Tammy Duckworth, Il senator has put forth a bill to stop corporate price gouging. We all need to keep writing our Senators and Representatives asking them to cap CEO salaries, cap profits, and protect workers rights and safety.
Our media is so under-prepared to report on complex issues. The belief that Republicans are “good” for the “economy”, and that the President controls prices are delusions continuously re-inforced by most media. Also, the foolish belief that the stock market is a measure of economic health - it’s been a plan to reduce the quality of public education by reducing funding of education.
Dr Reich - thank you for being a voice in the wilderness. ♥️
The real question is why are so many economics journalists, pundits, and analysts so effing stupid? And why are Jerome Powell's minions so effing stupid?
I smirked at Jerome Powell's ever-so-carefully worded speech a couple of weeks back about how there will be "pain", ever-so-carefully avoiding saying exactly who will feel it. Disingenuous SOB.
The rich get richer, and the rest of us get the shaft. Where's Teddy Roosevelt when you need him? And where, for that matter, is Congress when you most need it???
I see a lot of talk about capping corporate profits. That will help the common folks, but it still doesn't tackle the root problem - greed of the wealthy. What we need is an income tax with a big hit on the wealthy, and which is dependent on the well being of all the people. That coupled with a tax on very high worldwide wealth like Elizabeth Warren has proposed. I'm working on the income tax solution. The basic plan is in the website bastilleamendment.org
Here is a more simplicity way of looking at the economy in the USA today. We have a car wash in my city. When it opened 3 years ago you could drive through to wash your car for $5.00. Two years ago they increased their price to $6.00. Last year they increase their price to $7.00. Yesterday I took my car through and it was $10.00. Going forward I will park my car in the driveway and use my garden hose like I did in the 1960's and 1970's. What Washington DC does NOT understand is citizens know how to survive. Every day regular Americans are not stupid. Remember this saying, "It's the economy, stupid"? When will our politicans and educated elites get it? Last night on TV in our Phoenix, Arizona market they are now advertising for "housekeepers" at Talking Stick Casino. Sign on bonus of $1500.00 plus $21.00 and hour. Companies can adjust. The federal goverment is stuck in mud and 10 years behind the times.
Gas was $3.19/gal on Wednesday. Thursday it was $3.39. The only thing that changed was the OPEC news. COVID and Inflation are just two excuses to raise prices and gouge people who can least afford it. And now, they can blame Ian and OPEC.
What do we need to do to get mainstream media to report on the connection between inflation and obscene profits? I guess it's just easier for them to regurgitate the pablum fed to them by the Fed than it is to actually do some investigative reporting. They are just plain lazy.
Beware of what? As if there were anything we could do about it. Walmart has frozen hiring because they are planning to start closing stores, and begin converting to a totally online business model because profits are greater there. Current workers will switch over to filling orders. I don't care because I quit going in stores long before Covid struck, but some people still like to use shopping as a meet and greet. I'd rather go to concerts for that, but I quit that a time back. You might say I'm a hermit, but I like it that way. Me and my 7 cats and the 6 or so feral ones that live here and show up for meals have a good time. Cats are better than humans, anyway. I feel for the kids who are growing up in this screwy world we live in. I grew up in the 50s and 60s. Those were optimistic times. We thought there was nothing we couldn't do. In fact, we headed for the Moon, and damn if we didn't get there in 1969. If it weren't for that goddamn war in Vietnam, things might even have been as wonderful as we had hoped for. But, alas, our stupid leaders' fear of Communism caused trouble. Anyway, the outlook now for young people is grim. Everything went off the rails somewhere pretty badly when Ronnie RAYGUNS was elected. Our naively optimistic approach was shot the foot, and it went down in flames from there and has stayed here. Just as it looked like we might head off in the right direction, damn if a bad Repub doesn't get elected, and everything goes haywire again. People in this country are so easily led off track by those that own everything. I fear that one day soon the rich will cause the economy to tank for good. If we on the left can't stand up to them and demand that they reel in their greed, the time may be nigh.
Hypothetically (if we disregard the affliction of authoritarian political gridlock), what tools can the federal government use to mitigate upward pricing pressure by corporates to expand margins? Specifically, I wonder about the wage and price controls that were applied during 1971-1973. Interested in your perspective.
Let’s talk about ethics and economics. Is it ethical to raise prices simply because you can ( get away with it)? After all the shareholders benefit, the senior management benefit but the workers suffer unless they get a raise too.
Considering that the majority of the population are not management or shareholders, the majority lose income or at least they have to dive into their savings, if they have any that is.
When I was much younger, more than 60 years ago, I was a born again Christian and while I have since become a none believer in such matters, the idea “Love thy neighbor as thyself “ still resounds in my mind.
Robert, I’m 80 and caregiver for my severely disabled Veteran son with only my SS and his SSDI checks and with a fixed income our buying ability sums keep diminishing each year as well as our COLA sums. NO HELP nor changes in sight!!! WHY???
Tammy Duckworth, Il senator has put forth a bill to stop corporate price gouging. We all need to keep writing our Senators and Representatives asking them to cap CEO salaries, cap profits, and protect workers rights and safety.
