Corporations should not be able to use our personal data for their profit either. Consumers have no way to negotiate terms and conditions or privacy policy. It’s take it or leave it and no one stands up for the consumer.
Everyday I want to take this crappy Apple 14 phone and crush it with a sledge hammer! Carrying it around in my pocket …, for what? So they can unravel any sort of fairness in privacy issues. Can’t even go to the bathroom without an app! Good grief America. Wake up.., put your phone down and cheer when the sun don’t shine and cheer when it does…, that little action reminds one of what is actually out there to be grateful for. Clean, unadulterated life… belongs to you with out the help of an iPhone!
Karl Marx : progressives will destroy everything that robs consumers. All of the greed that causes price increases that are predatory and unwarranted .
Um, where do you think the utilities, rent, gasoline, food, clothing, etc costs that you pay go to? I’d say someone else besides the government is getting a big part of your paycheck.
I wonder if the result of curbing corporations will make them intentionally increase prices, causing inflation to hurt Biden’s campaign. I wouldn’t put it past them.
Aren’t they already doing it? Seems they haven’t gotten the memo that the people are not going to give the keys to a felon. There are way way more of us and this is our time.
"... the company had “earned the right” to push price hikes."
This is what happens when the word, "right" becomes overused and misapplied. The is no such right. There is only the choice to raise or not raise.
We also have a choice: We have the choice to not buy their products. We have to show corporations we are not powerless and can walk away from discretionary purchases.
"...Republicans and their business backers are dead set against it — and are eager to blame continued high prices on Biden, not on corporations."
This is not a new tactic. It happens every election year when Democrats occupy the Executive branch. It has become predictable. And the news media is in cahoots with it, hence the lack of honest coverage.
We have much more power than we realize. But, if we don't vote, the GOP wins; their constituents vote. We have to making voting a priority in our lives in numbers that guarantee victory.
As far as power against corporate price gouging: walk away from discretionary purchases. And don't return. Make it a permanent choice and don't change until there is real evidence of long-term fair pricing that average people can afford. Corporations listen to reduced sales, and they won't change first. We must force the change.
You are correct, Robert. A few of us elderly, disabled are stuck with Amazon - I no longer drive, and need everything delivered, but for normal people YES, don't add to their fortunes.
Sounds like you, too, remember when boycotts were effective. Modern social media, combined with "voting with your wallet" a.k.a. "walking away", is an effective tool, if the message on social media illuminates how price gouging personally effects the individual or someone they care about. Messages that hit home hit hardest.
The first boycott I remember is lettuce in the 70s led by Cesar Chavez. We need to coalesce a boycott around one or two companies or items to be more effective. Coke and Pepsi? They are highly profitable and nothing they sell are in one of the major food groups.
Yes. And the economics of supply and demand also talk about switching to alternatives. Don't need pop. Homemade iced or hot tea from bags is cheaper. Stop buying bottled water. A reusable container filled with tap water works too.
Yes, we can buy water in cheap plastic bottles and fill our bodies with microscopic bits of plastic. Those plastic bits protected us from the harmful rays of the eclipse.
As much as I dislike drinking bottled water, it's healthier than soda. Also, we are not on a municipal water system and the wells in this area all have arsenic in them so we are limited in our choice of liquid refreshments. It's a conundrum.
Please, just because you’re on Robert’s site, you are not compelled to disconnect the circuit to your grey matter. You can get drinking water in bulk in various ways - no need to rely on small plastic bottles.
Get a good under counter Reverse Osmosis system. The filters may not be cheap but still costs less a year than pre-filled plastic bottles and jugs. I have one, it removes the nasties, then re-alkalizes the water, the tastes amazing and our water In Arizona is horrible.
I will look into that. Our water is piped in from a pond and used only for bathing and laundry. I'm spending a minimum of $500 annually on bottled water for drinking and cooking.
Yes I do remember. In Sacramento, we would gather as a group in front of the store, but carefully not blocking the entrance carrying signs explaining the reason for the boycott.
I'm a conservative. I agree with boycotts and don't have to remember back very far to the effect on Bud Light and Target. Oh right, that had nothing to do with monopoly pricing or gouging. Now what was it that was so effective?
What was so effective was the drop in revenue, especially at AB. Corporations don't care about conservative or liberal, red or blue, Dem or GOP. They care about one thing: Green. Green keeps them in the black and the lack thereof puts them in the red.
Boycotts are not a "one and done" thing. They must be implemented as often as necessary to change market demographics and sales figures. This is what gets corporate attention.
I have been trying to avoid Amazon, so I buy directly from the seller, if the company has their own website and takes orders. If they don’t, I try to buy online from another store, like Target, Wayfair, or Etsy. Delivery is usually free if the order is more than $50 or so. DoorDash actually delivers items from stores, not just from restaurants, and Instacart delivers groceries. If there’s a little extra cost to use different stores and delivery services, canceling Amazon Prime could make up for it. No pressure - you need to do what’s best for you. I just wanted to put these alternatives out there, for anyone who might want to try them.
Jeff Bezos is the worst. That’s also why I will never subscribe to the Washington Post and why I try to avoid Whole Foods. I really hope the government will break up Amazon.
You’ve documented that there are many alternatives to Amazon - and some of these are large operations. So, clearly (for those whose grey matter has no been despoiled by hanging out on Robert’s site for too long), there is no monopoly. Robert is trying to find a scapegoat for Biden’s inflation.
As far as power against corporate price gouging: walk away from discretionary purchases….
That’s the only solution. Most peoples’ purchases are discretionary. It’s amazing to me how people commenting here and in other online comments sections (eg WSJ, NYT, The Free Press) complain about high and rising prices for…Doritos?…Pepsi?..restaurants? Stop buying.
If you’re selling your house for $500k and someone offers you $525k cash and another offers you $550k cash which offer are you going to accept?
Pepsi, airlines, restaurants, etc. likewise won’t lower their prices or stop raising them until they hit a ceiling.
In real estate, we called it, "pricing yourself out of the market."
Corporations are kowtowing to shareholder pressure. It's become customary to expect a large dividend. It wasn't always that way. It is just another avenue to practice greed. The oil companies are notorious for collecting billions in profit every quarter. Yet they con the public that increasing prices are due to supply and demand or the destruction of an offshore rig.
"Don't buy" will always be difficult position to gain support. Everyone defines "discretionary" using individualized criteria. And with so much choice of product, and a societal focus on individualism.
Re: the real estate ... Interest rates are only part of the problem. Let's not forget the 20-25% listing price increase. This alone removed put homes out of reach for many customers.
Our politicians like to use patriotic terms like "American" (or un-American), but in reality, this political battle, and the ones before it, were always about power and control and money. It's prevalent in business operations and politicians' voting.
The sad part about all this is: Americans are screwing over Americans while hiding behind things like propaganda, lies, tradition, obsessive greed, legal loopholes, flag waving and corporate personhood.
