on anything that can be used to increase profits. My original point was that corporate greed was behind much of the recent inflation and that Biden should tackle recent corporate greed directly if he actually wanted to reduce inflation. You disagreed because corporations didn't suddenly become greedy and so couldn't be behind recent inflation, and I provided evidence that yes, they are in fact the main cause. I don't really care whether corporations "suddenly" became greedy or were always greedy, that's entirely beside the point.
ascagnel_ 4y ago
Here's a podcast with Rep. Katie Porter where she dives pretty deep on this issue. I'm not sure how much of this is businesses trying to get ahead of inflation and how much of it is pure profit-taking. https://www.youtube.com/watch?v=Ai6B8e-C8k8 https://www.youtube.com/watch?v=Ai6B8e-C8k8
- naasking 4y ago
  She's exactly who I was thinking of when I wrote that post. Everyone should watch her grilling, here's the timestamp: https://www.youtube.com/watch?v=Ai6B8e-C8k8#t=10m46s https://www.youtube.com/watch?v=Ai6B8e-C8k8#t=10m46s

Workaccount2 4y ago

>Corporate profits In the social media circle-jerk, yeah. In economist circles that include the advisors consulting on policy, no. Corporations are/have always tried to maximise cost and profits. They didn't suddenly decide to get greedy 18 months ago. "Blaming inflation on corporate profits is like blaming gravity for a plane crash, technically right but totally misguided." Remember, gravity is always trying to crash a plane. Frankly I will always side with expert opinion over karma farming social media commentary. I know it feels good to blame the shadowy cabal of fat men with a top hats and eye pieces, but it's just not what is going on.

naasking 4y ago
> Corporations are/have always tried to maximise cost and profits. They didn't suddenly decide to get greedy 18 months ago. Actually they did: https://www.youtube.com/watch?v=Ai6B8e-C8k8#t=10m46s https://www.youtube.com/watch?v=Ai6B8e-C8k8#t=10m46s They exploited the supply chain disruptions to justified price increases that weren't warranted. The data is pretty clear on this point so I don't know what "experts" you're listening to.
- Workaccount2 4y ago
  Nothing you stated or linked contradicts what I said. Corporations have always been greedy and will always capitalise on anything that can be used to increase profits. Blaming corporations is a miss because they are acting exactly the way they have always acted, they way they are expected to act, and the way they will act. Hence the example "It's like blaming gravity for a plane crash". Gravity's behavior is a constant, its something else on the plane that failed.
  - naasking 4y ago
    > Nothing you stated or linked contradicts what I said. Corporations have always been greedy and will always capitalise on anything that can be used to increase profits. My original point was that corporate greed was behind much of the recent inflation and that Biden should tackle recent corporate greed directly if he actually wanted to reduce inflation. You disagreed because corporations didn't suddenly become greedy and so couldn't be behind recent inflation, and I provided evidence that yes, they are in fact the main cause. I don't really care whether corporations "suddenly" became greedy or were always greedy, that's entirely beside the point.

ascagnel_ 4y ago

Here's a podcast with Rep. Katie Porter where she dives pretty deep on this issue. I'm not sure how much of this is businesses trying to get ahead of inflation and how much of it is pure profit-taking. https://www.youtube.com/watch?v=Ai6B8e-C8k8 https://www.youtube.com/watch?v=Ai6B8e-C8k8

naasking 4y ago
She's exactly who I was thinking of when I wrote that post. Everyone should watch her grilling, here's the timestamp: https://www.youtube.com/watch?v=Ai6B8e-C8k8#t=10m46s https://www.youtube.com/watch?v=Ai6B8e-C8k8#t=10m46s