Why the White House stopped telling the truth about inflation and corporate power Robert Reich

[Uncle Joe]

(snip)

“Business-bashing is terrible economics and not very good politics in my view,” Summers said in an interview.

Wrong. Showing the connections between corporate power and inflation is not “business-bashing”. It’s holding powerful corporations accountable.

Whether through antitrust enforcement (or the threat of it), a windfall profits tax or price controls, or all three, it’s important for the administration and Congress to do what they can to prevent hugely profitable monopolistic corporations from raising their prices.

Otherwise, responsibility for controlling inflation falls entirely to the Federal Reserve, which has only one weapon at its disposal – higher interest rates. Higher interest rates will slow the economy and likely cause millions of lower-wage workers to lose their jobs and forfeit long-overdue wage increases.


https://www.theguardian.com/commentisfree/2022/feb/19/white-house-biden-inflation-corporate-power

[Timewas]

1. The problem is

They already have way too much money to be concerned with any actions that are likely to come down on them.