Playing the Inflation Blame Game
Robert Reich says the corporate sector is trying to punish workers for today's inflation problem. The UC Berkley prof and former US Labor Secretary writes that big corporations are exploiting inflation as a smokescreen in order to raise prices. Inflation has broken out all over the world – the consequence of pent-up demand from more than two years of pandemic and of limited supplies of everything from computer chips to wheat, due to difficulties getting the world economy up and running. Add in Putin’s war in Ukraine driving up world energy and food prices, and China’s lockdowns against Covid, and you get a perfect conflagration. That’s not all. Big corporations are busily raising their prices because consumers have so little choice. Corporations are using inflation as cover. Reich contends that, whether it's the fossil energy giants or the food giants, it's a scam to manipulate prices and drive up profits. If markets were competitive, companies would keep their prices do...