Debunking 4 Myths About Inflation | Robert Reich
HTML-код
- Опубликовано: 25 июл 2022
- Raising interest rates is a terrible mistake.
The Fed assumes inflation is being driven by wage increases.
That is false. Wage growth has lagged far behind inflation.
You know what’s a real driver of inflation? Monopolistic corporations jacking up prices to maximize profits.
Watch more: The Current Plot to Rig U.S. Elections ►► • The Current Plot to Ri...
You could just as easily be talking about us over here in -Great- Britain, except our wages haven't risen as much, if at all, and our inflation is higher.
We're suffering from the same lies and inaccurate rhetoric from the overly wealthy and their right-whinger enablers. 🤬
You’re taxes are much higher also, I’m guessing. Predatory cannibal capitalism is a plague worldwide. Neoliberal economics reaching its blood thirsty zenith.
Yes, it is a global, oligarchy now. Workers are the expendable cogs in the machine.
Did your government print 80% of all currency in existence in the last 2 years like the US did? Then the government and stooges like Robert Reich tells you it's corporate greed. Yeah ok...
@@mae2759 Yeah, they _did_ print £450 billion in the last 18 months. 80%?! That sounds incredible; do you have any links to allow me to look into that more?
As for Robert Reich? He certainly doesn't speak for our shambolic government, what with them being right-whinge Tories and not what most in the US would consider Left-leaning. Our CONservative party is like your GOP, but not taken over by religious zealots and fascists... yet, frankly, there _are_ many Tories who are fascist, but not all; they _ARE_ just as corrupt as your lot, though.
They're certainly _NOT_ blaming inflation on corporate greed, quite the opposite! They're blaming it on imaginary spiralling wages of the average worker, yet the only wages to match inflation or be higher are ones paid to CEOs of the many big corporations! Public sector workers have had their pay frozen with year-on-year 0% "rises" since '10, which was still cr4p, but, as inflation was at 0% for the following decade, it wasn't a pay cut, at least.
Now prices have been rising for a fair while, but, most notably since the lockdowns, the pathetic excuses from *EVERY* major corporation about how they absolutely _neeeeeed_ to increase their prices or they'll be _dooooomed_ have rapidly increased; so they did, and inflation has followed these increases. Once, for example, PepsiCo saw Coca-Cola get away with price hikes (big ones) which led to even greater profits, PepsiCo followed suit. So followed other companies and corporations, ad nauseum until prices across the board were sky-high with profits to match with inflation following right behind that! These excuses started with the pandemic, the _Ever Given_ blocking Suez, Ukraine v's Russia, a bee farted in the wrong direction, et cetera, and there are sure to be more "reasons" soon.
At least with our ridiculous act of self-sabotage where we let our collective foot have it with both barrels, AKA Brexsh|t, we have one valid reason for price rises, but the Tories will _never_ admit that.
Now, while I agree that printing more & more cash _does_ affect inflation, ask yourself where the majority of this "new" money went. If it went to the financial middle of society, it predominantly got spent on stuff owned by BigCorp. Middle and up, it was more than likely invested in, have you guessed yet? That's right, BigCorp's stock and shares or similar!
Harvard Business School has a good article titled _"Why Companies Raise Their Prices?",_ their answer is _"Because They Can"._
So, I'll leave you with this:
_"Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all."_ -John Maynard Keynes. ®™©®™©
Ditto here in Australia.
Politicians will never act against their corporate owners.
Especially the corporate/establishment politicians who make up the majority of the GOP and more than half of the DNC
@@gwayne919 they are corporate owned regardless of political party.
Free market electoral bribery system.
It's called bribery and they should all be thrown in jail for it.
@@alexcamacho4880 sadly Regan made it legal.
WAGES have almost NEVER been a driver of inflation, quite the reverse, inflation drives workers to seek higher wages.
Inflation is primarily created by an out of controll spending policy by congress.....they spend more, the printing presses print more money, and it's value is decreased....tskjng more cash to by things.....inflation...
@@johnabbott3896 Didn’t you listen to Reich’s video. I swear you are worse than Greg.
@@johnabbott3896 inflation is primarly driven not by government spending but by cheap money from banks, mainly low interest rates it is whyy the best way to fight inflation is to raise the hell out of those. of course that slows growth but that's good tradeoff for stability. low interest rates is like economy on steroids .it's why economy even when there aren't any reasonable outside pushes always has to faily every decate at least once if not twice. you can't just pretend there is money when there isn't..if you do ..you are essentialy punishing people who have real solid hard worked money and make their money worth less...basically real money is subsidised by this fake made up borrow money that we treat as if it was real. which isn't fair at all.
