The Fed’s Inflation Mistake Continues | Robert Reich
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- čas přidán 16. 06. 2024
- Repeat after me: Wages aren’t pushing up prices. Corporate profits are pushing up prices.
Instead of raising interest rates and slowing the economy toward a recession, Congress and Biden should be taking aim at corporate price gouging.
Watch more: Debunking 4 Myths About Inflation ►► • Debunking 4 Myths Abou...
The current system is completely unsustainable. The only reason it continues 'as if' is lending and debt. Lending for healthcare, for homes, for education, and plain old credit cards. trouble is, when the bottom falls out, the lenders get bailed out and consolidated, and everyone else loses their shirt.
I can't feel it. Most people that get rich do so during a depression or recession. I've lived trough 2 of them. This is what happened. They took everyone's 401K's money. That's how they pay for it. People with 401K's are handcuffed to a sinking ship. Everyone else jumps ship.
My greatest worry is how do we recover from all these economic and global troubles? Especially with the political power tussle going on
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Yep, its the ole' privatizing the profits and then socializing the losses, I don't care what any body says this is the worst form of crony capitalism. The oligarchs and their elite crony allies make their massive economic failure the responsibility of the general public. Then government is forced to take on more massive debt, servicing that debt keeps us from having nice things, like having good government policy and lower public debt. I don't care what your politics are, we have to recognize what they are doing, it is pure evil and a form of mass modern serfdom.
In the UK the govt said yesterday that they cannot raise NHS nurse wages to correspond with inflation. It is not necessarily the wages they are complaining about in their impending strike over there, but the horrible work conditions.
Over here I wonder about the railroad union wanting to shut down at a time when supply chains are just getting going.
The House Oversight Committee did a recent hearing about the real cause of inflation - price gouging - which is available online. Thank you Professor Reich!
I can't believe they're arguing over giving rail-workers paid sick leave. They are forcing these men to work longer hours for less pay to boost company profits.
They keep their worker numbers low to cut costs. The work these men do is dangerous and physically demanding.
Nurses here in America are facing staffing shortages as well. They are forced to work long hours despite the risk to patients and the toll on their health. In the UK they have been fighting in Parliament to privatize the health care system. We can see the results of Private Equity ownership here at home with higher medical costs to patients and lower wages to nurses and surgical assistants. How can higher prices and lower quality of care be better for the public! Greed is destroying this country and ravaging the world.
WE need the UBI dividends.. based on GDP.. we would not have all these wars with direct voting and with a jury system administration corruption would not happen .. Also a UBI based on 50% of stock dividends and the GDP which would be given to all adults would be about 4200/mo
...What do you think? this would have to happen in all countries and any leaders who want to go to war should be jailed? what do you think?
czcams.com/video/m25YLByFVRw/video.html
There aren't any supply chain issues. It's just a made up excuse for them to jack up prices so that they can recover lost revenue from the pandemic shut down
The two are linked. Wages are part of the budget and the overall budget is still too low.
A windfall profits tax would be very helpful. The current strategy is definitely hurting the poor and seniors. Thanks for your videos.
It hurts everyone that buys goods and services. Those groups are more impacted if they're low income. The majority of the crooked billionaires that don't pay their fair share are seniors. Just sayin'
Taxing doesn't help. It just means the government takes a cut.
@@Jmamelia The billionaires are largely seniors, yes. But my grandparents are struggling seniors and are far from being billionaires.
"Bolder Anti-trust enforcement?" How about "Any Anti-trust enforcement?"
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Right? I'd settle for ANY enforcement. Disney shouldn't be the sole supplier of entertainment. L'Oreal shouldn't be the only cosmetics brand. Tyson shouldn't be one of the only suppliers of meat.... and the list goes on and on.
This needs to be spread far and wide.
This video is quite lazy. Every time things like this happen, bad policy is always blamed on others as a scapegoat even though I am not a fan of corporations. I just wonder who here can actually read financial statements or understand the tax code before making comments like this. I mean, we literally had a baby formula shortage. No mention of supply chain issues, the war in Ukraine, or even the effects of labor shortages due to the pandemic.