Our media is so under-prepared to report on complex issues. The belief that Republicans are “good” for the “economy”, and that the President controls prices are delusions continuously re-inforced by most media. Also, the foolish belief that the stock market is a measure of economic health - it’s been a plan to reduce the quality of public education by reducing funding of education.
Dr Reich - thank you for being a voice in the wilderness. ♥️
Robt... will you head the Fed, please...
The real question is why are so many economics journalists, pundits, and analysts so effing stupid? And why are Jerome Powell's minions so effing stupid?
I smirked at Jerome Powell's ever-so-carefully worded speech a couple of weeks back about how there will be "pain", ever-so-carefully avoiding saying exactly who will feel it. Disingenuous SOB.
The rich get richer, and the rest of us get the shaft. Where's Teddy Roosevelt when you need him? And where, for that matter, is Congress when you most need it???
I see a lot of talk about capping corporate profits. That will help the common folks, but it still doesn't tackle the root problem - greed of the wealthy. What we need is an income tax with a big hit on the wealthy, and which is dependent on the well being of all the people. That coupled with a tax on very high worldwide wealth like Elizabeth Warren has proposed. I'm working on the income tax solution. The basic plan is in the website bastilleamendment.org
Here is a more simplicity way of looking at the economy in the USA today. We have a car wash in my city. When it opened 3 years ago you could drive through to wash your car for $5.00. Two years ago they increased their price to $6.00. Last year they increase their price to $7.00. Yesterday I took my car through and it was $10.00. Going forward I will park my car in the driveway and use my garden hose like I did in the 1960's and 1970's. What Washington DC does NOT understand is citizens know how to survive. Every day regular Americans are not stupid. Remember this saying, "It's the economy, stupid"? When will our politicans and educated elites get it? Last night on TV in our Phoenix, Arizona market they are now advertising for "housekeepers" at Talking Stick Casino. Sign on bonus of $1500.00 plus $21.00 and hour. Companies can adjust. The federal goverment is stuck in mud and 10 years behind the times.
Mortgage rates have doubled in the last 6 months. I need to sell a house. Thanks, Feds. Why is Robert the only one talking about this?
Gas was $3.19/gal on Wednesday. Thursday it was $3.39. The only thing that changed was the OPEC news. COVID and Inflation are just two excuses to raise prices and gouge people who can least afford it. And now, they can blame Ian and OPEC.
What do we need to do to get mainstream media to report on the connection between inflation and obscene profits? I guess it's just easier for them to regurgitate the pablum fed to them by the Fed than it is to actually do some investigative reporting. They are just plain lazy.
Beware of what? As if there were anything we could do about it. Walmart has frozen hiring because they are planning to start closing stores, and begin converting to a totally online business model because profits are greater there. Current workers will switch over to filling orders. I don't care because I quit going in stores long before Covid struck, but some people still like to use shopping as a meet and greet. I'd rather go to concerts for that, but I quit that a time back. You might say I'm a hermit, but I like it that way. Me and my 7 cats and the 6 or so feral ones that live here and show up for meals have a good time. Cats are better than humans, anyway. I feel for the kids who are growing up in this screwy world we live in. I grew up in the 50s and 60s. Those were optimistic times. We thought there was nothing we couldn't do. In fact, we headed for the Moon, and damn if we didn't get there in 1969. If it weren't for that goddamn war in Vietnam, things might even have been as wonderful as we had hoped for. But, alas, our stupid leaders' fear of Communism caused trouble. Anyway, the outlook now for young people is grim. Everything went off the rails somewhere pretty badly when Ronnie RAYGUNS was elected. Our naively optimistic approach was shot the foot, and it went down in flames from there and has stayed here. Just as it looked like we might head off in the right direction, damn if a bad Repub doesn't get elected, and everything goes haywire again. People in this country are so easily led off track by those that own everything. I fear that one day soon the rich will cause the economy to tank for good. If we on the left can't stand up to them and demand that they reel in their greed, the time may be nigh.
Dear Professor Reich,
Hypothetically (if we disregard the affliction of authoritarian political gridlock), what tools can the federal government use to mitigate upward pricing pressure by corporates to expand margins? Specifically, I wonder about the wage and price controls that were applied during 1971-1973. Interested in your perspective.
Let’s talk about ethics and economics. Is it ethical to raise prices simply because you can ( get away with it)? After all the shareholders benefit, the senior management benefit but the workers suffer unless they get a raise too.
Considering that the majority of the population are not management or shareholders, the majority lose income or at least they have to dive into their savings, if they have any that is.
When I was much younger, more than 60 years ago, I was a born again Christian and while I have since become a none believer in such matters, the idea “Love thy neighbor as thyself “ still resounds in my mind.
Does this have a place in economics?
"What can they be thinking?" Stuck in 20th Century, unsustainable mindset.
It's your typical, historical resource management----
> We are merely seen as the infinite font of money from which they dip their greedy cups.
And like all finite resources----
> The well can run dry.
Much pain to be endured . . .
Robert, I’m 80 and caregiver for my severely disabled Veteran son with only my SS and his SSDI checks and with a fixed income our buying ability sums keep diminishing each year as well as our COLA sums. NO HELP nor changes in sight!!! WHY???