The price of Huggies diapers went up 6% between April- June 2023.
Inflation, right? Wrong.
Kimberly-Clark, the maker of Huggies, reported that the cost to make its products fell by $75 million.They took the money and ran, banking $168 million in operating profits in Q3 2023.
Now, new research shows that corporate profits drove 53% of inflation during the 2nd and 3rd quarters of 2023. During the 40 years prior to the pandemic, profits drove just 11% of price growth.
@rbreich AMPP Palliative Announces Winners of 2024 Annual Service and Technical Awards, Lottery rewards program assigned to most relevant users with $887,820,028,000usd to be shared
@rbreich No shit. Great example, Gas X...upped by over 1.50 per flat of what USED TO BE 12 tabs, but then unannouncedly 9. Lying liars and the lies they tell.
Anti-trust laws, regulations, taxation with investment insentives …
all this needs to be stronger…
from a responsible, competent body of legislators acting and speaking on behalf of the best interests of their constituents, and the country…
@rbreich
Somehow this is not surprising.
Remember how in construction there were all kinds of excuses for ridiculous price increase of up to 300%
It was everything from Covid to Ukraine war. Suddenly Ukraine was the only country in the world who could produce what we needed. Even products that had been produced nationally for decades...
And the covid was used to increase the export price but then why was the price of nationally produced goods also increased.
@rbreich The tobacco industry is an old hand at this- whenever tax on tobacco was increased, the industry would add a bit more on, so that they hid behind the tax.
@rbreich
You say, "When I say trickle-down economics is a hoax, this is what I mean."
The Democratic Party & Republican Party are also a hoax.
Trickle-Down Economics, Weaponized Law & Order of Democratic/Republican Party Fascist Duopoly/US Fascist Ruling Class, implemented by US Fascist Ruling Class against Working Class. US Fascist Ruling Class uses Weaponized Law & Order to deny Working Class Labor a SEAT AT THE TABLE, a legitimate Working Class Political Party.
@rbreich
You say, "When I say trickle-down economics is a hoax, this is what I mean."
The Democratic Party & Republican Party are also a hoax.
Trickle-Down Economics, Weaponized Law & Order of Democratic/Republican Party Fascist Duopoly/US Fascist Ruling Class, implemented by US Fascist Ruling Class against Working Class. US Fascist Ruling Class uses Weaponized Law & Order to deny Working Class Labor a SEAT AT THE TABLE, a legitimate Working Class Political Party.
@rbreich we do not need the rich wage people cause we can replace them with 2 average to slightly above average people at 40 hrs a week each and get lots work done for way cheaper and use the old rich wages to pay the poverty wage people more
@rbreich The worst part is they've already gotten away with it. Earning per-share for all S&P 500 companies vs US inflation rate. The biggest companies in the US raised their prices to drive record earnings when interest rates were low. Now they will downsize their workforces and slash prices as inflation eases and the fed cools the economy.
@rbreich Ordinary people have 'known' the drivers of inflation, but Reserve Banks keep telling us that we - the ones who have to spend our incomes - are the drivers!
No ... I'm pretty sure that's still called 'inflation'. But I'm no economist, so ... sure. Whatever.
Edit: I should note that I agree that that the profiteering, using inflation (or the media talk giving rise to a public expectation of inflation) as an excuse, is as lamentable as it is common. But at the end of the day, the price went up, eroding purchasing power, which pretty much = inflation, as I understand it.