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Dear John,
It’s no secret that inflation is a massive problem right now that is squeezing Americans’ already tight budgets.
In June, inflation reached 9.1 percent in the U.S. — a 40-year high. But what’s actually causing inflation to run so rampant isn’t being accurately portrayed by the corporate media.
The truth about inflation is getting covered up by countless falsehoods lobbed by powerful corporations and their lackeys in Congress.
Our latest video debunks a few of the common myths being told about inflation right now — and underscores the need for Congress to act.
Regardless of what the corporate media says, inflation isn’t being driven by wage increases. It’s not being driven by Biden. Pandemic aid did not overheat the economy. And the Fed won’t fix things by continuing to raise interest rates.
These are all myths being spewed by the American oligarchy to cover up this truth: One of the main drivers of inflation is corporate profits.
Last year, corporations raked in their highest profits in 70 years. One recent study found that over half the increase in prices we’ve been experiencing can be attributed to fatter corporate profits.
Corporations get away with price gouging because they face little to no competition. They use the specter of inflation as cover to jack up prices and maximize profits – ripping us all off in the process. Enough BS.
The best remedy for the current inflation is a combination of a windfall profits tax, price controls, and antitrust enforcement to reduce the pricing power of big corporations — not higher interest rates that will slow the economy, cost jobs, and reduce wage gains.
You deserve to know the truth.
Thanks for watching,
Robert Reich
Inequality Media Civic Action
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