|
Dear John,
Yesterday, Joe Biden began a week-long public messaging drive on the economy and outlining how his administration plans to tackle inflation.
But his plan ignores a major cause of rising prices: the increasing concentration of the American economy into the hands of a relative few corporate giants with the power to raise prices.
Our latest video reveals how corporations are using inflation as cover to squeeze more money out of you.
The Federal Reserve wants to curb inflation by continuing to raise interest rates. That would be a grave mistake, because it doesn’t address corporate concentration and it will slow job and wage growth.
The labor market isn’t “unhealthily tight,” as Fed Chair Jerome Powell claims. Corporations are unhealthily fat.
The real problem that must be addressed is the increase in corporate power and the decline in worker power over the past 40 years.
Unless we address this growing imbalance, corporations will continue siphoning off the economy’s gains into their CEOs’ and shareholders’ pockets — while everyday Americans get shafted.
Thanks for watching,
Robert Reich
Inequality Media Civic Action
P.S. Britain's Conservative government just enacted a windfall profits tax on Big Oil. Watch our video to see the four other policies we're advocating that will help curb inflation. If Britain’s conservatives can do it, so can Biden and the Democrats.
|