@@Zach-ju5vi bingo..without borrowing money on cheap buyers won't spend as much, and won't drive prices up as much as result.
also banks do literally make money it's called quantitative easing and it is done through borrowing money to others. so yes if you make money from 0 you are making money that didn't exist before.. so basically fake money( ok yes i'm skiping a step where government buys long term bonds to give banks more money to borrow but essentially that's what it is: making money out of thin air ) which basically making money worth less for everyone who doesn't borrow money. That's called inflation.
All we need to do is cut Federal spending 70%.
Seeing that wages are still 50 years behind inflation yeah I'd say you're right can't blame wage increases
@@Zach-ju5vi ZZZZzzzz... Ambien Zach strikes again..
Exactly !
@@Zach-ju5vi says nobody that is aware of the real issue. piss off traitor!
@@Zach-ju5vi could you be more vague?
Are you insane - 50 years behind inflation! Say that out loud and see how dumb it sounds. Try it this way- are people living better today than the were 50 years ago? Get real
🤔The rich get the gains, the poor get the blame, so it's business as usual.....
And guess who is keeping people poor with slave wages.
Just like in a recession, republicans blame the unemployed and call them lazy. Then in inflation they blame low unemployment and higher wages. Republicans hate working people. They have no problem giving away tax breaks to business but give something to working people? Oh no, that’s socialism😡😡😡😡
You're dam right!!
Keeping the poor poorer! Pisses me off
How to stop the unsuccessful people on a thread
@@Aikidoman06 on what basis is success determined in your scenario?
Some talking head was suggesting that corporate greed couldn't be the cause because corporations have always been greedy. Qualitatively, that's true. But quantitatively, not so much. Do not forget that a lot of pandemic relief went to corporations, not American families.
Those corporations that benefit from the budget are the Democrats donors
So are Governments.
exactly. it wasn't the families that stole thousands in relief. it was the fake corporations.
@@franksullivan1873you get it. Federal government is the largest buisiness and employer in the USA by far. This Reich guy is so full of it. You can tell by the way he talks he doesn't actually believe anything he is saying.
"Handful" of corporate Democrats seems generous. It feels like there's less and less of a difference on fiscal policy every election cycle.
Yeah, they’re stuck with either Bernie or AOC and fiscal conservatives.
I'm only voting for candidates who promote the windfall profits tax!
Never Ever GOP Again.
@@Zach-ju5vi Do you want to put more people to sleep Ambien Zach ???? ZZZZzzzz.... too late.
@@Zach-ju5vi you seem to love inflation by sucking off to the rathugliKKKlans so what dumb question is that, traitor?
@@brucebasile5083 more like traitor zach...he worships putin as he ruins both ukraine & usa via don the con & the GQPigs.
They will simply raise prices just like under Carter in the ,70s. This man is old enough to remember this and educated enough to know this. He is a shill for Democrats who always fuck the little guy for their corporate owners. They are worse than the republicans, no easy feat. Democrats work for 2 things more money and more power for themselves.
One of the most brilliant things capitalism has accomplished is convincing poor people that other poor people are why they're poor.
Aint that the truth! Didnt fool some of us though thankfully.
I will tell you from experience our poor are not poor in other parts of the World. Many folks want our kind of poor...that is why they keep coming here.Most people in our country convince themselves they cannot do anything to change and maybe they are right,but there are many who take charge and do not wait for someone else to show them the way.I guarantee that the immigrants coming here now will be upwardly mobile in the first generation.Our citizens need to work to succeed.
But how am I suppose to not be poor if I have to pay to support both my family and those who don't work and are therefore poor because of personal decisions?
@@Stonecoldfrank Well everyone is paying for the misfortune of how some folks live and yes that is the reality of living in the USA.I guess you are from somewhere else?Not everyone’s experience is the same.But all I am saying is Government doesn’t make people rich ....unless you are a crooked politician like Nancy Pelosi.Nothing like steering tax payer money to a subsidized company that your husband buys stock in just before the vote to give them money.If you are an ordinary person you must work hard and try to learn how to make money work for you.
@@franksullivan1873 Yes, I don't like Government subsidies because it involves taking my money and giving it to something I don't support, or rather that I'd prefer to support through my purchases as a consumer.
Oil company profits in the US are up 300% ...in one year !
Predatory cannibal capitalism is reaching a zenith. They want it to crash for some reason but they’ll squeeze the rocks for every bit of profit they can wring out before things collapse.
@@Zach-ju5vi YAWN. Ambien Zach the trolling sedative of this channel gets triggered again. hahahaha.
Great point !!
@@Zach-ju5vi so, you support gas prices being high up so shut the hell up, traitor!