I agree. A lot of the inflation is due to corporate greed because with so few competitors left in many markets it is easier for them to conspire to raise prices and price gouge consumers. Corporations have near monopoly pricing power in some markets.
Then why did they just all the sudden raise prices? If it’s so easy why did they start in the past 2 years?
The main cause of inflation is the government printing money. Trillions being spent.
Corporate profits raise because inflation rises. A dollar isn't worth a dollar anymore. If inflation is 8%, you make $108 dollars is only worth $100 due to inflation rate. But yet it's a record profit for you since last year you only made $100. The $108 is only worth the $100 you made a year ago.
Reich talks in absolutes, but profit is relative based on the value of the dollar.
@@lucasscroggins3542 because companies have gotten even more consolidated over time. Also because they learned that Americans, by and large, during the pandemic were able to increase their personal savings, and as a response they figured that if we have money to save, then we shouldn't be able to, and instead that money should be going into the pockets if the already absurdly wealthy.
Plus unlike other times, they were able to hide behind plausible deniability of the price gouging (which is actually illegal) by being able to blame supply chain disruptions, and later being able to blame inflation despite raising prices beyond the actual rate of inflation.
Dam crooks, preach on sir. All the best.
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You know all those old business signs on the walls at restaurants? There used to be SO MANY soda companies, gas companies, toy companies, phone companies, etc. Bust up monopolies and strengthen anti-trust laws to prevent them and other anti-competitive behavior. Save capitalism by bringing real competition back into the marketplace. Competition is what keeps prices in check.
Yes. The free market only works if firms have to compete for consumer dollars. The last 40 years have been the story of mergers and acquisitions so that they no longer have to compete. Market captured... population enslaved.
Do people actually believe that when inflations falls back down, corporation and companies will lower their inflated prices?
lumber futures back to earth, but my 2x4s are still 4x what they were before 2020. Story as old as time
Kroger CEO said he won't.
If inflation falls back down then that means they have because we don't get inflation without corporations raising their prices. But, I think we're all on the same page that we don't think that is going to happen anytime soon. Especially without proper regulation let alone enforcement.
I'm sure republicans believe that horse hockey. Since they believe in "trickle down" economics, which has proved to be total BS as well.
inflation doesn't "fall back down". There is more money in the money supply, that is there to stay, this is what causes inflation. MR. Reich has produced a propaganda piece to help his pal Joe biden, who gave everyone free money which saw the value of that money plummet....in spite of mr reich's great propaganda piece. Go check wikipedia on "inflation" read the second paragraph.
As Buffett said, ...we can keep raising prices and it's just accepted...ONLY because of the lack of competition within the US oligopoly of corporations. What choice do we have? Either pay the price or go without...healthy food, utilities, medicine, the list goes on and on. We need to throw a wrench into the greed machine!
A simple economics question: can you have a free market economy without competition?
In the 90s the average household had a total of 6 to 7 bills total. Fast forward and the average household has about 10 to 12 bills associated with the house alone. I currently have 5. It's not possible for everyone but take a look at your expenses. When I did.... it was clear to me that everyone was getting rich except me. Let's say my savings went over 6 figures in 3 years. Just because prices are up doesn't mean you have to buy it. Americans are spoiled and have no restraint and that's why this inflation will last a lot longer than previous ones. Credit card debt is up because people are still living like inflation is just a phase.
@@singloc3021 Absolutely not
Yeah, I've noticed that the things that went up the most are things like food that you can't do without. Food prices are ridiculous. It is total price gouging
Record Profits and they do not pay their fair share in taxes…..Enough is Enough, they can’t have it both ways!!! 🤬
Corporations have demonstrated that they can take 7-12 percent of my wages whenever they want. That’s what I’ve learned over the past 18 months.
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Do these corporation not understand the internet ?! We can see in real time their destructive greedy ways.
They just don't care. And why would they, it's not like Americans have a good track record of working together.
They don't care, and honestly they don't have to. They've seen time and time again how it doesn't matter if the public is upset or demands certain action. Congress never acts to give the people what they want, so they can get away with it. As a related example, just look at how wide a majority wants gun reform in light of the fact we have more than one mass shooting per day now in America, but it's been years and Congress only has the energy to offer thoughts and prayers while the rest of us are getting gunned down.
