Congresswoman does not mess around. She gets to the point quickly and effectively. She came with her charts pointing out that corporate profits/greed is responsible for more than half our inflation rate.
Katie Porter busts inflation myth.
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Whenever we speak about inflation, it is imperative that we display Porter's chart. It is a dereliction of their duty that the mainstream media have not given the proper context to our current inflation.
When the Biden administration said inflation would be transitory, the only mistake was not saying transitory absent evil corporate greed raising its head. We recently got out of a pandemic. Corporations knew Americans had a few bucks banked from not spending as much during a pandemic, plus having received some stimuli.
And what do corporations do? Because they have pricing power on the vital goods and services Americans need, they jack prices up beyond any increased cost from supply chain disruptions, pandemic disruptions, weather disruptions, and necessarily increased wages. They chose to raise prices, hurting millions of Americans in the process.
What is very sad is that the supply chain disruption problems are of corporations' own doing. They chose to increase their profits by manufacturing offshore for cheap labor and low environmental standards. They chose just-in-time-inventory, which means they had no buffer to weather pandemics or weather disruptions. In other words, they were inept. And who pays for their ineptitude as they further maximize their profits using inflation? We do.
In a recent Congressional hearing, Congresswoman Katie Porter dangled her charts again. What she showed from studies is what many inferred for quite some time. Inflation was primarily caused by corporations raising prices much more than necessary to increase their profits by wide margins. This is the classic definition of legalized theft.
And instead of using fiscal policy to neuter the corporate thugs using windfall redistributive taxes, the Feds put more pain on Americans by increasing interest rates steeply. In other words, yet again, we bear the pain of recessionary actions to slow our spending. God forbid we pass laws to stop the corporate thugs from fleecing us. They win again as they also profit from the increased interest on the margins.
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