Should, the correct answer is, people SHOULD live without Coke, Pepsi or any other chemical, sugar and sodium laden garbage that poses as food. If you want to know why cancer and autoimmune disease is prevalent now? Look no farther than the junk we are consuming instead of real food. That includes factory farmed meat and pesticide covered vegetables. Just saying :/
Yes, Elizabeth, the caffeine and sugar are addictive. The perfect product : addictive! They did that with nicotine in cigarettes. Coca Cola was originally made with coca beans. I'm not sure if it was narcotic, but they had to remove the addictive drug from it at one point, long ago. By then, it had a following, for sure. Think Cocaine cola 🤔 " perfect product ! Repeat business guaranteed!
Maybe some have a choice, but if you are low or middle income you just do with less. No choice involved! Most Republicans are in the back pockets of BIG money, but so are enough Democrats to slow any ball from moving forward! I’m old, I’m worried and I’m afraid for my family’s future.
Robert Burton, unfortunately, during the pandemic, these corporations learned that they could produce less and charge more. And when their few competitors go along too, the consumer has no alternative. Reduced sales may not bother them if they can get more $ per unit with less output.
Yes, but shrinkflation started prior to Covid. For example, candy bars and potato chips decreased in weight; and prices rose.
Social media is a powerful weapon. When people identify with a person's post, it unifies and sometimes inspires others to act as well. But, some people won't take the initiative to act first; they just need someone to get the ball rolling. I've posted several times about Exxon raking in $9B in profit... a quarter. And they paid dividends to shareholders, while telling the public they had no choice but to raise prices. They have skilled writers who ensure multiple issues are not announced together, so as to portray themselves in a positive light. As far as no alternative, we have one: Consider all the optional expenses we gave up during Covid. What happened? People stopped driving everywhere and gas prices plummeted. The oil industry was worried because they had shareholders to placate. We adjusted to new lifestyles that were forced upon us (to limit infection). For some, the problem is not wanting to cut back despite awareness of price gouging. For others, especially those on limited income, their choices are severely limited; they must prioritize necessities ahead of conveniences. But, in this case, if asked, why I no longer buy a product, I do not give up my power by saying I have no choice. I respond with something like, "I no longer buy your product because it is overpriced and I have x-amount of funds. I choose to buy medicines and food for my family and myself. I might purchase your product if you lowered the price and returned the weight to it's previous amount. But as long as you're charging this much, and giving me less product, while paying shareholders dividends, you will continue to lose my business." I've learned directness gets the point across while sending the message I am not powerless. I remind myself I have the money and the corporations that want my money. While they need our money to remain profitable, I do not need their products. The more I walk away from excessive pricing, the more power I realize I have.
If you have the time, Daniel, I'd appreciate your comment on my post Stock Buy Backs on Fay's Rants. You are correct in your comment "The way to get that authority is to win." help Field Team 6
Thanks Daniel for that information. I sell on Amazon. And I know firsthand that Amazon does price fix. It's actually gotten worse in the last 6 months. Hopefully, California can do something about Amazon which has gone Rogue. Independents like myself can no longer compete with Amazon who tries to price fix all of us out of business. Amazon has become a totally disreputable greedy, and I might add stupid company.
Professor Reich hit this nail right on its head! Corporate power, insufficiently supervised and regulated, is creating inflation, making the rich richer and the poor poorer, and subverting our electoral system.
I am 36, on SSD, and have no car. I have saved literally THOUSANDS of dollars each year with Amazon Prime, which delivers necessary goods usually in 1-3 days! I know they're an evil monopoly, but I just cannot be mad at my lifeline.
The federal deficits are caused by Republicans cutting taxes for the wealthy, claiming “they’ll pay for themselves” because the wealthy will invest more into businesses that create jobs and grow the economy. Except this isn’t true. We just have the rich getting richer while everyone else basically treads water (if they’re lucky). Then because of the deficits, Republicans say “we need to cut spending!” Guess who suffers from what they want to cut? Social Security and Medicare are on the chopping block. Food stamps, funding for education and childcare, infrastructure…. Anything the rich don’t need help with. Btw, Social Security and Medicare would have a lot more money if we taxed everyone at the same rate. Instead, only the first $168,000 of income is taxed for SS. Once again the poor and middle class pay a higher percent of our incomes, then we’re told there’s not enough funding so benefits - that the wealthy don’t need - will have to be cut. There’s just not enough money, somehow…. Funny how that keeps happening. Back when America was great (for white people), the top tax rates were much higher.
Everyday someone posts that the inflation is caused by Biden. These people really believe it because they only listen to the same BS news stations that are only out for clickbait makes them a dollar. None of them have ever heard of Substack or any other sources than whatever other MAGAs are spreading about their hatred for Biden and democrats. If you try to show them the information that’s true they just retreat because it’s not what they want to hear. It’s actually uncool to be a democrat. I hope that we get through this election and that the truth will come out for all to see although I still think they will say it’s fake news and you are woke!
Yes I agree these people as you say are being bottle feed by Fox noise and other right wing paranoia media. Joseph Goebbles would be proud. It’s really criminally sad how easily so many Americans are willingly being led by the right wing Pied Piper, “Fox “ . Murdoch set out to damage us and he’s succeeded quite well.
Exactly and they think that the government is just giving handouts to immigrants and lazy people no the government has been giving handouts to corporations and the rich.
Exactly and it will get much worse if Trump gets in. That’s why they give him so much money! How sad that all these players care about is themselves, not a bit about our country.
I call the rabid “republican” tv station a more accurate description: “Fox Noise” since what comes from most of the sounds emanating from that station doesn’t resemble factual news reporting. Blather of fantasy and distortions to mislead the gullible and naive, who never bother fact checking is the main content of faux “news.” Their viewers Prefer to indulge their assumptions and prejudices to feed their worst fears to justify self-righteousness.
I don’t see why it’s so difficult to acknowledge that a politician created a problem. The last round of COVID “stimulus” and the ironically named Inflation Reduction Act were huge contributors to the problem. Also consider that the rest of the world’s central banks follow the USA’s lead.
The article you’re supposedly commenting on but clearly didn’t read is about how corporations are keeping their prices high even when their costs have gone down after the pandemic, just because they can. Joe Biden has nothing to do with that, and the COVID stimulus money is long gone.
Inflation is a worldwide problem; it isn't just an American institution. With Russia affecting the price of oil on the world market and Saudi Arabia cutting our allotment of crude in half, the cost of logistics has caused the prices of goods to rise dramatically, not the fault of the President. President Biden has taken to pumping more oil from our own reserves than ever before in an attempt to ease the pain at the pump. Do people give him credit for what he's trying to do? Hell no. Go Joe.
Paul--What I meant by Joe's pumping more oil than ever before was a stretch of the imagination. I have an uncle that has a good number of wells and he is paid by our government to only remove the Antrim gas from the well and to leave the crude in the shale where it lies. Joe has ordered all the wells held in storage by our government to begin pumping, or at least a large number of them. We as a nation are pumping more crude oil than any other country in the world because our President is trying to help the people of this country. Yet he gets ridiculed as being ineffectual.