@@brucebasile5083 Sweet reply
It's all price gouging. It's just a bunch of companies trying to make back their losses during the coronavirus in just three months. The problem is, the government has no ability to control prices, if people keep buying overpriced products (like gasoline at $5 dollars a gallon) companies will keep on overcharging you for it.
agreed. typical hardcore capitalism at its finest along with the lying leeches that spew bullcrap to mask it & blame on something else that has nothing to do with greedy corporations!
And yet when no alternatives are available for required products, these purchases will have to continue. Gas needs to keep being purchased due to an underdeveloped and deliberately gutted public transportation system, medical costs will stay high due to entrenched patchwork monopolies and people choosing death is not really an option.
@@valerieallison8612
Depends on where you live. My niece uses her electric bike most of the time now, hardly uses her car at all. Medical insurance is a problem, I guess all you can do is price compare with that and try to lose weight, exercise, eat right, and try to reduce your need for a doctor by as much as you can.
@@Zach-ju5vi
No. Their are market barriers. Insulin for example costs many times more in the USA compared to other countries.
But you cannot buy it in Canada and sell it in the USA. The US manufacturers paid US law makers to „protect“ the US market!
@@Zach-ju5vi your ignorance is NOT fooling anybody, traitor so it would be wise for you to shut the hell up with things you know NOTHING about! then again, you support screwing working class & even middle class folks over with your lies!
The number one reason for inflation:
Greedy rich investors
@@Zach-ju5vi
Don’t buy their products!
How?
There are a few companies controlling the market. So you don’t have the opportunity to choose!
@@Zach-ju5vi How wonderful it would be if it were that simple. Needs to be tackled from different angles, not just one.
@@flyingfig12 we would need a new untapped resource and allies in some rich people to make any leeway.
@@Zach-ju5vi Not so simple. We (almost) all drive gasoline-powered vehicles, and we all have to buy it from a few corporations whose top brass pull down excruciatingly overblown salaries and other perqs. Every president since JFK has tried, unsuccessfully, to eliminate the oil depletion allowance from which these companies get even more money, at our expense.
@@Zach-ju5vi
Opportunity to choose …
… between a few oil companies …
… with ZERO-COMPETITION …
… because the lobbyist laid the groundwork for this!
I'm all for a business or entrepreneur making it big. But it seems to the last one, the first thing rich people want to do is beat poor people down! You made a lot of money? Good on you. Why do you spend your money trying to prevent me from making mine? I thought Walmart was the worst when it moved into neighborhoods and destroyed local businesses. It's also beaten down competitors. In my area Walmart got exits from I-40 closed so that getting to other grocery stores was harder than going to Walmart. These weren't local Mom n Pop stores, the were Lowes Foods stores. Since Walmart moved into this county, Lowes, Harris Teeter, Kroger, and others have moved out. Now 40 years from my childhood we have the least amount of choices ever. Amazon has done the same to online retail. Good for Amazon that they built an incredible e-commerce business. Truly remarkable. But now Bezos seems to spend most of his time figuring out ways to beat down his employees and sellers on his platform.
First, get rid of free shipping. It's a scam on the public and on sellers on most platforms. Make sure Amazon does not get a better deal from the USPS than any other commercial shipper. It looks like Amazon is getting tightly integrated to the USPS almost to the point of the USPS being a subsidiary of Amazon.This alone creates unfair competition.
We’re in the throes of late stage “free market” cannibal capitalism on every level. Most notably the partisan political level.
The thing is, since the beginnings of humanity, it has been the model to become rich by exploitation of labour.
JL That is why I have never darkened the doorway of Walmart or used Amazon.
You're comparing Lowes to Walmart?!?? Who goes to Walmart to buy lumber? Two different markets.
@@hpygolkyone Lowes Foods! We have both the grocery store and the home improvement store literally next door to each other. Makes for some interesting mistakes! :P
Funny, my social security benefits are lowered each month because I have a small pension and having both is considered a windfall.
Mine is net 707. month following the Medicare A deduction. Then I buy parts B and D to cover the rest. The rising costs - gulp - biggest worry is regressors wanting to end social security. It’s twilight zone /Star Trek mash up : elders and disabled report to disintegration.
@@katsong3302 I am on that path as well. We need to get active and get VERY LOUD.
That didn't happen to me and I have both.
@@katsong3302 I’ve heard Republicans want to do away with Social Security and Medicare within 5 years. I don’t know exactly what that means if it will be just like yanking the rug out from people who are that close to retirement and people that are already on it or future receipts won’t get it. The only way to do that is to cut it off to anyone 17 or younger who haven’t paid into it or at least not as long. They’re going to have a war on their hands if they think they’re going to take it away from people that are so close to retirement or retirees that have already paid into it for years. I have worked and paid into since I was 16, at 58, I’m thinking F$&k you if your going to take it away from me when I’m this close!
