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Economics Discuss The Left’s Excuses for Inflation Are Getting More Absurd at the Political Forums; Poor little rich girl Elizabeth Warren has joined the Biden administration's demogoguery blaming businesses for the inflation caused by WH ...

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Old 12-27-2021, 11:04 AM
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Default The Left’s Excuses for Inflation Are Getting More Absurd

Poor little rich girl Elizabeth Warren has joined the Biden administration's demogoguery blaming businesses for the inflation caused by WH policies.

Quote:
The White House has particularly targeted meatpackers over the past several days. Its economists put out an analysis slamming meat processing companies for excessive profiteering, and press secretary Jen Psaki blamed “the greed of meat conglomerates” for rising prices. The oil and gas industry has come in for a similar pounding, and even Dollar Tree has been denounced for shamefully sticking it to the little guy. Warren has said the dynamic of rising prices and rising corporate profits isn’t “simply some inevitable economic force of nature — it’s greed. And, in some cases, it is flatly illegal.” In a similar vein, former Clinton labor secretary Robert Reich recently pinpointed “corporate giants with the power to raise prices” as “the real reason behind U.S. inflation.”

No one on the left seems to deny that supply chain disruptions are playing a role in inflation, but the focus on corporate greed is an absurdly reductive depiction of the U.S. economy — as if a broad-based, multicausal economic phenomenon is being mainly or at least significantly driven by a handful of corporate malefactors wielding nearly unchecked power over the consumer price index. It is a fairy tale transparently intended to shift the political blame for an economic discontent that is hobbling Biden’s presidency.
Never mind the massive over spending and the ineffectual Federal meddling prolonging the supply chain crisis, it's corporate greed that has caused too many dollars to chase too few goods and services.

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From the broadest point of view, the focus on the supposed monopolistic power of corporate America to set prices at whim makes no sense. Did the American economy, after 30 years of notably low inflation, suddenly become more concentrated earlier this year, such that companies could arbitrarily jack up prices? And why was it that this economic power made itself felt just as supply chain disruptions took hold and the Democrats’ massive Covid relief bill further stoked demand in an already growing economy?
As usual Marxists retreat to demogoguery blaming others for their failed system.

https://www-politico-com.cdn.ampproj...-absurd-525086
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Old 12-27-2021, 12:19 PM
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Default Re: The Left’s Excuses for Inflation Are Getting More Absurd

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In a similar vein, former Clinton labor secretary Robert Reich recently pinpointed “corporate giants with the power to raise prices” as “the real reason behind U.S. inflation.”
Didn't they have that same power under Trump?...Or did they just not realize they had the power until Biden was inaugurated?...
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