Paul--You want an inflation beater, get the car companies to produce cars that ordinary people need on an everyday basis and leave all that unnecessary crap the hell off the vehicle. Cars should retail for under $20,000. A car doesn't need to drive itself, park itself, break itself, and turn itself off every time the thing comes to a stop. If the big 3 spent as much time and money on all those stupid extras as they should have on improving gas milage our society might be better off.
Donald my vehicle has all of those things and I did pay more than $20,000 for it. I enjoyed all those things. As I've earned my money legally, not through lying or stealing or any other obviously illegal act I feel I have a right to my vehicle just the way it is. I do agree wholeheartedly that the Big Ten should have spent even more money improving gas mileage. This is where Biden comes in with electric vehicles gas mileage takes care of itself.
Paul--President Trump invaded a valuable section of an Indian Reversation that was off limits to oil production. Trump doesn't care about anything but money and making the wealthy happy. Thanks for the chat.
Paul--"Today professionals in the oil and gas industry often find their business proposals sparking intense debates within Native American tribes. Although tribal governments may welcome the additional revenues and jobs productive wells and pipelines bring, many Native Americans harbor lingering concerns about permanent impacts upon pristine landscapes. Those concerns are only bolstered by environmental groups who seek to partner with Native American groups to halt the development of additional fossil fuel infrastructure." "The federal government is allowing five oil and gas companies to drill 5,000 wells over the next decade in tribal land in northeastern Wyoming." This was done by Trump. "" Not my words.
Price gouging does a better job of creating the appearance of inflation and corporations profit. In Republican world they call that a win win, especially when the President is a D. The US is pumping more oil than any other nation in the world right now. You do know that under Trump Saudi Arabia bought 100% of the world’s largest oil refinery in Port Arthur, Texas. I guess that is conservatives idea of energy independence. Wake up America conservatives do not tell the truth about anything do with the economy.
imagine if Americans who are complaining about high prices just stopped buying the high priced items. I think we could all live without Coke and Pepsi products for at least six months. That will bring the prices down.
In principal, I agree but like coffee, Pepsi and Coca-Cola are spiked with caffeine, which is addictive. oh and speaking of coffee, ginormous chains like Starbucks shamelessly raise their prices, knowing for well how addictive their product are.
I made a similar statement elsewhere. To your point- even more significant is that if only a few percentage of Coke/pepsi buyers stopped it would bring the prices down.
Fantasy world? Because you don't like his facts and logic? Perhaps your fantasy is that corporations are benevolent by nature and want the best for all Ameticans? Ha!
When corporations have more than stockholders as stakeholders they will be potentially socially responsible. Every board of directors should have workers as members. Then and only then will your fantasy have a semblance of benevolence.
The richest of rich now hold $50 trillion as a result of "trickle up". Time for them to pay down some federal debt, no?
Or maybe Jeff and Larry need a couple more yachts.
Time for a clawback. Time for a peaceful financial revolution!
Why is it, we the people, know exactly what is screwed up? It is because corporations, their CEOs, and boards are running wild with the complete blessings of congress. I might also posit that both GOP and DFL have ownership in this issue.
Deregulation = a fancy term for permission to scam consumers. To legalize corporations to rip-off American citizens for as much profit as they can squeeze out of them, a very cynical predatory approach to economics. It’s been going on too long. End user as a sucker to be taken for as much as they can be conned out of, as much as and as often as possible. A GOPutin party’s favorite goal - considered a “business friendly” policy, also part of their “small” government agenda, shrink it to the size of a bathtub.
Any sane person, realizes, a country as large as America can function wisely and well in a tiny scale. Obviously with functioning brain cells realizes, a government shrunk
to such an extremely small level, has been rendered non-functional. In plain language - It Has been DESTROYED. Yes, that IS, was and has been what the former Tea Party, now morphed into “MAGA,” “right wing extremist” GOPutin party HAS BEEN ADVOCATING AND RALLYING ITS FOLLOWERS TO DO. That is Not “Save America” THAT is to DESTROY her, remade in Fascist Government Form- a Fascist President/Leader colluding with Corporatists and Theocratic Oligarchs as Cabinet members of Power.
Thanks Kali. Correct you are and I would add to them a free market means they can do whatever they want to extract profit. I am stunned by how little pushback is directed at republicans false statement that the government is so big. Including the military federal employment as best I can figure is slightly over 1% of the population, I emphasize with a background of the developments in the last 50 years it is absurd to me that anyone thinks we want to keep regulation and government at the size it was in 1950. You can not effectively govern with preconceived notions and rigid objections to anything. Government needs constant review and adjustment but Government has a viable roll and it is incumbent that both sides work together to insure effectiveness.
Mr. Goldhammer said this because America's "deficit" is an IMAGINARY number. It is not CONCRETE, as there is no REAL benefit to paying it except for "a warm feeling in your heart" perchance.
And, as THE wealtiest nation in the HISTORY of Earth, as long as Bunkerboy loses in 2024, then gets locked up, the Trumplican party will never hurt Americans again and America will not be in IMMINENT danger of falling like Rome!
Daniel, your reply to,Paul is exactly what I would have said but you said it better. I would add that it is imaginary because the U.S. has the taxing authority to make the deficit disappear.
That is not what I said at all. We must address our spending, but even more we must make the uber wealthy held accountable. No answer will be easy but one needs to look back to the '50's and '60's when Ceo's made reasonable salaries, when commonsense was more common than it is today.
Not only were their salaries more reasonable, their taxes were much higher. Reagan got this ball rolling. It’s pretty clear comparing the national deficit under Republican and Democratic administrations.
CEO's were incompetent in the 50's and 60's - American competitiveness collapsed, the number of patents fell in real numbers, investment fell. Here is a comprehensive analysis of why the Rust Belt happenned.
There is no proof that the so called deficit has anything to do with inflation right now. You should learn about macro economics. Study Modern Monetary theory and find out how the government finances really work.
Partly, the deficit is ballooning because inflation is up - and that has pushed interest rates up. This then inflates the US government borrowing costs. (It also makes Muni and Airport Revenue brands more expensive - which perversely has cut infrastructure investment - issuance is down.)
Yes, too much money chasing too few goods is a factor in inflation. However, supply line issues and price gouging are also factors. As the supply lines were being straightened out, inflation started to drop and has dropped significantly. We still haven't addressed the price gouging and I doubt we will. The companies are raising prices even though they are having record profits. One study I saw said price gouging can account for 50% of the inflation.
I encourage you to read Stephanie Kelton's book, The Deficit Myth. It is a good explanation of how macro economics works and what the deficit really is. Or a more simple read is J. D. Alt's Diagrams and Dollars.
Paul, I am sure you remember the price spike in gas as we were coming out of Covid.. The oil companies cut production at that time with what many folks said was because Biden said we should get away from fossil fuels and that hurt their little feelings. Anyway they experienced record profits at that time. You cannot get more profit when you cut production without raising prices. Voluntary choices like cutting production is not a good excuse for raising prices, it’s price gouging. Oil subsides from the government for big oil are and we’re still in place.
