💲 You Are Being Lied To About Inflation: Robert Reich, Monopolization of America

[appalachiablue]

Last edited Mon Sep 25, 2023, 10:45 PM - Edit history (4)

- (Video description). The underlying problem is not inflation. It's corporate power. The entire American economy is concentrated into the hands of a few greedy, corporate giants with the power to raise prices.*More "The Monopolization of America" (Below).
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- Select Comments, YouTube:

.. Monopolistic behavior also reduces workforce competition, and there is lessening incentive for corporations to provide reasonable pay and benefits to their employees.

I noticed this trend in the 80s when small businesses were going bust to large companies like Walmart and such.

.. Lack of competition is a big factor in [raising prices] also.

I believe the one thing that corporations fear more than anything else in this area is organized labor. I work as a trucker in a Teamsters Union shop and it is so sickening for me to hear about the abuse of non- union Teamsters.

.. When people say raising the minimum wage leads to inflation, I point out prices keep rising without raising it. Failure to actually bring corporate power to heel is the real problem.

I am reminded of a quote of Abe Lincoln's speech to the Illinois Legislature Jan. 11, 1837 "...These corporations generally act harmoniously and in concert to fleece the people,..."
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- Labor Unions in the United States - Labor unions represent United States workers in many industries recognized under US labor law since the 1935 enactment of the National Labor Relations Act. Their activity today centers on collective bargaining over wages, benefits, and working conditions for their membership, and on representing their members in disputes with management over violations of contract provisions...https://en.m.wikipedia.org/wiki/Labor_unions_in_the_United_States

- WATCH More, "The Monopolization of America."

- Monopolies and Trusts - By the late 19th century, big businesses and giant corporations had taken over the American economy. Consumers were forced to pay high prices for things they needed on a regular basis, and it became clear that reform of regulations in industry was required. The loudest outcry was against trusts and monopolies.
Trusts are the organization of several businesses in the same industry and by joining forces, the trust controls production and distribution of a product or service, thereby limiting competition. Monopolies are businesses that have total control over a sector of the economy, including prices...https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/monopolies-and-trusts

[delisen]

1. One of Reich's best

So clear.

[sprinkleeninow]

2. Preach it! eom

[Uncle Joe]

3. Kicked and recommended.

Thanks for the thread appalachiablue.

[appalachiablue]

7. YW. Reich, economist and labor secy. For Clinton is one excellent communicator.

[2naSalit]

4. K&R...

And bookmarked cause I'm going to watch it more than once, with friends.

[appalachiablue]

8. Terrific, sounds good and spread the word!

[Aviation Pro]

5. Billionaires and corporations treat us like prey animals

I wonder what would happen if all of a sudden a light switch turned on and the cult suddenly understood that it's the former that have fucked the latter?

I also wonder what would happen to all those 2A rights?

[BOSSHOG]

6. If a conservative says it, it is a lie

Easy rule to apply to political discourse. Because conservatives don’t give a fuck about the United States of America. PERIOD.

[IronLionZion]

9. It's good to see blame placed on corporate collusion and consolidation

a seriously racist idiot online told me that "nobody wants to work anymore" because "foreigners keep stealing low wage jobs" so that all that's left are high wage jobs which raise prices for everything. That idiot argued that prices would be lower if Americans took low wage jobs back from the foreigners. I didn't know what to say to that.

But even here on DU, DUers talk about "cheap labor express" as if that isn't another corporate excuse to screw workers.

[barbaraann]

10. "Industry consolidation leads to higher food prices..."

https://www.cbsnews.com/pittsburgh/news/industry-consolidation-leads-to-higher-food-prices/

Industry consolidation leads to higher food prices, requiring sharp strategies by consumers
pittsburgh BY JON DELANO
JUNE 5, 2023 / 6:19 PM / CBS PITTSBURGH

PITTSBURGH (KDKA)
...
Although the world price of grains like wheat, barley, and oats are dropping, food experts say it takes months to see that at the grocery store — in part, that's because both food manufacturers and grocery stores have hiked prices to make record profits.

"We're seeing higher profits for the major, particularly, for the food retailers and food processors," University of Guelph Professor Simon Somogyi said. "We have seen consolidation in the food sector quite dramatically over the last decades where there are fewer and fewer suppliers."

Fewer meat processors and food manufacturers mean higher prices, and, at the same time, we're seeing fewer grocery store chains, too.

"In the grocery space, we see a lot of consolidation," said Thomas Gremillion of the Consumer Federation of America. "We see more than 60 percent of America's grocery sales concentrated in just five companies."

[2naSalit]

11. K&R