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"It is unthinkable that Senate Democrats would try to respond to this inflation report by ramming through another massive socialist spending package in a matter of days," he tweeted. Republicans have been hammering Democrats and the Biden White House on inflation.Īfter Friday's price index report came out, Senate Minority Leader Mitch McConnell wasted no time when it came to pointing fingers.
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"Corporations are using the excuse of inflation to raise prices and make fatter profits." It's lack of competition," wrote Robert Reich, a former US secretary of labor, in an op-ed for the Guardian last month. "Viewed this way, the underlying problem isn't inflation per se. Earlier this week, Senator Elizabeth Warren blasted Hertz for spending $2 billion on a stock buyback - a common but controversial way to reward shareholders - rather than investing its excess cash in rebuilding its fleet, which could bring down record-high prices for consumers.Īlthough there's some truth to the argument that corporations are making inflation worse, there is a bigger structural problem underpinning the issue: for decades, lax antitrust enforcement has put the concentration of economic power in the hands of a few giants. In fact, some are on record bragging about their "pricing power" - corporate-speak for sticking customers with a bigger bill.ĭemocrats and consumer advocates are calling these companies out. In other words, even as costs for raw materials, labor and transportation have increased in response to the pandemic, a lot big corporations are offsetting those costs by raising prices on consumers.Īlthough analysts say it's almost impossible to verify how much price increases reflect rising production costs versus a desire to juice profits, companies aren't exactly hiding their price flexes. After all, profit margins are up across industries even as the costs of production have risen.Ībout two-thirds of the largest publicly traded US companies have reported fatter profit margins so far this year than in the same period in 2019, according to the Wall Street Journal. It can feel morally satisfying and politically convenient to blame Corporate America. We're still untangling the mess at ports around the world. Shortages of just about everything cropped up, especially workers to unload goods and drive them to their destination. Factories were on lockdown or navigating Covid-19 restrictions, and raw materials were harder to get because of the sudden swell in demand. Lots and lots of it.ĭemand went from zero to 100, but supplies couldn't bounce back so easily. And rather than spending money on travel or dining out, we spent on stuff. Congress and President Biden passed an historic $1.9 trillion stimulus bill in March that put cash directly in Americans' wallets. The pandemic upended everything about our lives, and when the world shut down in the spring of 2020, it was like pulling the plug on the global economy.īut by that summer, demand for consumer goods started to rebound. Although there's no one single culprit to blame, here are some of the forces - Covid-19, greedy businesses, the supply chain crisis, the government - you can take your rage out on. What concerns economists and policymakers is when prices keep rising, and when wages don't rise in kind.Īlthough wages broadly are also going up, they so far haven't kept pace with the rising costs of food, energy, housing and everyday consumer goods. The current surge in prices reflects an economy roaring back to its fighting weight. In the United States, for the past 40 years or so (and the better part of this century), we've been living with an ideal low-and-slow level of inflation that comes with a well-oiled consumer-driven economy, with prices going up around 2% a year, if that.
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Prices for goods and services rose 6.8% last month compared with a year earlier - the fastest pace since 1982. On Friday, the consumer price index showed inflation hitting a nearly four-decade high. The reality, economists say, is that it's all of those things. Corporate America blames the administration's pandemic assistance programs for putting too much cash into the economy. CNN - President Joe Biden and other politicians will tell you inflation is Corporate America's fault.