The record profits of large corporations are coming out of the paychecks of average Americans, who are still struggling to get by.
Biden and the Democrats must say this loudly and clearly and tell the public what they are doing — and will do — to stop corporate monopolies and price gouging.
Yes, the above is true. Anti-trust laws that are stronger is the way to control big business? i say good luck. Let's get Biden and dems in Congress and Senate and then we can change things to help with housing market and high prices etc.
The problem sure looks like capitalism taking over the planet, as described in The Marketocracy, i.e., the supremacy of market values and rules that overshadow the power of nation states and existing international law. Three additional forces that characterize marketocracy: moral inversion, double dehumanization, and the pecking order.
Many transnational corporations enjoy the benefits of federal government supports, i.e. socialism. What happened is that business supports candidates in exchange for getting supportive judges and congresses, legislation and regulations. I worked for 3 captive agencies, 2 federal, one state. No fox is going to give up the chicken coop watching job.
It is very discouraging, the political power wielded by the upper class. They are a small percent of the population, hence their need to lie about the economy and exploit racism etc., to get lower income people to vote against their own interests. They’ve excelled at this since Reagan (in recent years, at least). My hope is that Trump’s ugliness has turned off enough non-MAGA Republicans and independents to break up this voting bloc. He threatened the RNC that he would start his own party if they didn’t support him after he lost in 2020. They have supported him, but they’ve still lost a good portion of their voters. As long as the Never Trumpers and former Republicans vote in November the way they say they will, that is.
Giving outsized government funds to support some of the largest corporations in the world like big oil. NO wait that is an acceptable kind of socialism to some. I do not understand why in the world we cannot decide to use pieces of various systems to achieve the best results. Socialism for police and fire departments makes sense. Corporate medicine is making huge profits at the expense of our lives, not so much. Doctors and Nurses should make all they can but I don’t give a ….. about CEO’s making bank while cutting services to patients and getting paid by government programs. It is happening now. Then folks wonder why our life expectancy goes down.
Many of the most profitable businesses receive government subsidies. Oil is a prime example, last I heard it was $50 billion a year. No joke and certainly not funny.
producers, big Pharma, weapons and electronics manufacturers, to name a few, should be nationalized to stop cutthroat price gouging.The Internet? Most definitely should be a public utility so as to establish national content standards and moral decency.
Reich’s “class warfare” mentality regarding inflation has caused him to ignore the 10,000 pound elephant sitting in the same room - the 30-40% increase in the monetary aggregates that occurred in 2020-21 as part of the Fed’s scheme to “stimulate” the economy. One of the first principles of economics is that excessive money printing results in inflation. Reich should stop pretending to be an economist and take a basic course in Econ 101.
President Biden should use his Bully Pulpit and threaten to breakup the near monopolies in the food industry. He needs use against the large corporations who are buying up rental property and charging exorbitant rents. He needs to call fuel industry executives in, airline company executives in and investigate why colleges are so expensive. With colleges he should begin by looking at the growth of administrative costs. Emerson
Such as? Being in the US all winter, there is a huge amount of competition - in this case Publix, Aldi, Walmart, Target, Sprouts, Whole Foods, Trader Joes, Winn Dixie to name a few within a short drive to where we stay.
Here we go again with Professor Reich’s myopic proselytizing about the semantics of Bidenomics grandiose Ponzi scheme created by the divisiveness of Barak Hussein Obama by creating the diatribe of entitlement that’s customarily defined as social activist #101 manifesto by the infamous domestic terrorists known as the Weatherman and who Bill Ayers is one of Obama’s mentors back in Chicago… Even though Joe Biden is serving physically as the President and quite mentally incompetent to comprehend reality bites as unemployment is currently at 6% in California and the actual rate of inflation is hovering at 6.9% across the country as we speak…
The problem with the Professor’s false narrative is that he ignores the hard data by the Federal Reserve Board and the downturn of good paying union jobs unless you’re a Federal employee; It doesn’t take a pseudo economist and even rocket science to understand how Bidenomics is the problem not a solution to lowering inflation and Open Borders allowing illegal aliens to circumvent our laws and customs in the United States of America… Think about how Muslim protesters are chanting Death to America on the streets of New York City, Chicago, Minneapolis, Dearborn and Boston when only 1.1% of Americans are Muslim and yet, 63% of all Americans are Christians with some 23% of Americans are declared as Catholic citizens… Whatever spin the liberal Woke attempts to silence the choice of voters to choose Third Party candidates is purely the political instrument of communism or fascism, and not a democracy as provided for by our venerable Constitutional Republic known as the United States of America … Vote for America not China!!!
Yes, curbing corporate power on all fronts needs to be a central message of the Biden campaign.
Corporations should not be able to use our personal data for their profit either. Consumers have no way to negotiate terms and conditions or privacy policy. It’s take it or leave it and no one stands up for the consumer.
Totally true Midwest,
Everyday I want to take this crappy Apple 14 phone and crush it with a sledge hammer! Carrying it around in my pocket …, for what? So they can unravel any sort of fairness in privacy issues. Can’t even go to the bathroom without an app! Good grief America. Wake up.., put your phone down and cheer when the sun don’t shine and cheer when it does…, that little action reminds one of what is actually out there to be grateful for. Clean, unadulterated life… belongs to you with out the help of an iPhone!
Yes, they take away all of our choices!
Elect more progressives if you want to stop the thievery of the corporations!
Karl Marx : progressives will destroy everything that robs consumers. All of the greed that causes price increases that are predatory and unwarranted .
Um, where do you think the utilities, rent, gasoline, food, clothing, etc costs that you pay go to? I’d say someone else besides the government is getting a big part of your paycheck.
And funnels the money straight to the richest of us…
Hey Carl Marks. I know you well? I was read some of your books. Please do us all a favor go back to Mama Russia.
High quality argument - you’ve been hanging around in this space for some time it seems.
I wonder if the result of curbing corporations will make them intentionally increase prices, causing inflation to hurt Biden’s campaign. I wouldn’t put it past them.
Aren’t they already doing it? Seems they haven’t gotten the memo that the people are not going to give the keys to a felon. There are way way more of us and this is our time.
"... the company had “earned the right” to push price hikes."
This is what happens when the word, "right" becomes overused and misapplied. The is no such right. There is only the choice to raise or not raise.
We also have a choice: We have the choice to not buy their products. We have to show corporations we are not powerless and can walk away from discretionary purchases.
"...Republicans and their business backers are dead set against it — and are eager to blame continued high prices on Biden, not on corporations."
This is not a new tactic. It happens every election year when Democrats occupy the Executive branch. It has become predictable. And the news media is in cahoots with it, hence the lack of honest coverage.
We have much more power than we realize. But, if we don't vote, the GOP wins; their constituents vote. We have to making voting a priority in our lives in numbers that guarantee victory.
As far as power against corporate price gouging: walk away from discretionary purchases. And don't return. Make it a permanent choice and don't change until there is real evidence of long-term fair pricing that average people can afford. Corporations listen to reduced sales, and they won't change first. We must force the change.