Interest rate hikes are NOT the only way to control inflation. Especially cost-push inflation. Firms set prices, period. Real wages are down. Interest rate hikes ARE the best way to control for prices without hurting investor profits. This is a policy choice, not an inevitability like the con artists want you to believe. Interest rates are indeed a tool but even the Fed itself before Congress admitted interest rate hikes would not be able to control prices directly.
My nephew runs a small business , he has a bank loan, the recent interest rate rises have increased his costs, so he is going to increase his prices to cover the increase in payments, And I'm sure many businesses will be doing the same , this will add to inflation, will it not ?.
To beat back inflation, you must suppress flow of money. You can do this by suppressing the monetary mass, or the speed at which it circulates, or both. A major problem with monetary velocity is that: as that, as high inflation gets anchored in the spending psyche, people will increasingly seek to spend their money ASAP, before it loses value to inflation. This behavior worsens inflation.
The monetary mass can be tightened by fiscal measures, i.e. taxes. A bonus is that it can help redress a fiscal deficit.. A rational society would endeavor to make sure that those who least can afford it, get the lest hurt by enhanced taxes.
@@philipb2134 We have cost-push inflation and real wages are down. Firms set prices and they can often engage in monopoly pricing (little or no price competition). Large conglomerates are enjoying very large profits. The vast majority of the "money printing" went to the rich. While that creates asset bubbles and leads to commodity speculation, it is not causing the global cost-push inflation led primarily by energy prices. Taxes can shrink the money supply and are long overdue.
Honeslty if there had been enough federal assistance going to the poor working classes. There never would have been a production slow down.
spot on video.
the capitalist system is broken:
through the lack of true competition.
@@davidh4129 Another corporate shill troll heard from..
Thank you for working to keep the proletariat informed, Secretary Reich. You are an American hero! Now if we only had a political leader as good as you.
you are easy to fool....
@@Zach-ju5vi facts hurt...please enlighten all of us and go through the presentation slide by slide and refute what is presented.....and as a bonus explain inflation to Mr. Reich (Dartmouth Oxford Rhodes scholar Yale Law grad) and the rest of us.
Reich for President! Seriously!
@@noself1028 sounds great, but Robert might be more valuable in another position of trust and there are many to choose from.
He is a liar.
I have more economic knowledge than he does. He picked some irrelevant things and glossed over the fact that TRILLIONS of dollars spent and passed by Democrats only with no way to read it before the vote. 100%of the inflation is due to Democrats irresponsible spending.
They're always moving the goalpost and everything THEY do NEVER effects them.
Not just the goal posts but changing the rules too. The refs are in their pockets.
The goal posts are moved by inflation which is caused by the money supply you morons.
Republicans screamed inflation for a year after dumpy lost. Corporations heard I can price gouge and look where it got us.
Exactly, republicans only represent corporations and the rich....well, and those stupid enough to think the rich give a shit about them.
Yeah, it was motivated by dumpy giving the big corporations and the 1 percenters a $2 trillion tax cut ... Now it's free for all among the Greed in the nation...
@@Zach-ju5vi Ambien Zach my friends back again spewing his mind numbing drivel putting us all to sleep. ZZZZzzzz.....
You know, I wish inflation would have bee caused by higher wages. That is the mark of a successful economy. Workers get more money, spend more, and business adjust by raising prices. When this happens wages raise faster than inflation, and the quality of life of the average worker increases. This is obviously not the case right now.
Like Weimar Germany in 1923?
Or Zimbabwe?
Or Greece?
Do you have any idea how inflation works? Printing more money makes it more worthless
@@thegoldenarm6422 How is that related to the comment?
@@JoaoSantos-ur1gg
Read the OP again. Slowly.
Most things I buy have increased by over 50 percent over the last year. I live simply and make most food from scratch so I am purchasing basics.
Sherman, good for you. That's what smart people are doing. I am very closely monitoring my spending and not buying anything I don't need. I choose to live simply and not blow my paycheck on things that make corporations even richer.
Thank you for all you do to help educate the American people.
Vote out all corporate owned politicians regardless of party affiliation.
Begin locally. Check the voting record of all politicians. If they vote for the corporate over the citizenry...vote them out, ASAP.
Vote democraticly for a more civil society.
Well said !!!!!
As always Robert thank you for teaching the facts and educating us all. 👍
@@Zach-ju5vi ZZZZzzzz.... more of the same sedative rhetoric expected from Ambien Zach..
