Most Price Increases from Inflation Have Gone to Corporate Profits

Source: In These Times
by Max B. Sawicky

“When the history of the 2020s is written, the current inflation panic could very well rival the ‘but her emails’ canard [sic] surrounding Hillary Clinton in 2016: The impacts on U.S. politics have been profound, and decidedly negative from any progressive standpoint. I have to admit that I previously understated the persistence of the price increases that started showing up last fall. As Yogi Berra is credited with saying, ​’Prediction is hard, especially about the future.’ Still, the fact remains that the most popular explanations for inflation reflect malign political-economic motivations. First and foremost, we hear that inflation is due to excessive economic stimulus, especially from the eternal enemies of economic stimulus. Hence the outsized political role of Sen. Joe Manchin (D‑W.V.)  —  the self-styled economic genius who constantly worries about inflation  —  and the endless nattering of budget hawks.” (05/04/22)