You are correct, Robert. A few of us elderly, disabled are stuck with Amazon - I no longer drive, and need everything delivered, but for normal people YES, don't add to their fortunes.
Sounds like you, too, remember when boycotts were effective. Modern social media, combined with "voting with your wallet" a.k.a. "walking away", is an effective tool, if the message on social media illuminates how price gouging personally effects the individual or someone they care about. Messages that hit home hit hardest.
The first boycott I remember is lettuce in the 70s led by Cesar Chavez. We need to coalesce a boycott around one or two companies or items to be more effective. Coke and Pepsi? They are highly profitable and nothing they sell are in one of the major food groups.
Yes. And the economics of supply and demand also talk about switching to alternatives. Don't need pop. Homemade iced or hot tea from bags is cheaper. Stop buying bottled water. A reusable container filled with tap water works too.
Yes, we can buy water in cheap plastic bottles and fill our bodies with microscopic bits of plastic. Those plastic bits protected us from the harmful rays of the eclipse.
As much as I dislike drinking bottled water, it's healthier than soda. Also, we are not on a municipal water system and the wells in this area all have arsenic in them so we are limited in our choice of liquid refreshments. It's a conundrum.
We’re also in the country, and we have a well. The well is contaminated by all the fracking in Ohio, and in our county.
We also get jugs of water for cooking and coffee. No money, no choice.
but you can filter your water through 'Old Lace'. right ?
"Arsenic and Old Lace" ~
My 'pathology' is to "connect" word usage with - alt - references - LOL
Keeps me entertained by 'misconscrewing' meanings and references ! ! !
Please, just because you’re on Robert’s site, you are not compelled to disconnect the circuit to your grey matter. You can get drinking water in bulk in various ways - no need to rely on small plastic bottles.
Get a good under counter Reverse Osmosis system. The filters may not be cheap but still costs less a year than pre-filled plastic bottles and jugs. I have one, it removes the nasties, then re-alkalizes the water, the tastes amazing and our water In Arizona is horrible.
I will look into that. Our water is piped in from a pond and used only for bathing and laundry. I'm spending a minimum of $500 annually on bottled water for drinking and cooking.
Worked with Bud Light
Yes I do remember. In Sacramento, we would gather as a group in front of the store, but carefully not blocking the entrance carrying signs explaining the reason for the boycott.
I'm a conservative. I agree with boycotts and don't have to remember back very far to the effect on Bud Light and Target. Oh right, that had nothing to do with monopoly pricing or gouging. Now what was it that was so effective?
https://abcnews.go.com/Business/sales-slumps-target-bud-light-fuel-boycotts-experts/story?id=102429279
What was so effective was the drop in revenue, especially at AB. Corporations don't care about conservative or liberal, red or blue, Dem or GOP. They care about one thing: Green. Green keeps them in the black and the lack thereof puts them in the red.
Boycotts are not a "one and done" thing. They must be implemented as often as necessary to change market demographics and sales figures. This is what gets corporate attention.
I have been trying to avoid Amazon, so I buy directly from the seller, if the company has their own website and takes orders. If they don’t, I try to buy online from another store, like Target, Wayfair, or Etsy. Delivery is usually free if the order is more than $50 or so. DoorDash actually delivers items from stores, not just from restaurants, and Instacart delivers groceries. If there’s a little extra cost to use different stores and delivery services, canceling Amazon Prime could make up for it. No pressure - you need to do what’s best for you. I just wanted to put these alternatives out there, for anyone who might want to try them.
Jeff Bezos is the worst. That’s also why I will never subscribe to the Washington Post and why I try to avoid Whole Foods. I really hope the government will break up Amazon.
You’ve documented that there are many alternatives to Amazon - and some of these are large operations. So, clearly (for those whose grey matter has no been despoiled by hanging out on Robert’s site for too long), there is no monopoly. Robert is trying to find a scapegoat for Biden’s inflation.
Thanks for the advice.
There are many other online sellers outside of Amazon.
As far as power against corporate price gouging: walk away from discretionary purchases….
That’s the only solution. Most peoples’ purchases are discretionary. It’s amazing to me how people commenting here and in other online comments sections (eg WSJ, NYT, The Free Press) complain about high and rising prices for…Doritos?…Pepsi?..restaurants? Stop buying.
If you’re selling your house for $500k and someone offers you $525k cash and another offers you $550k cash which offer are you going to accept?
Pepsi, airlines, restaurants, etc. likewise won’t lower their prices or stop raising them until they hit a ceiling.
In real estate, we called it, "pricing yourself out of the market."
Corporations are kowtowing to shareholder pressure. It's become customary to expect a large dividend. It wasn't always that way. It is just another avenue to practice greed. The oil companies are notorious for collecting billions in profit every quarter. Yet they con the public that increasing prices are due to supply and demand or the destruction of an offshore rig.
"Don't buy" will always be difficult position to gain support. Everyone defines "discretionary" using individualized criteria. And with so much choice of product, and a societal focus on individualism.
Re: the real estate ... Interest rates are only part of the problem. Let's not forget the 20-25% listing price increase. This alone removed put homes out of reach for many customers.
Our politicians like to use patriotic terms like "American" (or un-American), but in reality, this political battle, and the ones before it, were always about power and control and money. It's prevalent in business operations and politicians' voting.
The sad part about all this is: Americans are screwing over Americans while hiding behind things like propaganda, lies, tradition, obsessive greed, legal loopholes, flag waving and corporate personhood.
…"Don't buy" will always be difficult position to gain support...
True but once it’s “can’t buy” discretionary purchases become more easy to identify.
Most can live well without Coke or Pepsi.
Should, the correct answer is, people SHOULD live without Coke, Pepsi or any other chemical, sugar and sodium laden garbage that poses as food. If you want to know why cancer and autoimmune disease is prevalent now? Look no farther than the junk we are consuming instead of real food. That includes factory farmed meat and pesticide covered vegetables. Just saying :/
And should. Breaks my heart when I see folks who are clearly low income piling soda into their carts.
It is deadly stuff.
BUT it is hard to break the habit of drinking Coke and Pepsi,
Yes, Elizabeth, the caffeine and sugar are addictive. The perfect product : addictive! They did that with nicotine in cigarettes. Coca Cola was originally made with coca beans. I'm not sure if it was narcotic, but they had to remove the addictive drug from it at one point, long ago. By then, it had a following, for sure. Think Cocaine cola 🤔 " perfect product ! Repeat business guaranteed!
Corporate personhood is where we should really push to overturn. Greedflation is their goal.
Yeah, hiding behind BS.
Maybe some have a choice, but if you are low or middle income you just do with less. No choice involved! Most Republicans are in the back pockets of BIG money, but so are enough Democrats to slow any ball from moving forward! I’m old, I’m worried and I’m afraid for my family’s future.
Don't just boycott; tell 'em! I worked for Pepsi (as in worked) but I buy Coke--maybe one can a year ..
