A few weeks ago, Popular Information revealed how powerful corporations are driving inflation. Companies like Procter & Gamble and PepsiCo are not simply increasing prices to cover higher input costs. Instead, they are using the narrative of inflation to increase their profits.
Since then, even stronger evidence has emerged. Bloomberg reports that, in the past two quarters, "U.S. corporations outside of the finance industry posted their fattest [profit] margins since 1950."
To further shine a spotlight on this issue, I worked with my friends at More Perfect Union to produce a video detailing exactly what is going on. The video, which I narrate, is based on SEC filings, corporate earnings calls, and corporate financial reports.
That was a great video. Very clear. Thank You.
The rich will use any excuse to deny economic justice to the poor.
In reality, the cost of food has been dropping for decades https://www.npr.org/sections/thesalt/2015/03/02/389578089/your-grandparents-spent-more-of-their-money-on-food-than-you-do
But sadly, that hasn't made food more affordable for low income people.
Why?
Because of housing costs.
Thanks to rice, pasta, potatoes, carrots, orange juice, and Kraft mac & cheese, I was able to feed my child as a low income single mom (as long as I shopped at Walmart rather than Whole Foods).
Most of my income, like most working class people, went to rent, with very little left for anything else.
So, why do we give homeowners a tax break on the sale of their homes?
Why does a single person pay NO capital gains tax on the first $250,000 profit on the sale of their home, while married people pay no tax on the first $500,000 profit on the sale of their home?
That seems pretty sleazy to people who will never be able to afford a home. And it incentivizes people to treat housing as an investment (which drives up prices) rather than as a place to live.
Corporate CEO's are horrible. But so are MOST Americans earning a 6 figure income or above.
Even "liberal" people of the upper middle class are oblivious to the ways in which they stomp all over the poor and working class. They tend to assume they are more intelligent than low income people, and so they talk about them rather than listening to them.
It's a real problem, and it costs us a lot of votes that we should be able to win.
Thank you for this! I have shared the video. I'm going to buy local as much as possible, because I would rather my neighbors get my dollars than a CEO who doesn't even pay taxes.