@@Zach-ju5vi Zach, your dumb mindset represents America. Terrible -
@@brucebasile5083 Bruce, clearly you are with the MAGA idiots. Tip: Educate yourself. Don't be an idiot.
@@t2k777 Np butt kissing accomplishments. You butt kiss Right wingers who are VERY less than smart. 😜
Always on point
Thank you for explaining this to us all. ☮️
It’s not inflation
It’s price gouging
Inflation is real… real price gouging. I suggest you ignore obvious predators and their sanctimonious nonsense.
@@Zach-ju5vi The only nonsense is coming from you Ambien Zach..
@@Zach-ju5vi translation to your meaningless babbling: i'm lying, the companies are price gouging but i don't care 'cuz it's not my problem because i'm a useless trolling bum."
now get lost traitor!
@@mtn1793 It is real it is what corp America does to keep their slaves in line. No unions, what really angers me is they pay little or no taxes!!
@@deborahciampa9285 Late stage corporate capitalism in the land of irresponsibility.
One of the 14 characteristics of fascism is blaming "others" or "them" or "those people" for everything. And the GOP is checking the other 13 boxes as well.
@@Zach-ju5vi Off coarse you have been triggered Ambien Zach. hahahahaha.
Fascism, like communism, was born from socialism. GOP may be champagne socialists in practice, but the real fascists are the "Democrats." Of course, you wouldn't understand this because the DNC controls social media, journalism, the doj, and pretty much every institution now a days. You know, the kind of total control that goes with being a fascist nation.
@@SwabcraftCreates apparently you don't understand the word fascism. It's a far right movement, according to the guy who named it.
Watch Beau Of The Fifth Column's video called let's talk about 14 characteristics. It should help you.
@@Zach-ju5vi Why Ambien Zach you just proved my point. ZZZZzzzz....
@@Zach-ju5vi do you speak Italian? No? Know what the word refers to in Italian? A group or bundle of sticks, the idea being that one stick is weak but a group is strong. It's a right wing nationalist thing, according to the guy who started it. If course any authoritarian type government copies elements of fascism, but it's about authoritarianism. Anyone who thinks the left can meet all 14 characteristics of fascism is nuts, many leftist ideas are the opposite of fascism.
Thank you!!
@@Zach-ju5vi Triggered again huh Ambien Zach? hahahahaha.
Myth 1) 100% agree that wage increases are not fueling the inflation. The usual fallacy argument that they cause inflation by raising costs isn't true. Price is a product of supply and demand, not costs (unless the impact is significant enough to impact supply indirectly, which is almost never the case). That's not to say it has zero impact on ongoing inflation while the demand / supply imbalance remains. It can have a very small impact as it reduces the negative feedback loop of reduced demand. But that is negligible.
Your the back bone our country needs to straighten out this injustice. Thank you for all that you do and keeping the American people informed in this time of deception
This information is not true! He's completely wrong.
"We have the best government money can buy." Mark Twain
But the chinese one works 500 times harder and is 1000 times cheaper.
Too bad it breaks after fifty years and does the opposite of it's intended purpose.
I love how many FACTS Sec. Reich can pack into a video of less than 3 minutes long (with Great Graphics, btw)!
Thank You!
I have a ski slope in Kansas to sell you
@@johncash4671 Triggered you huh ?????.
@@johncash4671 your ski slope sucks compare to the facts bob provided.
And a few of them might even be accurate...
@@johnabbott3896 or all of them...but you pro-corp/hardcore capitalists don't wanna hear that huh?
Wow... I used these same talking points with my microeconomics professor last semester!! I don't know why he is trying to indoctrinate his students. He told us that we should use critical thinking when we're reading any economics articles but he doesn't use any critical thinking at all. I still got an "A" though. 🙂
Yeah education in America is literal brainwashing. I got a stern talking to multiple times in university for not being able to control my laughter in micro and macro econ classes. Literally insane shit they just state as a "principle of the market" 😂😂😂 absolute cunts
If your prof is a disciple of the now-mainstream Friedman-Hayak model of economics, then sadly that's what they do, indoctrinate. Every since Reagan fell for it, that laissez-faire, "lower taxes, government get out of our lives" sermon has been preached by many Economics Profs too. Exceptions - Political Economy theorists (who always try to "follow the money"), and those who support Ecological Economics and Circular Economies.
Printing more money equals devaluing of the currency. The more there is of something the less valuable it becomes.... Check out the history of Zimbabwe and the Zim Dollar. They thought they could get out of their economic troublrs by printing more and more. Now the currency is worthless. You would think that an economist would understand these simple economic laws, but sadly the little guy just wants to shift blame. Inflation is a direct result of a devalued currency due to hyper government spending.