Robert Burton, unfortunately, during the pandemic, these corporations learned that they could produce less and charge more. And when their few competitors go along too, the consumer has no alternative. Reduced sales may not bother them if they can get more $ per unit with less output.
Yes, but shrinkflation started prior to Covid. For example, candy bars and potato chips decreased in weight; and prices rose.
Social media is a powerful weapon. When people identify with a person's post, it unifies and sometimes inspires others to act as well. But, some people won't take the initiative to act first; they just need someone to get the ball rolling. I've posted several times about Exxon raking in $9B in profit... a quarter. And they paid dividends to shareholders, while telling the public they had no choice but to raise prices. They have skilled writers who ensure multiple issues are not announced together, so as to portray themselves in a positive light. As far as no alternative, we have one: Consider all the optional expenses we gave up during Covid. What happened? People stopped driving everywhere and gas prices plummeted. The oil industry was worried because they had shareholders to placate. We adjusted to new lifestyles that were forced upon us (to limit infection). For some, the problem is not wanting to cut back despite awareness of price gouging. For others, especially those on limited income, their choices are severely limited; they must prioritize necessities ahead of conveniences. But, in this case, if asked, why I no longer buy a product, I do not give up my power by saying I have no choice. I respond with something like, "I no longer buy your product because it is overpriced and I have x-amount of funds. I choose to buy medicines and food for my family and myself. I might purchase your product if you lowered the price and returned the weight to it's previous amount. But as long as you're charging this much, and giving me less product, while paying shareholders dividends, you will continue to lose my business." I've learned directness gets the point across while sending the message I am not powerless. I remind myself I have the money and the corporations that want my money. While they need our money to remain profitable, I do not need their products. The more I walk away from excessive pricing, the more power I realize I have.
Excellent, Robert!! We can and must be the change!! Vote Blue, America!!!
OK. Bur we don't control the House. Biden should have the power to sue price fixers and price gougers. The best he can do is threaten. California is suing Amazon for price fixing. https://oag.ca.gov/news/press-releases/attorney-general-bonta-secures-court-decision-denying-amazon%E2%80%99s-attempt-evade#:~:text=In%20September%2C%20Attorney%20General%20Bonta,California%20through%20anticompetitive%20contracting%20practices.
The way to get that authority is to win. Here's how. https://www.fieldteam6.org/mission
OR, we go back to the 50 states, making these states independent contractors.
I don't think we'd have this problem if Amazon was forced to deal with all the states individually. The Europeans don't have this problem.
Oh wait, following Europe's lead might mean.......we're not special.
California acted out of frustration with Congress.
If you have the time, Daniel, I'd appreciate your comment on my post Stock Buy Backs on Fay's Rants. You are correct in your comment "The way to get that authority is to win." help Field Team 6
They're a scam. "Borrowing" to artificially raise the value of the stock. Selling out minority shareholders. Used to be a crime.
Thanks Daniel for that information. I sell on Amazon. And I know firsthand that Amazon does price fix. It's actually gotten worse in the last 6 months. Hopefully, California can do something about Amazon which has gone Rogue. Independents like myself can no longer compete with Amazon who tries to price fix all of us out of business. Amazon has become a totally disreputable greedy, and I might add stupid company.
Professor Reich hit this nail right on its head! Corporate power, insufficiently supervised and regulated, is creating inflation, making the rich richer and the poor poorer, and subverting our electoral system.
I am 36, on SSD, and have no car. I have saved literally THOUSANDS of dollars each year with Amazon Prime, which delivers necessary goods usually in 1-3 days! I know they're an evil monopoly, but I just cannot be mad at my lifeline.
The federal deficits are caused by Republicans cutting taxes for the wealthy, claiming “they’ll pay for themselves” because the wealthy will invest more into businesses that create jobs and grow the economy. Except this isn’t true. We just have the rich getting richer while everyone else basically treads water (if they’re lucky). Then because of the deficits, Republicans say “we need to cut spending!” Guess who suffers from what they want to cut? Social Security and Medicare are on the chopping block. Food stamps, funding for education and childcare, infrastructure…. Anything the rich don’t need help with. Btw, Social Security and Medicare would have a lot more money if we taxed everyone at the same rate. Instead, only the first $168,000 of income is taxed for SS. Once again the poor and middle class pay a higher percent of our incomes, then we’re told there’s not enough funding so benefits - that the wealthy don’t need - will have to be cut. There’s just not enough money, somehow…. Funny how that keeps happening. Back when America was great (for white people), the top tax rates were much higher.
Can you explain why the US Treasury had a healthy surplus at the end of Clinton's presidency?
Everyday someone posts that the inflation is caused by Biden. These people really believe it because they only listen to the same BS news stations that are only out for clickbait makes them a dollar. None of them have ever heard of Substack or any other sources than whatever other MAGAs are spreading about their hatred for Biden and democrats. If you try to show them the information that’s true they just retreat because it’s not what they want to hear. It’s actually uncool to be a democrat. I hope that we get through this election and that the truth will come out for all to see although I still think they will say it’s fake news and you are woke!
Yes I agree these people as you say are being bottle feed by Fox noise and other right wing paranoia media. Joseph Goebbles would be proud. It’s really criminally sad how easily so many Americans are willingly being led by the right wing Pied Piper, “Fox “ . Murdoch set out to damage us and he’s succeeded quite well.
Exactly and they think that the government is just giving handouts to immigrants and lazy people no the government has been giving handouts to corporations and the rich.
Exactly and it will get much worse if Trump gets in. That’s why they give him so much money! How sad that all these players care about is themselves, not a bit about our country.
I call the rabid “republican” tv station a more accurate description: “Fox Noise” since what comes from most of the sounds emanating from that station doesn’t resemble factual news reporting. Blather of fantasy and distortions to mislead the gullible and naive, who never bother fact checking is the main content of faux “news.” Their viewers Prefer to indulge their assumptions and prejudices to feed their worst fears to justify self-righteousness.
Dude..Joe Biden helped Push inflation.
100% of presidents would do this. AT LEAST President Biden joined a picket line! . . . Bunkerboy BRAGGED about how he will KILL unions.
No "bothsidesism" here!
Inflation was under control for 40 years - until …drumroll… ‘Bidenomics.”
I don’t see why it’s so difficult to acknowledge that a politician created a problem. The last round of COVID “stimulus” and the ironically named Inflation Reduction Act were huge contributors to the problem. Also consider that the rest of the world’s central banks follow the USA’s lead.
The article you’re supposedly commenting on but clearly didn’t read is about how corporations are keeping their prices high even when their costs have gone down after the pandemic, just because they can. Joe Biden has nothing to do with that, and the COVID stimulus money is long gone.
I was replying to another reader, not commenting on the article directly.
Inflation is a worldwide problem; it isn't just an American institution. With Russia affecting the price of oil on the world market and Saudi Arabia cutting our allotment of crude in half, the cost of logistics has caused the prices of goods to rise dramatically, not the fault of the President. President Biden has taken to pumping more oil from our own reserves than ever before in an attempt to ease the pain at the pump. Do people give him credit for what he's trying to do? Hell no. Go Joe.