Sir,
I'm very glad that you are sharing this information with us. I only hope that everyone listens. It's obvious that some people either don't listen to you or they just have to follow the republican and some democratic agenda and help the rich get richer. Thanks for all that you do.
Yes! Some people have to follow some other agenda that does not empower the people against narcissists.
WE need the UBI dividends.. based on GDP.. we would not have all these wars with direct voting and with a jury system administration corruption would not happen .. Also a UBI based on 50% of stock dividends and the GDP which would be given to all adults would be about 4200/mo
...What do you think? this would have to happen in all countries and any leaders who want to go to war should be jailed? what do you think?
czcams.com/video/m25YLByFVRw/video.html
Only fools listen to and believe Robert Reich. Reich has no idea what he is talking about. This can easily be proven by pulling up a chart of the M1 and M2 money supply as well as the Fed's balance sheet. Inflation has nothing to do with corporate price gouging. That is for the uneducated to believe. Massive amounts of money was printed (M1 and M2 chart) during the pandemic. And I mean massive. Monetary printing devalues the purchasing power of currency. Its really simple enough for a 2 year old to understand. But a socialist will spin the big lie in hope to find fools to believe. Count yourself as one of the fools.
Yea so sad they can't just listen to experts who aren't funded by corporations
"The golden rule
The ones with the gold rule."
BB King.
Greed out of control.
Greed destroys everything.
It’s not a “mistake” it’s a strategy. The Fed wants unemployment rates to increase in order to keep labor costs down below inflation levels thereby increasing profit margins for all of their corporate masters
Absolutely correct.
The FED always protects the wealthy. Who really suffers because of inflation? It's the people with the most money because their dollars lose value.
We saw this with the Carter Administration with Paul Volcker, who kept raising interest rates and thereby wrecked the economy, which one of main reasons that open the door to the horrific reign of Reagan.
There's nothing new about this strategy. The FED has always been controlled by Wall Street and fat-cat oligarchs.
Thanks. I was about to say much the same thing only you've said it better!
If unemployment increases, doesn't this set us up for a recession?
not helped by the fact that dems have been too spimeless to give powell the boot
@@lifecloud2 It doesn't matter one bit what happens to workers, only the increase in profits to executives and shareholders matters in America
If wages are too high then why are we having trouble affording our daily needs? I don't buy my food, pay for housing, heat, phone, or electricity on credit. If I am struggling to pay out of pocket for necessities then the system is not working. And uh, just a thought. Some of us don't even have the option of using credit. There is a broad line between making it and being homeless and many hard working tax paying Americans live on that line, which is above the line of public assistance. What a great deal!
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It's not the wage of the average American that is too high, it is the wages of the CEO. I once worked for a Fortune 100 company that froze all wages, travel and training for 2 years while giving the CEO $2 million dollar bonuses.
They should tax the excess profits!
Tax the gougers!
Joe has threatened them with it....needs to do it if possible.
I love the glimpse of Bezos' dorky laughing at a party! Brings your point right home for me.
Corporate greed is driving inflation.
Yes! By George, (Gerard) you have got it. This is narcissism.
If Jeff bezos can go to space with billions of dollars then he can afford living wages, better working conditions and other benefits for his workers on Amazon
No you don't get it.... drivers have to defecate in bags because he like REALLY wants to go to Mars.
@@anthonydelfino6171 yeah sure. In my view going to mars could wait when he has more important business here on Earth
You know, something I've been wondering for a long time is this: If wages remain stagnant, like they are now, and corporations keep raising prices, then... What happens when nobody is able to afford your product anymore? What will the point of a job be when it can no longer give you enough money to meet your daily needs, even with your best efforts to save money as much as possible? (Since... Isn't that the point of a job in the first place? To give you enough money to survive?)
There will be a point where something will have to give. Raising prices without raising wages is just an economic collapse waiting to happen. WHEN it will happen, I don't know. But if this keeps up, it WILL happen eventually.
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Businesses that make goods/services for the middle class will simply die out. All that will remain are businesses that make luxury goods. There will be serfs who barely survive by a hand-to-mouth lifestyle. And there will be a new noble class that entertains itself by competing over who can oppress their serfs most efficiently. It's happening slowly, but we're already halfway there. Feudalism is back.