He is no longer an economist. He is a political pundit
@@oldandtired940 From what I gather, even when he was an economist, he wasn't an economist. There are certain irrefutable rules in economics and he just glosses over them. I'm glad that you agree that he should not be taken seriously when discussing economics. He and Krugman have been consistently wrong for decades.
Thank you, sir.
Nice, informative video.
Let's not overlook the fact that the supply chain, in the developing world, has yet to recover from the pandemic. And that this inflation is mirrored in every nation on earth!
Just sayin'!!!
Can’t recover from something that’s still going on, unfortunately it has to end before things can recover. Yes I know things have gotten better with vaccines etc but variants are still happening and it’s still going on.
I wish we could end capitalism and begin recovering in that regard.
@@Zach-ju5vi because corporations are world wide, you don’t think they’re not making huge profits in other countries too?
@@Zach-ju5vi maybe other countries have monopoly and anti trust laws that are actually followed unlike ours, maybe the pay higher taxes then they do in the U.S. Didn’t Trump pay more taxes to China for his businesses then he did in the U.S.
Thank you ✌
Thank you Dr. Reich, the kind of Info that the average citizen needs.
Thank you Professor, much appreciated 😤
Have to correct you Robert on your Math. Labor has got a 5% pay raise. If 50% of my costs of my business is labor then I have to earn 2.5% more revenue for same profit margin. That means higher prices so your #1 is complete B S. Bud. Labor DEFINITELY plays a role in inflation.
He is too liberal to understand that.
So a 5% pay raise implies a 2.5% inflation rate in your example. Then why is inflation higher than salary increases IN REAL LIFE? Why aren't countries with 10% inflation having salaries increasing by 20%?
I live in China in a very large industrial city. We still have Covid restrictions, and I'm certain this is contributing to lower supply and thus inflation.
I think the uncertainty and lack of leadership around global warming is making some impact also.
Absolutely. Supply chain can't ramp up with the restrictions, and everyone relies heavily on China.
Lower supply can indeed contribute to inflation. However, this hasn't been the case lately. I don't see empty shelves in supermarkets where I live.
Yep. It's the same here in the UK.
Thank you, Robert!
Malarkey! There's no such thing as WINDFALL PROFITS. People go into business to make a profit. A WINDFALL is a gain for no risk such as student debt not having to be paid by the debtor. Taxpayers (corporations pay taxes) are already being hit by a WINDFALL tax by being made to pay off someone else's debt.
You need to do a video with John Oliver on inflation
Thank you, Robert.
Thanks Robert.
You are so correct, I saw a report here in Australia, which talked about the increasing inflation, but only up to March of this year, so the war in Ukraine was not having an effect. Considering the wages of the ordinary worker have been stagnant maybe growing at 1%. The real driver of the inflation were corporate profits and the pay increases to the executives who have seen they’re salaries grow at over 10% . Yet business groups and conservative politicians keep driving the old massive wage increase will trigger higher inflation, thus higher interest rates blah blah blah, ad nauseum. The latest is to say the new Government spending is going to trigger a larger growth un inflation.
Inflation is one of those mysterious things that very few people understand. Unfortunately, these people are the wankers we keep voting for who think they know what they mean.
The suggestion that $3 or $4k paid to many or most Americans a year ago is somehow causing prices to go up like 10% this year is absolutely ridiculous. Like every corp ever simultaneously at the same without colluding suddenly said "hey look, every ever is permanently flush from now on and forever! We best raise our prices to get us some of that!" In reality, shipping shit-show, trade issues and supply chain issues with chain, end of life of low profit yet extremely high demand chip fab, and the fact that every corp ever DID find out that in 2020 they can provide half as much service, half as much quality, reduce their workforce, and still increase prices (equalling record profits), plus huge bail outs and quantities easing, IS causing inflation.
I sure wish your voice was heard on a MUCH greater scale. Thank you for more of your truthful thoughts.
Thankyou Robert
Thank you Robert
"YeS, tHaNk YoU fOr YoUr pRoPaGaNdA rHeToRiC." -the usual useless trolls...most likely.
@@IMPOTUSx2 Another Trumptard illiterate pretending to know something, give it up, no one listens to clowns like you.
The cruelty of corporations and the greed of their leaders may cause our extinction in the long run. Talk about short sighted.
Sir, if I have shares of stocks, through a mutual fund, do I benefit from corporate profits through dividends? If the corporations are making so much money, why is the stock market down? Thank you.