Paul--What I meant by Joe's pumping more oil than ever before was a stretch of the imagination. I have an uncle that has a good number of wells and he is paid by our government to only remove the Antrim gas from the well and to leave the crude in the shale where it lies. Joe has ordered all the wells held in storage by our government to begin pumping, or at least a large number of them. We as a nation are pumping more crude oil than any other country in the world because our President is trying to help the people of this country. Yet he gets ridiculed as being ineffectual.
Paul--You want an inflation beater, get the car companies to produce cars that ordinary people need on an everyday basis and leave all that unnecessary crap the hell off the vehicle. Cars should retail for under $20,000. A car doesn't need to drive itself, park itself, break itself, and turn itself off every time the thing comes to a stop. If the big 3 spent as much time and money on all those stupid extras as they should have on improving gas milage our society might be better off.
Donald my vehicle has all of those things and I did pay more than $20,000 for it. I enjoyed all those things. As I've earned my money legally, not through lying or stealing or any other obviously illegal act I feel I have a right to my vehicle just the way it is. I do agree wholeheartedly that the Big Ten should have spent even more money improving gas mileage. This is where Biden comes in with electric vehicles gas mileage takes care of itself.
S--I would like to see your vehicle with a sticker price of less than $20,000.
Paul--President Trump invaded a valuable section of an Indian Reversation that was off limits to oil production. Trump doesn't care about anything but money and making the wealthy happy. Thanks for the chat.
Paul--"Today professionals in the oil and gas industry often find their business proposals sparking intense debates within Native American tribes. Although tribal governments may welcome the additional revenues and jobs productive wells and pipelines bring, many Native Americans harbor lingering concerns about permanent impacts upon pristine landscapes. Those concerns are only bolstered by environmental groups who seek to partner with Native American groups to halt the development of additional fossil fuel infrastructure." "The federal government is allowing five oil and gas companies to drill 5,000 wells over the next decade in tribal land in northeastern Wyoming." This was done by Trump. "" Not my words.
Price gouging does a better job of creating the appearance of inflation and corporations profit. In Republican world they call that a win win, especially when the President is a D. The US is pumping more oil than any other nation in the world right now. You do know that under Trump Saudi Arabia bought 100% of the world’s largest oil refinery in Port Arthur, Texas. I guess that is conservatives idea of energy independence. Wake up America conservatives do not tell the truth about anything do with the economy.
G R E E D =
M O N O P O L I E S
imagine if Americans who are complaining about high prices just stopped buying the high priced items. I think we could all live without Coke and Pepsi products for at least six months. That will bring the prices down.
In principal, I agree but like coffee, Pepsi and Coca-Cola are spiked with caffeine, which is addictive. oh and speaking of coffee, ginormous chains like Starbucks shamelessly raise their prices, knowing for well how addictive their product are.
I made a similar statement elsewhere. To your point- even more significant is that if only a few percentage of Coke/pepsi buyers stopped it would bring the prices down.
This is Bob at his very best, going after what Wolin defined as corporate totalitarianism.
Robert lives in a fantasy world.
Fantasy world? Because you don't like his facts and logic? Perhaps your fantasy is that corporations are benevolent by nature and want the best for all Ameticans? Ha!
When corporations have more than stockholders as stakeholders they will be potentially socially responsible. Every board of directors should have workers as members. Then and only then will your fantasy have a semblance of benevolence.
The richest of rich now hold $50 trillion as a result of "trickle up". Time for them to pay down some federal debt, no?
Or maybe Jeff and Larry need a couple more yachts.
Time for a clawback. Time for a peaceful financial revolution!
Robert is not using facts and logic. Think support and demand.
I think Robert knows his stuff and he certainly explains it well, you Mr Smith just say no, not good enough.
This the facts are not on his side. Inflaton is caused by goverment policies.
. . . "that WE must WORK HARD TO REALIZE." I helped turn your "nasty" statement into a HELPFUL one!
Why is it, we the people, know exactly what is screwed up? It is because corporations, their CEOs, and boards are running wild with the complete blessings of congress. I might also posit that both GOP and DFL have ownership in this issue.
Welcome to the world of Republican deregulation!
Deregulation = a fancy term for permission to scam consumers. To legalize corporations to rip-off American citizens for as much profit as they can squeeze out of them, a very cynical predatory approach to economics. It’s been going on too long. End user as a sucker to be taken for as much as they can be conned out of, as much as and as often as possible. A GOPutin party’s favorite goal - considered a “business friendly” policy, also part of their “small” government agenda, shrink it to the size of a bathtub.
Any sane person, realizes, a country as large as America can function wisely and well in a tiny scale. Obviously with functioning brain cells realizes, a government shrunk
to such an extremely small level, has been rendered non-functional. In plain language - It Has been DESTROYED. Yes, that IS, was and has been what the former Tea Party, now morphed into “MAGA,” “right wing extremist” GOPutin party HAS BEEN ADVOCATING AND RALLYING ITS FOLLOWERS TO DO. That is Not “Save America” THAT is to DESTROY her, remade in Fascist Government Form- a Fascist President/Leader colluding with Corporatists and Theocratic Oligarchs as Cabinet members of Power.
Thanks Kali. Correct you are and I would add to them a free market means they can do whatever they want to extract profit. I am stunned by how little pushback is directed at republicans false statement that the government is so big. Including the military federal employment as best I can figure is slightly over 1% of the population, I emphasize with a background of the developments in the last 50 years it is absurd to me that anyone thinks we want to keep regulation and government at the size it was in 1950. You can not effectively govern with preconceived notions and rigid objections to anything. Government needs constant review and adjustment but Government has a viable roll and it is incumbent that both sides work together to insure effectiveness.
Deficit spending is mostly mythical; taxing the billionaires so that they paid their fair share would eliminate deficit spending.
Mr. Goldhammer said this because America's "deficit" is an IMAGINARY number. It is not CONCRETE, as there is no REAL benefit to paying it except for "a warm feeling in your heart" perchance.
And, as THE wealtiest nation in the HISTORY of Earth, as long as Bunkerboy loses in 2024, then gets locked up, the Trumplican party will never hurt Americans again and America will not be in IMMINENT danger of falling like Rome!
Daniel, your reply to,Paul is exactly what I would have said but you said it better. I would add that it is imaginary because the U.S. has the taxing authority to make the deficit disappear.
They don't have to tax. They can create as much money as they want. The government does not depend on taxes to get its money.
"in God we trust," say our coins.
Empires have fallen because they bit more than they could chew. Maybe we should start reigning in our empire before it collapses.
That is not what I said at all. We must address our spending, but even more we must make the uber wealthy held accountable. No answer will be easy but one needs to look back to the '50's and '60's when Ceo's made reasonable salaries, when commonsense was more common than it is today.
Not only were their salaries more reasonable, their taxes were much higher. Reagan got this ball rolling. It’s pretty clear comparing the national deficit under Republican and Democratic administrations.
