Watch: Chart-armed Katie Porter makes the case that corporate greed is the primary cause of inflation
2 years, 2 months ago

Watch: Chart-armed Katie Porter makes the case that corporate greed is the primary cause of inflation

Raw Story  

During a House of Representatives hearing on Wednesday, United States Congresswoman Katie Porter grilled Mike Konczal, the director of Macroeconomic Analysis at the Roosevelt Institute, over the primary cause of inflation in the post-COVID-19 economy. Equipped with one of her easy-to-read, data-filled posters, Porter got Konczal to admit that surging corporate profits are forcing American consumers to pay significantly more for goods and services. Porter asked if that meant that "over half of the increased prices people are paying are coming from increases in corporate profits?" Konczal said that it did and that "the unit price index is reflected in corporate profits as opposed to other costs."

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Americans’ economic outlook brightens as inflation slows and wages outpace prices
11 months ago

Americans’ economic outlook brightens as inflation slows and wages outpace prices

Associated Press  

WASHINGTON — After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, fuel economic growth and potentially affect President Joe Biden’s political fortunes. A survey by the Federal Reserve Bank of New York found that Americans’ inflation expectations have reached their lowest point in nearly …

Americans’ economic outlook brightens as inflation slows and wages outpace prices
11 months ago

Americans’ economic outlook brightens as inflation slows and wages outpace prices

LA Times  

A customer checks prices while shopping at a grocery store last week in Wheeling, Ill. A typical basket of groceries now costs 20% more than in February 2021, just before inflation began to take off. After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, …

Economists are reconsidering how much corporate profits drive inflation
1 year, 7 months ago

Economists are reconsidering how much corporate profits drive inflation

NPR  

Economists are reconsidering how much corporate profits drive inflation In the past, corporate profit growth accounted for maybe a third of inflation. Now, you may remember a lot of economists last year saying that corporations or corporate greed was not driving inflation, but corporate profits could be a driver of inflation. GONZALEZ: Andrew at the not-quite-fancy Kansas City Fed wanted …

Column: The big contributors to inflation you’re not hearing about: profiteering corporations
2 years, 5 months ago

Column: The big contributors to inflation you’re not hearing about: profiteering corporations

LA Times  

A Starbucks store in Huntington Beach. — Mike Konczal, Roosevelt Institute What’s curious about that idea is that economic statistics make clear that corporate profits have played a much larger role in fueling inflation than wage increases or the currently low unemployment rate. “Further, firms in the US increased their markups and profits in 2021 at the fastest annual pace …

Behind the Joe Biden v. Jeff Bezos beef: What their inflation spat is really about
2 years, 7 months ago

Behind the Joe Biden v. Jeff Bezos beef: What their inflation spat is really about

Raw Story  

The White House clapped back at Amazon CEO Jeff Bezos on Monday after the multibillionaire criticized the president's plan to combat inflation with steeper corporate taxes, saying that "it doesn't require a huge leap to figure out why" Bezos, whose $1.63 trillion company paid no taxes last year, would be opposed to the plan. Though Biden did not namecheck Amazon …

AP FACT CHECK: Biden skirts blame on inflation; GOP gas hype
2 years, 9 months ago

AP FACT CHECK: Biden skirts blame on inflation; GOP gas hype

Associated Press  

WASHINGTON — Facing political attacks over rising costs, President Joe Biden exaggerated his role in reducing the federal deficit and skirted responsibility by asserting that a flood of government spending into the economy has no impact at all on higher prices. Biden last year signed a $1.9 trillion coronavirus relief package known as the American Rescue Plan — and many …

Analysis: Biden finds inflation overshadows strong economy
2 years, 11 months ago

Analysis: Biden finds inflation overshadows strong economy

Associated Press  

President Joe Biden is paying a steep price for high inflation — a problem that festered during his first year in office instead of fading away as he suggested it would. White House officials are now trying to reconcile this paradox, as Biden’s future may depend on making people feel good about not just their bank accounts but also the …

Joe Biden’s Biggest Economic Problem? Inflation Is Rising Faster Than Wages.
3 years, 1 month ago

Joe Biden’s Biggest Economic Problem? Inflation Is Rising Faster Than Wages.

Slate  

If you ask most Americans about the job market right now, they’ll tell you it’s fantastic. Unsurprisingly, in a poll last month, two-thirds of Americans told Reuters and Ipsos that “inflation is a very big concern to me,” while the share rating it as the most important issue in the country has started to tick up in Gallup’s survey. For …

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