Look at the current railroad strike! The railroad industry has been losing workers year after year. Yet, their profits have increased over those years. Less workers and those that do remain, are worked to the bone. Why would any company want to hire more people when they can make the people they do have work more for the same pay?
I completely agree with your hammer in search of a nail analogy with the Fed raising interest rates. It is a blunt instrument and a poor choice for dealing with a supply side issue of both goods and labor. But your idea of price controls has been tried and failed in the past. All this does in a supply constrained environment is lead to shortages.
Anticipating that the plumber will fix the electrical problem in our house, we are surprised that the car won't start.
I love the nail on the head analogy. I will use it for understanding this and other things. It kind of makes me giggle too!
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With what money ,my rolled change?
No president or member of Congress is EVER going to do anything about corporate greed. Lobbyism will be the undoing of America. We are in a downward slide and I doubt we ever pull out.
I agree that nothing will get better so long as we continue two party rule. We need 3rd parties in America, only way we have a chance.
@@dag_of_the_west5416 or no parties, unlimited parties, split tickets…anything else at this point. I’d like a star where whoever gets the most votes is president and the second most votes is vice president. We should get more than 2 choices to chooses from.
If you go to Google you can pull up some figures that are quite astonishing! In the span of 50 years (1970 to 2020) If you look at the average salary roughly $8,000 then compare it with today $32,000 that is a four fold increase. That may seem impressive but if you take the price of a car in 1970 at $3,900 and compare that with 2020 where the average price goes to $35,000 that my friend is a nine to ten fold increase over that 50 year period. And a home purchase in 1970 could set you back $17,000 to $24,000 but today that same home is north of $350,000 that is a 15 to 20 fold increase There is no way we can continue this type of imbalance, it is no wonder kids are living with mom and dad.
This man tells facts.
Corporate greed
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@@Zach-ju5vi Same drivel from this channels resident corporate bootlicking troll..
Getting the upper 1% to step in and help with this economic issue is a lot more difficult than it might sound. This upper crust holds too much power and influence to allow profit taxes, etc. And it's my opinion that they are not averse to spreading misinformation and using dirty tricks to keep their place in this country regardless of who suffers.
Raise taxes on the rich!!
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Eat the rich. Lord knows they've priced us out of enough food products at this point, and man's gotta eat....
Don't forget those on fixed incomes, those who are not yet able or at the best time to draw Social Security, those upper middleaged people 50 to 65 year olds that are not first in line or even 2nd for good jobs, the disabled, etc. Our society seems even now to relegate anyone not in their 20s to early 40s as invisible and irrelevant. Price controls should not be temporary, but rather permanent. Corporations have shown that they are too greedy to be trusted.
Robert, I wish you would have ran for president. I've seen no one so knowledgeable and articulate. You would have won hands down.
After trump and biden what makes you think people will vote for a knowledgeable and articulate person??
@@johnnymac6178 You think Trump, Biden are knowledgeable and articulate?
@@peace4world not even a little bit but they both got elected president…which was literally my point?! People aren’t voting for knowledge and articulate candidates. Look at marjorie taylor greene, hershel walker, & lauren bobert. Don’t get me started on the senior citizens: Pelosi, McConnell, etc. The cream does not rise to the top in Congress.
@@Zach-ju5vi it isn’t. Multiple times America has spent our way out of economic trouble. Spending is not the issue…adding more and more debt as a result of horrible financial management is! And it’s Congress to blame. Same people been in there for decades while the debt kept growing!
@@johnnymac6178 You are right to an extent. Top political success requires one main thing: Reaching the people and convincing them -- whether that's through gobs of $, through political networks or via content that has the potential to become viral without $. Trump/Biden had the former two, whereas Prof Reich has the most important -- the latter one (in addition to a lot of the 2nd one).
Controlling inflation by stifling demand= starving poor people to death/freezing to death cos they can't afford their energy bills (+ the mortgage hikes)
I so hope they are listening to you !
98% of this populations eligible voters; the current, future, and retired labor of America should consider a national labor strike untill DC acts on those issues in kind as presented in this video. Promises don't count, only conciliatory legislation passed does.
