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
Is A General Strike In 2028 A Real Possibility?
April 24, 2024
Take Action Now The logistics of actually pulling this thing off. by Hamilton Nolan, How Things Work After winning a nationwide strike against the…
Congressional Democrats Cave, Give Biden Weapons For Israel After All
April 24, 2024
Take Action Now Half the members who signed a letter to Biden in the aftermath of aid worker killings voted for the package anyway. by Blaise…
McCarthyist Attacks On Protests Threaten Free Thought for All
April 23, 2024
Take Action Now Attacks on student protests and false claims of antisemitism threaten everyone’s right to free expression. by Ari Paul, FAIR……
The Pentagon’s 30-Year Lobbying Swindle
April 23, 2024
Take Action Now For decades, corporations have used taxpayer-funded fellowship opportunities to help them secure billion-dollar defense contracts.…