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.
![New York Times app showing story on inflation (viewed on an iPhone against a print edition)](https://progressivehub.net/wp-content/uploads/2023/05/Shutterstock_2155055407-uai-258x145.jpg)
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.
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