The lower middle class and poor better get off their rear ends and start voting, it is the only chance they might have a little bit of change.
As to the Fed: See Karen Petrou's book " Engine of Inequality". It's all spelled out there. What she is writing there and Prof. Reich is explaining here is convincing, but doesn't reach average Americans, unfortunately, because these pay too little attention.
Actually, it's even worse!
The percentage of people leaving highschool incapable of property reading and writing their mother language, is appalling.
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Amen Robert Reich!
It is because the Fed is in the pocket of big business, a revolving door between big business and big government.
It is everywhere, this truth! Record profits in almost every industry! It is really unbelievable how non of the media are covering this. This needs to be shouted out from the rooftops around the world.
Thank you Robert. You always make it make sense 😊
I have been in the commercial food equipment business for 40 years . I have never seen so many price increases and most with short notice . There are long lead times and parts shortages . They are starting to resolve . And the freight prices are up in both domestic and import container costs . The container costs have tripled . They are slowly returning . At one point a supplier who imports equipment put a 22% surcharge on all prices . Again , that is being dialed back , but not totally . And the schools demand prices be held for one year ! How ?
Wonderfully clear explanation! Thank you as always!
Effectively stated facts. Thanks! An inspiration to contribute to Inequality Media.
YES, BOB! Narcissism. Where is our attack for that? Voter participation can't seem to get past that. We need to address that as a systemic problem in society as a whole.
Excellent presentation, as usual! Thank you!
I believe that there should be a flat amount that a company can take from any profit earning location or local store front. I call it the "Stakeholder Equality Rate", and it would limit the net gains an owner, franchise, and/or corporation can take to no more than what the operating costs are, lest be 100% taxed for any over that amount. This would fix the market, this would boon low and lower middle classes, it would increase tax income to fight the national debt, and it would do it all with 0% inflation (at least none until the market PROPERLY balances).
Robert, you are presenting a world-changing way of viewing the economy.
Do us a favor, please, and come out of "retirement".
America needs your expertise again in her executive branch.
He thinks he can do more with Education of US. That puts the onus on US!
@Kitty Kat
Exactly.
That's my point.
Today, the people who pay attention to what Robert has been saying already understand it.
The people who can affect America's economy in real time today are apparently bought and paid for..... we need Robert to have a legit platform in our executive branch.
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@@Zach-ju5vi The only thing stupid is your sedative out of control tripe, Ambien Zach..
@@Zach-ju5vi
OK.
I'm listening.
What are your plans?
My son is upper middle class and they are laying people off where he works so I can't imagine what lower class working people are going through.
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Thank you Sir!
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I’ve noticed that with gas prices. They’re coming down in my area, but the bigger companies, like Union Oil and Chevron are charging almost $1 more per gallon for the same (grade) gas. It’s insane!!!
Well said!
The professor always tells it like it is. It is always a narrative based on sound evidence.
Yes!.... And also based on intuitive WISDOM of a genuine person who has seen a lot about how selfish people operate where they insure there is not enough for the rest of us to even THINK about solutions right for US. We are just too hungry or tired to stand up for our own interests in mere fairness.
I’m already feeling the grunt of my first recession as an adult of 24 years old and it is not good. I was let go last week and now idk what to do 😅
Apply for unemployment benefits to tide you over until you find more work, and apply apply apply for jobs!
Apply for ALL the help available to you 🙏
yes, well the Elon Musks and other billionaires are helping to push up that jobs loss number. Anything, so they don't have to pay their fair share of taxes or ANY taxes for that matter.
nice video robert! would love to see a more in depth video about the solutions you proposed!
Absolutely. That is power to see what is wrong and look for the solution.
@@Zach-ju5vi Triggered by your Reich derangement huh Ambien Zach..
@@Zach-ju5vi As usual you continue to spew the same corporate bootlicker nonsense everyone is laughing at..
@@Zach-ju5vi Your Reich derangement compulsion is out out of control as always. Seek help you poor sick little boy.
@@Zach-ju5vi Hey dummy! Still spreading lies and disinformation I see. How's that working out for you dolt?
Thank you
2:23 I was just at the Arby's today.
Reich keeps us all informed and sane. Luv this guy!
