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For anyone fighting disinformation...
For anyone fighting disinformation...
https://prospect.org/blogs/tap/inflation-and-price-gouging/
Inflation and Price-Gouging
Today on TAP: The case for an excess profits tax
by Robert Kuttner
February 7, 2022
snip//
On an earnings call with Wall Street analysts this morning, the meat giant Tyson reported earnings per share up by 50 percent over last year, driven by price increases of 32 percent in beef, 20 percent in chicken, and 13 percent in pork. These price hikes to consumers go neither to farmers nor to supermarkets but to giant monopoly middlemen like Tyson.
Ocean shippers have quintupled their rates, and booked astronomical returns of $150 billion in 2021, up from $25 billion in 2020. This price-gouging reflects the extreme economic concentration that has resulted from deregulation coupled with a four-decade failure to enforce the antitrust laws. All of this comes at the expense of consumers and of workers whose nominal pay is up but in most cases lags behind price hikes.
Ocean shippers have quintupled their rates, and booked astronomical returns of $150 billion in 2021, up from $25 billion in 2020. This price-gouging reflects the extreme economic concentration that has resulted from deregulation coupled with a four-decade failure to enforce the antitrust laws. All of this comes at the expense of consumers and of workers whose nominal pay is up but in most cases lags behind price hikes.
more...