CEO's were incompetent in the 50's and 60's - American competitiveness collapsed, the number of patents fell in real numbers, investment fell. Here is a comprehensive analysis of why the Rust Belt happenned.
https://www.atlantafed.org/-/media/documents/cqer/publications/workingpapers/cqer_wp1405.pdf
(Antidote to Reichian nonsense.)
There is no proof that the so called deficit has anything to do with inflation right now. You should learn about macro economics. Study Modern Monetary theory and find out how the government finances really work.
Partly, the deficit is ballooning because inflation is up - and that has pushed interest rates up. This then inflates the US government borrowing costs. (It also makes Muni and Airport Revenue brands more expensive - which perversely has cut infrastructure investment - issuance is down.)
Yes, too much money chasing too few goods is a factor in inflation. However, supply line issues and price gouging are also factors. As the supply lines were being straightened out, inflation started to drop and has dropped significantly. We still haven't addressed the price gouging and I doubt we will. The companies are raising prices even though they are having record profits. One study I saw said price gouging can account for 50% of the inflation.
I encourage you to read Stephanie Kelton's book, The Deficit Myth. It is a good explanation of how macro economics works and what the deficit really is. Or a more simple read is J. D. Alt's Diagrams and Dollars.
Paul, I am sure you remember the price spike in gas as we were coming out of Covid.. The oil companies cut production at that time with what many folks said was because Biden said we should get away from fossil fuels and that hurt their little feelings. Anyway they experienced record profits at that time. You cannot get more profit when you cut production without raising prices. Voluntary choices like cutting production is not a good excuse for raising prices, it’s price gouging. Oil subsides from the government for big oil are and we’re still in place.
Are familiar with the term "elasticity" as it applies to supply and demand?
How do you explain "too few goods"?
The record profits of large corporations are coming out of the paychecks of average Americans, who are still struggling to get by.
Biden and the Democrats must say this loudly and clearly and tell the public what they are doing — and will do — to stop corporate monopolies and price gouging.
Yes, the above is true. Anti-trust laws that are stronger is the way to control big business? i say good luck. Let's get Biden and dems in Congress and Senate and then we can change things to help with housing market and high prices etc.
The only real profit growth is in export oriented / global companies.
The problem sure looks like capitalism taking over the planet, as described in The Marketocracy, i.e., the supremacy of market values and rules that overshadow the power of nation states and existing international law. Three additional forces that characterize marketocracy: moral inversion, double dehumanization, and the pecking order.
Many transnational corporations enjoy the benefits of federal government supports, i.e. socialism. What happened is that business supports candidates in exchange for getting supportive judges and congresses, legislation and regulations. I worked for 3 captive agencies, 2 federal, one state. No fox is going to give up the chicken coop watching job.
Big Oil gets government subsidies as it rakes in the cash and destroys the planet.
Right.
Here's one link. Governments underwrite FF subsidies to keep them cheap. https://www.reuters.com/business/environment/global-fossil-fuel-subsidies-rise-despite-calls-phase-out-2023-11-23/
It is very discouraging, the political power wielded by the upper class. They are a small percent of the population, hence their need to lie about the economy and exploit racism etc., to get lower income people to vote against their own interests. They’ve excelled at this since Reagan (in recent years, at least). My hope is that Trump’s ugliness has turned off enough non-MAGA Republicans and independents to break up this voting bloc. He threatened the RNC that he would start his own party if they didn’t support him after he lost in 2020. They have supported him, but they’ve still lost a good portion of their voters. As long as the Never Trumpers and former Republicans vote in November the way they say they will, that is.
I'll bet you can look that word up yourself, Karl Marx.
You are right, it's Corporatocracy where the corporations rule the government. They also own the supreme court.
Giving outsized government funds to support some of the largest corporations in the world like big oil. NO wait that is an acceptable kind of socialism to some. I do not understand why in the world we cannot decide to use pieces of various systems to achieve the best results. Socialism for police and fire departments makes sense. Corporate medicine is making huge profits at the expense of our lives, not so much. Doctors and Nurses should make all they can but I don’t give a ….. about CEO’s making bank while cutting services to patients and getting paid by government programs. It is happening now. Then folks wonder why our life expectancy goes down.
Many of the most profitable businesses receive government subsidies. Oil is a prime example, last I heard it was $50 billion a year. No joke and certainly not funny.
Worked for Venezuela. /s
Karl: Certain businesses, like fossil fuel
producers, big Pharma, weapons and electronics manufacturers, to name a few, should be nationalized to stop cutthroat price gouging.The Internet? Most definitely should be a public utility so as to establish national content standards and moral decency.
Reich’s “class warfare” mentality regarding inflation has caused him to ignore the 10,000 pound elephant sitting in the same room - the 30-40% increase in the monetary aggregates that occurred in 2020-21 as part of the Fed’s scheme to “stimulate” the economy. One of the first principles of economics is that excessive money printing results in inflation. Reich should stop pretending to be an economist and take a basic course in Econ 101.
Yes - Robert has always needed a stronger eye-glass prescription.
President Biden should use his Bully Pulpit and threaten to breakup the near monopolies in the food industry. He needs use against the large corporations who are buying up rental property and charging exorbitant rents. He needs to call fuel industry executives in, airline company executives in and investigate why colleges are so expensive. With colleges he should begin by looking at the growth of administrative costs. Emerson
Such as? Being in the US all winter, there is a huge amount of competition - in this case Publix, Aldi, Walmart, Target, Sprouts, Whole Foods, Trader Joes, Winn Dixie to name a few within a short drive to where we stay.
The Rich get Richer while the rest of us suffer
Here we go again with Professor Reich’s myopic proselytizing about the semantics of Bidenomics grandiose Ponzi scheme created by the divisiveness of Barak Hussein Obama by creating the diatribe of entitlement that’s customarily defined as social activist #101 manifesto by the infamous domestic terrorists known as the Weatherman and who Bill Ayers is one of Obama’s mentors back in Chicago… Even though Joe Biden is serving physically as the President and quite mentally incompetent to comprehend reality bites as unemployment is currently at 6% in California and the actual rate of inflation is hovering at 6.9% across the country as we speak…
The problem with the Professor’s false narrative is that he ignores the hard data by the Federal Reserve Board and the downturn of good paying union jobs unless you’re a Federal employee; It doesn’t take a pseudo economist and even rocket science to understand how Bidenomics is the problem not a solution to lowering inflation and Open Borders allowing illegal aliens to circumvent our laws and customs in the United States of America… Think about how Muslim protesters are chanting Death to America on the streets of New York City, Chicago, Minneapolis, Dearborn and Boston when only 1.1% of Americans are Muslim and yet, 63% of all Americans are Christians with some 23% of Americans are declared as Catholic citizens… Whatever spin the liberal Woke attempts to silence the choice of voters to choose Third Party candidates is purely the political instrument of communism or fascism, and not a democracy as provided for by our venerable Constitutional Republic known as the United States of America … Vote for America not China!!!