Bigblackted4
Superstar
I didn’t mean a dollar as in one I mean a salary. I shouldn’t make more than I did 5 years ago but the money literally can’t buy what it did 5 years ago.
Joe Biden Just Delivered the Speech Democrats Have Been Desperate for Him to Give
- Thread starter bnew
- Start date
Bigblackted4
Superstar
Thisgreedflation, not inflation
‘Greedflation’ study finds many companies were lying to you about inflation
Companies like Exxon Mobil, Shell, and Kraft Heinz enjoyed bumper profits as consumers struggled with historic inflation.fortune.com
The biggest study of ‘greedflation’ yet looked at 1,300 corporations to find many of them were lying to you about inflation
BY RYAN HOGG
December 8, 2023 at 6:27 AM EST
LI JIANGUO—XINHUA/GETTY IMAGES
As they rolled their eyes at the frustratingly familiar sight of price markups in grocery store aisles, shoppers in 2022 might have wondered whether corporations were doing everything they could to keep prices down as inflation hit generational highs. The answer now appears to be a resounding no.
A joint study by think tanks IPPR and Common Wealth found profiteering by some of the world’s biggest companies forced prices up significantly higher than costs during 2022.
Greedflation
Inflation soared across the globe last year, peaking near 11% in the eurozone and above 9% in the U.S.
The source of that high inflation has become a well-trodden line. Analysts have typically laid the blame on supply-chain bottlenecks created by excess demand during the COVID-19 pandemic and exacerbated by Russia’s invasion of Ukraine.
The war also increased energy prices, leading to further rises in inflation as suppliers factored in higher transport and running costs.
While this obviously contributed to rising prices, the report finds that company profits increased at a much faster rate than costs did, in a process often dubbed “greedflation.”
Profits for companies in some of the world’s largest economies rose by 30% between 2019 and 2022, significantly outpacing inflation, according to the group’s research of 1,350 firms across the U.S., the U.K., Europe, Brazil, and South Africa.
In the U.K., the research found that 90% of profit increases occurred among just 11% of publicly listed firms. Profiteering was more broad in the U.S., where a third of publicly listed firms were responsible for most of the increase in profits.
The biggest perpetrators were energy companies like Shell, Exxon Mobil, and Chevron, which were able to enjoy massive profits last year as demand moved away from Russian oil and gas.
Food producers including Kraft Heinz realized their own profit surges. The war in Ukraine rocked global grain supplies and fertilizer prices, significantly increasing the cost of food, which remains sticky.
The findings add to a growing body of research seeking to highlight the role of major businesses in forcing up inflation last year.
A June study by the International Monetary Fund (IMF) found that 45% of eurozone inflation in 2022 could be attributed to domestic profits. Companies in a position to benefit most from higher commodity prices and supply-demand mismatches raised their profits by the most, the study found.
CEOs of the world’s biggest companies consistently sounded the alarm on inflation as a significant barrier to growth. Many blamed rising input costs on their own price hikes. However, lots of those CEOs appear to have instead used the panic of rising costs to pump up their balance sheet.
In April, Société Générale economist Albert Edwards released a scathing note saying he hadn’t seen anything like the current levels of corporate greed in his four decades working in finance. He said companies were using the war in Ukraine as an excuse to hike prices in search of profits.
“The end of Greedflation must surely come. Otherwise, we may be looking at the end of capitalism,” Edwards wrote. “This is a big issue for policymakers that simply cannot be ignored any longer.”
Prices coming down
Inflation is now beginning to regulate in most major economies and coming closer to most central banks’ targeted 2%. Some companies that previously passed rising costs on to customers to continue making a profit have now sought to repay them with price cuts.
Last week, Ikea stores owner Ingka’s deputy CEO said the company would be spending $1.1 billion to absorb inflation and bring down the prices of goods in its stores.
“People have thin wallets, but they still have needs, dreams, and frustrations,” Juvencio Maeztu told Fortune.
In November, Walmart CEO Doug McMillon suggested the era of high inflation in the U.S. was over, and shoppers may soon begin to experience a contraction in prices—known as “deflation”—in company stores.
Roger king
Superstar
Biden is the best choice for black people in this election when the alternative is trump. i remind folks on here presidents get to appoint federal judges who are there for life tenure, who do you think will be more open to a black persons suing for discrimination or deciding race base or diversity policies. To any sane black person it should be biden especially after the supreme court struck down affirmative action
Last edited:
We never cared about Jan 6.
Maybe white people do,but I doubt it. I take it as Democrats just know thats there best chance to make people hate Trump. But realistically I just think Trump attempted to create a protest and riots(the same kind he complained about). Hoping public outcry would cause a recount. Do they expect us to believe Trump was actually attempting to stage a coup with a bunch of hillbilly,out of shape dumbasses vs the U.S military
?Democrats really need to get it through their thick skulls. People dont give a damn about politicians being upstanding,upright,upholding the so called "values" of politics. Not if they like the politician,and the politician is on their side. People who like Trump could care less about him being a threat to democracy. Because that just means hes a threat to the stuff liberals want in their mind. All these strategist after strategist sound clueless,but good luck. Should be fine as long as Manuel and Consuela show up big at the polls as expected
"Democratic strategist Adam Parkhomenko called the speech “one of the most powerful speeches of my lifetime.”
Obama got like 20 of these
Redwood
Superstar
Tribal Outkast
Veteran
They should be motivated. The worst thing you could have is shyt happening with zero speeches and appearances.
Elim Garak
Veteran
Biden is the best choice available I think that is clear. However he needs to get what should be his base back and motivated imo. He will have to do that through policies since it's a lot of misconceptions people are believing about the current state of the country.
What the hell are you talking about?
It is crazy Trump could be president again after the insurrection. Did everyone forget a woman fukking died while wearing a Trump flag as a cape? Something easily avoidable if he would’ve accepted his L.
Like I understand not supporting Biden but Trump should be disqualified from even running.
Like I understand not supporting Biden but Trump should be disqualified from even running.
Most people are going to need to see results though and the “Trump being the big bad wolf” as that was used during the last election to help propel Biden to win and drive voters to the polls.
Elim Garak
Veteran
I honestly don't think the trump is bad defense every won it for him. It was that Trump was literally doing bad stuff lol. People's memories are short though so he needs to get some victories with policy.
It definitely played a major part of it because in some voters minds, it was either Biden nor Trump and Biden won out by default even with them not necessarily being a fan of him or Harris.
Similar threads
