Share: Republicans in the House, esp. the Speaker, #MAGAMike, oppose Americans' safety net, financial gains & well-being, & legitimize corruption & #greedflation:
"The House GOP govt funding bill makes it harder to file your taxes, enables auto dealers to cheat consumers, raises credit card late fees, facilitates money laundering & tax evasion..."
-M Stoller
Sen Brown confronted Powell over⬆️use of algorithms *analyze price info. acquired across a whole mkt. If a bus knows what its competitor charges -can adjust prices upward in real time, maximizing what it can earn. “You think that this kind of surge pricing might lower prices overall?” Brown replied incredulously. “These are sophisticated economists working for these big cos. -not going to do things to lower their profits.” https://prospect.org/economy/2024-06-03-age-of-recoupment/
Welcome news for consumers, but all profitable businesses should cut their profit margins, if they're taking advantage of consumers, committing #greedflation:
Target plans to slash the price of bread, coffee, diapers... & 1000s of other everyday items, joining other retailers looking to kickstart bus. It's cutting its prices bc "consumers are feeling pressured to make the most of their budget," Exec. VP Gomez. The median rise in monthly HH pending in Apr fell to 4.6%.
[USA] Walmart Is Still Putting Ebenezer Scrooge to Shame
Infamous for its starvation wages, Walmart just posted staggering first-quarter profits. The surge is a result of its strategic shift toward catering to affluent shoppers while its full-time workers continue to rely on Medicaid and food stamps https://jacobin.com/2024/05/walmart-living-wage-medicaid-snap/
Corp. profits have exploded since 2020 -recent study found -for much of 2023, corp. profits drove 53% of inflation. Comparatively, over the 40 yrs before the pandemic, profits drove just 11% of price growth. In the 4Q of 2023, corp. profits reached an all-time high of $2.8T.
"The only reason prices are going is #corporategreed. They’re going to tell you it’s labor costs, but labor costs don't account for 100% price⬆️at McDonald’s since 2014. They’re gouging—they’re ripping you off."
-N McMurray
"Price inflation at every fast food restaurant in the US has far exceeded CPI inflation since 2014. Prices at McDonalds have DOUBLED since 2014 while official inflation data shows just 31% inflation. Popeyes/Taco Bell/Chipotle⬆️by 86%/81%/75%."
-Kobeissi Letter
Today's inflation article says:
"Soaring food and energy bills have been the main causes behind the UK's high inflation in recent years.". Then mentions demand and war as drivers of inflation in those industries. But NO mention of record profits.
It's so common a reporting error that it seems intentional #DoBetter
Grocery chain, Loblaw paid it's new CEO, Mr. Per Bank, $22-million during his first six months in the job.
$22 MILLION DOLLAR SALARY
Meanwhile, #Poilievre and the conservative premiers are screaming at Canadians trying to convince us that 3 cents at the gas pump is why we can't afford groceries.
Pierre #Poilievre would like Canadians to believe that the carbon tax is the reason your groceries have gone up.
And he really, really doesn't want you to figure out that he & his MPs have been working for the grocery giant, Loblaws.