After corporate media lied America into a war and a financial crisis, data show they lied about a main source of price hikes — and brutal policies followed.
by Andrew Perez, Matthew Cunningham-Cook, and David Sirota, The Lever
One year ago, as price hikes were becoming a major national concern, the world’s third-richest man touted his newspaper columnist asserting that corporate profits were not a driving force behind inflation — blaming temporary COVID-19 pandemic aid instead.
While Washington Post owner Jeff Bezos and others were trying to steer the inflation discourse away from a focus on business profiteering, there was already data showing that most of the price increases Americans were experiencing could be attributed to larger corporate profit margins.
Those figures were hardly surprising: Corporations that had been permitted to grow into oligopolies during the era of lax antitrust enforcement were now able to leverage their outsized market power to hike prices — and to do so with less fear of competitors undercutting them. It’s a reality that has since been recognized by a Federal Reserve study, a top economist at UBS, European central bankers, and, most recently, Rupert Murdoch’s Wall Street Journal.
Recent Posts
Jamaal Bowman’s Opponent Is The Top Recipient Of AIPAC Money
May 4, 2024
Take Action Now Here is the most complete, up-to-date view of AIPAC PAC donations to congressional candidates. by Donald Shaw, Sludge As Israel…
“This Militaristic Approach Has Been a Failure”: Meet Hala Rharrit, First U.S. Diplomat to Quit over Gaza
May 3, 2024
Take Action Now The Biden administration’s financial, military and diplomatic backing of Israel’s assault on Gaza has sparked dissent within the U.S.…
Will Southern Autoworkers Reverse Decades Of Union Decline?
May 3, 2024
Take Action Now Automakers rely on non-union plants in the South to drive down wages across the country. A UAW victory in Tennessee and an upcoming…
CNN Airs Outrageous Anti-Palestine Protest Segment
May 3, 2024
Take Action Now This segment from Dana Bash on the Palestine protest movement is one of the most shameful things ever seen on cable news. by Jack…