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Post by Dutch on Apr 26, 2024 7:59:03 GMT -5
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Post by rusty on Apr 26, 2024 8:59:36 GMT -5
I wonder if this has changed since Jan.
From Jan 18, 2024 The Groundwork Collaborative;
From April to September 2023, corporate profits drove 53% of inflation. Comparatively, over the 40 years prior to the pandemic, profits drove just 11% of price growth. While prices for consumers have risen by 3.4% over the past year, input costs for producers have risen by just 1%. For many commodities and services, producers’ prices have actually decreased. Corporations have failed to pass these savings to consumers. Corporate profits as a share of national income have skyrocketed by 29% since the start of the pandemic. While our economy has returned to or surpassed its pre-pandemic levels on many indicators, workers’ share of corporate income has still not recovered. “It’s one thing for corporations to pass reasonable increased costs to consumers. It’s another for them to line their coffers by exploiting Americans who are just trying to get by,” said Liz Pancotti, strategic advisor for Groundwork and a co-author of the report. “It’s time to rein in corporate price gouging – or families will continue to pay the price.”
Groundwork was one of the first to expose the link between corporate price gouging and inflation. Starting in the summer of 2021, Groundwork began digging through recent corporate earnings call transcripts across multiple industries experiencing record-high prices. This research revealed CEOs openly bragging to their shareholders about their ability to raise prices beyond their rising costs to increase profits. To justify these moves, CEOs hid behind the cover of supply chain issues and the economic turmoil caused by the pandemic.
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Post by Dutch on Apr 26, 2024 10:38:14 GMT -5
I'm sure a good bit of that is true. That's what every corporation is supposed to do, make as much profit as they can, BUT, some greed is good, too much greed is a bad thing.
Win at all costs, is the mantra across much of society
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Post by Dutch on Apr 26, 2024 10:45:04 GMT -5
I know several business people who own farms in the Midwest, just for hunting. When I was growing up, we had some folks that had what were lavish lifestyles, for the time, but nowadays, it's gotten crazy.
In 2011, we took a fishing charter out of Lauderdale. We had to weave thru canals to get to the ocean. On the way we passed huge homes, with yachts and even yachts with helicopters. The wealth I saw there changed me. There has been little trickle down, mostly deluge up.
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Post by bake545 on Apr 26, 2024 14:53:40 GMT -5
Seems like everywhere you go these days you see new housing plans of McMansions being built. These aren't for rich people but upper middle class types. If people can afford these then I'd say there are a lot more people better off than there used to be, not just the "evil" super rich.
Frankly, people would be much better off if they quit worrying about how much money other people had. If Elon Musk has a few less or more billion dollars it's not going to make one difference to anyone else. The average employee isn't going to make more just b/c the CEO is making less, that's not how it works. Just more division pedaled by the media and politicians.
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Post by davet on Apr 26, 2024 16:11:24 GMT -5
If this inflation keeps up, I'm going to have to sell my yacht!!
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Post by Dutch on Apr 26, 2024 21:09:17 GMT -5
Seems like everywhere you go these days you see new housing plans of McMansions being built. These aren't for rich people but upper middle class types. If people can afford these then I'd say there are a lot more people better off than there used to be, not just the "evil" super rich. Frankly, people would be much better off if they quit worrying about how much money other people had. If Elon Musk has a few less or more billion dollars it's not going to make one difference to anyone else. The average employee isn't going to make more just b/c the CEO is making less, that's not how it works. Just more division pedaled by the media and politicians. Come to Lancaster county, nothing but McMansions.
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