Because when the companies got huge payouts from the government during COVID, they didn't use it to keep their workers on, or upgrade their facilities, or expand their business and anything good business owners actually do. All they did was buy back millions and millions of their OWN STOCK to increase its value as well as regain control internally. They laid workers off and increased prices so they could spend the extra money they actually needed on greed. You can make profits as an individual on the market but honestly it's meaningless compared to the amounts corporations make. You also need to remember less than 10% of the US population invests and those that do often invest pretty small amounts that can't really accrue that much anyway. The big lie is that the economy effects anyone but the mega wealthy
These videos are so well done and very informative.
Great video.
Every News Media should be carrying this report and send a copy to Joe Manchin. Good reporting Mr Robert.
@@Zach-ju5vi
The present inflation is caused by supply shortage, greed and low competition!
@@Zach-ju5vi who ya arguing for here zach? Or do you always miss the main point even when its simplified like this for you?
@@Zach-ju5vi
Bad policy while the pandemic.
This was tRump!
Towards Russia:
Also tRump!
Towards OPEC:
Also tRump!
Reich were against tRump ALL the time. So your statement doesn’t make any sense!
@@Zach-ju5vi The only thing terrible as always is you Ambien Zach with your verbal sedative drivel putting every to sleep. ZZZZzzzz.....
@@bovinityleak2066 Ambien Zack always misses the point because he is a paid corporate shill that trolls all positive comments about Professor Reich..
Hunt the wealthy and eat the rich ✊
It may come to that. We must get rid of the GQP and their endless CORP WELFARE give away BS
Robert...we enjoy hearing it from you ..straight out..up front..no bars hold ..and why is it that there are not more men like you? Some of us have an idea that there is foothills of bologna out there...Yet the culprits of the bologna team remain under a brush pile... Thank You
RUclips doesn't have enough mainframe storage to hold all the crap of which we're being told lie after lie...
Love the visuals.
You make it so clear.
My wife works for BMW as a file clerk starting at $17 an hour. After two and a half years, she still makes $17 an hour. AND the cost of health insurance went up.
Completely agree
Thank you for telling the truth!
This video should go viral!
Great video: short, pithy & true.Now tell us how to rein in the corporate stranglehold on our economy, please.
Take money out of politics (aka vote for candidates that don't take corporate money, only private donations) and then have them instate more regulations once they are in Congress (protest, if they don't).
Great vids,content. Great cartoonist. Smart AH.
I believe you. Where can we get the numbers so we can show them to people?
Perfect.
Love youMr Reich!
We all do !!!!!!
Unfortunately for most of us, "truth" is whatever makes us feel better.
Debunking myths of inflation without any mention of money supply or the federal reserve. Just amazing
Exactly. Robert Reich is a democrat loyalist, so you will never see him openly admit the increase in money supply/gov’t stimulus is the main cause of inflation.
@@Jackmama007 perhaps someone on Robert's team can explain what we are missing here?
Real economists called, they say you're gay
@@Jackmama007 HOW???? ITS LIKE .1% OF THE MILITARY BUDGET + CORPORATE BAILOUTS. ALL NEO-LIBERALS DO THIS DUMBASS
An example of inflation occurred in 1974 - Arab Oil Embargo. OPEC quadrupled oil prices that caused super high inflation in the US for decades.
Why don’t this guy run for President.
There are many ways to reduce the cost of living and its by being informed.
Supply chain problems and product shortages drive prices up.
The problem is trying to explain something complex with many causes with simplistic answers.
@gayboyzig Yeah, so you are the problem. I don't think you have the mental capacity to understand a multi-faceted argument. Case and point, your statement.
@@Zach-ju5vi Another snooze fest from our boy Ambien Zach. Please stop your boring everyone with your mind numbing nonsense..
@@Zach-ju5vi Outside recessions, wages increase above inflation.
@@Zach-ju5vi Do you really like self-owning? Do you even know the meaning of hyperinflation?
@@Zach-ju5vi That happened 15 years ago. People are still poor though, so it has nothing to do with inflation. And it's totally unrelated with people earning higher wages otherwise Switzerland would have hyperinflation.
Live in AR, Robert, & consider myself "lucky" to get only 12/hr as a housekeeper?! I live alone, 71 yrs old & still working. WHY?! Yes, get SSN for supplement. BUT IF this God awful GOP today CUT my SSN by half?! I'll be on the homeless streets. Get rid of THIS GOP NOW, in November midterms!😡🔥
You heard it here folks.... For the first time in human history deficit spending and printing money had nothing to do with inflation. I mean, only 75% of PPP loans went to intended workers, the rest was pocketed by wealthy business owners, but ya know that's just another "ho-hum" cost of doing government business. It has no real impact on everyday people.
