Confronting greedflation

Nick Hanauer – a deconstructor of mythologies peddled by his fellow rich people – writes about Kamala Harris’s attack on price-gouging:

Americans are spending more on virtually everything, from groceries to clothing to appliances. Headlines say those price increases are supposedly a mysterious economic force called “inflation.” But if you compare corporate profits in 2019 to the last four years, you’ll find corporations have gouged their way to an almost unbelievable $1.5 trillion in excess profits since 2020—that’s in addition to their pre-pandemic profit rates.

That means the average American household has paid an eye-popping $12,000 in higher prices solely to pump up quarterly corporate profit margins. To put that figure into perspective, $12,000 could buy the average American household more than two years’ worth of groceries.

Read more here.