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         To battle inflation, Biden targets supply chains, gas, meat packers

         The Real Inflation Problem Is Corporate Profiteering



To battle inflation, Biden targets supply chains, gas, meat packers



via The Daily Star (Bangladesh) - Nov 21, 2021


President Joe Biden is trying to attack US inflation that recently hit a 31-year high and is eroding his popularity by blasting supply chain logjams and going after what the White House calls  "pandemic profiteers."


Biden has an uphill battle, because there is simply no magic bullet a president can use to cure inflation, economists say.


And the longer prices stay high, the greater the chance that inflation fears become  "de-anchored," or untethered from reality, making them harder to fight.


Supply chain experts said measures like keeping ports running 24 hours a day will help get more goods onto retailers' shelves, but warn that disruptions could last well into 2022.


Treasury Secretary Janet Yellen and the Federal Reserve have repeatedly said this year that they believe inflation is transitory...





The Real Inflation Problem Is Corporate Profiteering

Donít be hoodwinked. It isnít Joe Biden whoís making record profits and gouging U.S. consumers. That would be corporate America.


Faiz Shakir, The New Republic†

November 22, 2021


Shakir is the founder of the advocacy journalism organization More Perfect Union.


The prices of everyday goods are going up, and everyone from members of Congress to talking heads on cable news have their own diagnoses as to why itís happening. But theyíre all missing the biggest piece of the puzzle about what is to blameónamely, corporate profiteering.


Youíve heard a dizzying array of explanations about inflation. Biden administration officials have said the Covid pandemic resulted in supply chain disruptions, which are now being ironed out. Republicans are blaming Bidenís policies for putting too much money into the hands of working families. Corporate leaders are blaming it on an inability to hire workers and a workforce that wants better pay and working conditions. Economists say that while inflation is indeed occurring, the expectation of inflation is truly whatís altering consumer attitudes and behavior.


What all these arguments miss is that, despite whatever rising costs exist for raw materials or transportation or other underlying factors, the incontestable truth is profits are way up for the largest corporations in America.


And what that means is pretty simple: Corporate America has seized on the fears of inflation to jack up prices on you and make a ton more money. According to The Wall Street Journal, nearly two out of three of the biggest U.S. publicly traded companies had larger profit margins this year than they did in 2019, prior to the pandemic. Not just profits. Larger profits. Nearly 100 of these massive corporations report profits in 2021 that are 50 percent above profit margins from 2019.


CEOs are quick to suggest to media that they have been forced to raise prices because of one difficulty or another. However...


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