Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

ck4829

(35,714 posts)
Wed Jun 22, 2022, 09:32 AM Jun 2022

Report: Record corporate profits are driving inflation, not labor costs

It’s not workers making a decent wage that are driving inflation, as some conservative politicians and pundits keep asserting. Rather, according to a new report by the Maine Center for Economic Policy, higher costs are the result of corporate consolidation and businesses using their control over the market to set inflated prices.

Those corporations are raking in record profits while Mainers are paying higher prices for everyday items like meat, milk, bread, fuel and electricity.

“The mismatch between Mainers feeling the pinch as corporate profits rise is the result of choices made by policymakers over time, particularly at the federal level, that have given corporations greater power over people to set prices and control the flow of goods and services,” reads the report authored by MECEP policy analysts James Myall and Arthur Phillips. “Now, corporations are using this power to extract even larger profits under the cover of current global supply chain disruptions.”

Myall and Phillips explain that the problem stems from three decades of relatively unrestricted corporate consolidation, where a small number of corporations control most of the market for a particular product.

https://mainebeacon.com/report-record-corporate-profits-are-driving-inflation-not-labor-costs/

1 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Report: Record corporate profits are driving inflation, not labor costs (Original Post) ck4829 Jun 2022 OP
Returning wealth to its rightful owners underpants Jun 2022 #1
Latest Discussions»Issue Forums»Occupy Underground»Report: Record corporate ...