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
There They Go Again: Trumping Up A Non-Existent Threat To Menace A Country Most Americans Couldn’t Find On A Map
Take Action Now A recent CBS News poll shows widespread public skepticism and disapproval of any US military attack against Venezuela, properly so,…
The Blue Road to Trump Hell, A Zero Hour Conversation With Norman Solomon
Take Action Now The road to Trump was paved with Democratic Party elites.By RJ Eskow and Norman Solomon, The Zero Hour In this conversation Norman…
Democrats In Congress Are Out Of Touch With Constituents On Israeli Genocide
Take Action Now A national Quinnipiac Poll found that 77 percent of Democrats “think Israel is committing genocide.”By Norman Solomon Last month,…
William Hartung On The Trillion Dollar War Machine
Take Action Now As both parties are legislating criticism of socialism, Americans’ support for Medicare For All has intensified to the point where…