Excellent information. The middle class has disappeared. Big business has killed the economy.
Excellent and fabulous.
So grateful
Thank you Robert Reich for your excellent and clear explanations.
Thanks for telling the TRUTH ‼️
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You know? I was thinking the same thing the other day when Randi Rhodes mentioned it on her show. After big oil companies and corporations lost a lot of money during the pandemic how else were they going to make their money back? Seems kinda fishy you know? Thank you double R for always thinking about the working middle class average Joes of this world.
Why do we let them get away with this?!
Good video. If you could send this to the prez and every rep and senator that would help. Also get it out there where more people will see it. You should also run for prez.
RR, thank you for telling us the truth. Keep up the good work, sir.
Well done as always Professor Reich.
@@Zach-ju5vi More unoriginal drivel you are famous for that everyone laughs at..
As a restaurant owner, our costs are through the roof still. We haven’t made a profit in the last 4 years now. We are just paying bills.
Great, you are making it easy....
Can't get anymore truer than that!
Price controls have always led to shortages.
You’re too smart for Reich.
In January 2008, the Prime rate was 6.5%. The Federal Reserve didn't drop the Prime Rate to 5%, 4%, 3%....
It dropped it to 0%... and kept it there
until recently. That made the disaster you see unfolding now inevitable.
Respectfully, I disagree, Professor Reich
They never seem concerned with the CEO pay spiraling out of control. How can they justify the person that does the _least_ amount of work at a corporation making over 900% more than the rest of the employees who are the _actual_ creators of the massive profits. When they are looking at their accounting for the next quarter and absolutely-have-to-no-matter-what increase their profits, for the same amount of money, on one hand they look at 5000 people they employ and say; "They're expendable, right?", and the other hand they have the individual CEO; guess which one gets the ax 100% of the time.
"They" well know it & "they" could not care less.....so sad. Thank you for educating us😘
YOU’RE ABSOLUTELY FABULOUS 👍🏼🍂🌷
I've always thought there had to have been some limit on how much profit a company can make. Economists seem to simplify and assume too much natural forces playing out, but its a big world of ads, public misinformation, the fargone extent of lobbying and laws have made it so that things are already stacked and the strain seems to always be burdened upon the voiceless uninformed because we all aren't taught nor easily educated on the massive forces at play setting what reminds of indentured servitude, and understanding all this takes steady time and learning. Thank you Robert Reich for making these videos
TRUTH!!
Quantitative easing explain that.
The CEOs have even come out and said they’re raising prices to take advantage of inflation.
K street and lobbyists gotta go, that's where 'unemployment' should skyrocket.
Supply and demand, in a free market these equal out over time, this video suggest short term price controls, I fail to see how that increases supply
Reich recommend price controls. Price controls have always led to shortages. Shortages lead to inflation. If it’s possible, we should look at ways to increase productivity. More products on the market will,bring prices down.
Wrong, we need to raise taxes to beat down inflation. We actually need to return to pre Reagan tax levels. I know people love to say that a 90% tax rate is insane, but no one would actually pay that because before it got to that progressively high amount, the corporation would either lower the price of the good or raise the wages of their workers.
Can u explain a potential future déflation Will IT effect social benifit
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Jerome Powell declared war on the wage slaves. Higher Unemployment means wage suppression. Better wages Cuts in to...corporate profits! Greed grabbing grifters gobbling all the greed they can get. The Cruelty Is The Point. Bob.
I agree 💯
Profits over time raise prices more than wages.
1:25 *YUP!*
Robert Reich is one of the sharpest minds there is and speaks the unabashed truth.
Print money bad high interest bad can’t win with this guy
Some of us have our savings in CDs. I will not complain about a slight, very minor, rise in interest rates. They should be at least a point higher.
Price gouging corporations own Congress by lobbyists
You're right about the cause of inflation. As corporations soak up more of the money, there's less for other people, so prices compared to income are higher... But your solutions... Don't really address that cause.
You have to address those large corporate profits sapping wealth from the people. Price controls, anti trust, windfall profit taxes... None of these address that, as businesses will just use other methods to move the burden to workers or consumers. You have to move power from corporate owners and stockholders (focused on money) to a democratic system by the workforce (focused on people).
Exactly