/Sarcasm
Myth 2) I don't agree with the argument that lack of competition is a main driver of inflation. The level of competition did not change this last year, so how could it be a driver this year and not any of the 14 years prior to that? It is supply and demand that changed the last 2 years. This is Econ 101 - price is a function of supply and demand. Price and inflation are both symptoms of a supply / demand imbalance. I'm not saying companies haven't and wouldn't use nefarious means to increase their profits, but unless you have evidence there is no supply / demand imbalance, I am skeptical. It is true that companies could choose to not change prices when there is a supply / demand imbalance, but that just leads to shortages and black markets.
you are the true MVP
I worked for Orkin Pest Control from 2005 until 2014. I was making the same amount of money in 2014 as the day I got hired. I should run for a position in Congress. I come in broke and in less than a year become a multi-millionaire! 😊
The truth about inflation is , one should always use a compressor over a hand pump.
I'm going to share this to everyone I know, and post it on Facbook, Twitter and Instagram. It needs to be seen by everyone. Thank you, Dr. Reich!
Right whinners will still believe what they want. They will call this left-wing propaganda. Their only truth only comes from Faux News.
My frustration is with Democrats. Sometimes I think they are too afraid to confront the republicans in the media. The Democrats should be all over the media: TV, social media, radio, etc telling people the truth as told here. But when Republicans accuse them of making excuses, they just cower and retreat. I bet if it were republicans who took over after the pandemic, they would have been all over the place blaming everything on the past administration and the pandemic.
Forget about the liberal controlling the mainstream media, the republicans control the narrative because they are more united behind their messaging. Even if they fail when they are in power, they'll still find a way to blame the Democrats.
@@eudofia I think Democrats often feel they have to take the high road, and are afraid of backlash if they go on offense. I think it's great the CA gov. Newsome is going on the offense, and calling out all the rightwing lies and conspiracies. I think it's starting to rub off on other governors. Good for him. Vote Blue. That's what matters right now.
Because of you i know what the real problem is. Why i dont make enough money. Why i am always in stress. Thank you very much. Looking forward to meet you soon. Respect from india🇮🇳
Not only is there no competition, there is also no criticism.
Thank you Robert for telling the truth about the real truth in this country
LOL
@@franksullivan1873 Truth hurts huh? .
@@brucebasile5083 Save your Bullshit .There is no truth in Reich.Just Another Liberal hack....a BS artist that no longer is relevant.
Robert anybody that supported Biden ...who constantly lies himself must also be untrustworthy.When Biden constantly blames another country for all that is wrong with his own and Reich can only keep harping on America’s corporate greed and not see through Biden’s dumb ass policies than Reich is obviously deflecting from the real truth.Believe if you want too.America gas problems because of Government spending and funneled misspending.Billions go missing everytime Democrats put out a spending Bill...there is no accountability and Robert Reich is deflecting from his Party’s accountabilities,which he has definitely benefited from and has been part of.The Federal Government is too big to manage any more,correctly and lawfully.In case you missed it our country has become exceedingly corrupt.
Someone is stopping me from writing what I have to say on this page?
The primacy of corporations, we can thank Milton Friedman for that....
It would be nice to see a video about where the higher interest rate money goes on credit card balances, home equity loans and other existing variable rate loans when the Fed increases rates.
It goes to the bank or financial institution that issues the debt. The Fed does not control rates on credit cards.
Windfall Profits Tax? Interesting
a.) Can we get a concise explanation on what this is?
b.) How/what can be done with companies like Amazon/Facebook that just go to 0% foreign income rate countries in Europe and the Caribbean?
SHARED!
All I know is it’s not my fault.
John Oliver did not go into inflation anywhere near as much as I thought he would on his show the past week. This video was very much needed. Thank you!
Toy and TV companies have largely found a way to avoid inflation over the last several decades when compared to other goods and services. Are those businesses just not greedy?
@@Big_Friendly he blamed it on everything else and BARELY went into corporate greed, most of the time he’s been pretty outright with everything or maybe I was just naive of the numbers he was quoting. I’m not sure.
No mention of the $2 trillion in annual budget deficits. Printing money leads to inflation.
I remember they said the prices of goods went up as a result of the backlog and the jam at the port now there is no longer a jam at the ports I heard that stores have more inventory now then they can get rid of so why haven't the prices went back down yet. Like the video said corporate profits.
If it’s fact based & truthful … they won’t listen.
The only thing i would like to see in these videos, is honestly sources.
While yes one can confirm it for themselves, i would still like to see some.
It is the same in Australia
I couldn't agree more. Amazon just raised their prime membership. It's the very same company that doubled its revenue during the pandemic, fought against union and treat its workers poorly. I am going to cancel my prime membership. I can do without.
I just did. I never used it but my old account got hacked so they canceled it for me. Ive not missed amazon in the least.