‘Greedflation’ study finds many companies were lying to you about inflation
‘Greedflation’ study finds many companies were lying to you about inflation
Companies like Exxon Mobil, Shell, and Kraft Heinz enjoyed bumper profits as consumers struggled with historic inflation.
Everyone, stop staying "duh" to research outcomes. Research takes time to design, fund, run and analyze and it's purpose is to scientifically prove something we all "felt" a while ago.
Our feelings don't mean too much because they are often wrong, data backed fact means something. Start being happy about these validation posts and hold off on the pickachu face memes.
I didn't need a study to tell you that. In my industry the costs of all my goods are up roughly 30% since 2020, but my margins have gotten thinner at the same time so my revenue somehow managed to magically remain exactly the same. And it's no coincidence, I'm sure, that the manufacturers are the ones who determine the Minimum Advertising Price I'm supposed to be selling at.
If that 30% number sounds awfully familiar, you'll find it in the linked article. So, profits for megacorporations rose 30%, and my costs rose 30%, too. Gee, will you look at that. Those two numbers are the same. That's a fuckin' puzzler, isn't it?
So some asshole somewhere in that supply chain pyramid is making a lot of money off of this "inflation" excuse, and it sure as hell isn't me.
The beginnings of a list:
"The biggest perpetrators were energy companies like Shell, Exxon Mobil, and Chevron, which were able to enjoy massive profits last year"
If you can find any way to go electric, use petrol less, ride a bike, walk, use a train, avoid a plane, etc, go for it. Prolly the petrol corps won't notice your individual actions, but the carbon you'll keep out of the atmosphere might just help to keep our planet's ecosphere viable.The Study itself: INFLATION, PROFITS AND MARKET POWER TOWARDS A NEW RESEARCH AND POLICY AGENDA - https://www.ippr.org/files/2023-12/1701878131_inflation-profits-and-market-power-dec-23.pdf - Jeebus, 32 pages!
In a market that expects infinite growth in a finite reality, I can assure you that I'm not the least bit surprised that companies are using "inflation" as an excuse to gouge their customers for what increasingly little they have
You don't say
The Nordics I think figured out a solution to this,
You might be familiar with all the classic arguments decrying rent controls for causing supply shortages as people refuse to give up their RCd housing,
Well up in northern Europe they don't have rent control, they have rent hike control, basically you can only raise rent by a given percentage at most per year, in the US, we could tie that percentage cap to the percent change change in federal interest rates, pass some of that market rally back to the consumers since a rate drop leads to a mandatory profit margin drop to match.
No way
This is my surprised face.
:|
Not surprised. Black rock company is probably in the lead when it comes to that.
Bread and circuses only work when people can afford the bread and circuses. But capitalism demands growth at the cost of all else. The only way out of this mess is when it eats its own tail I imagine. Some say the inevitable collapse of society should be hastened for the greater good. Obviously that’s far too simple a statement, but I’m not well versed on it. Someone hit me with your 2 cents.
the $7 per gallon gas prices and my previous boss forcing me to drive 50 miles to work with a car that was going to give out any moment soon...
piece of shit humans
No shit.
I didn't need a study to tell me that. See, back in 'nam there were no studies, no lettuce, no cars. We did what we did and we knew what we knew.
Fun side note, I came to this post a day after it was posted and the upvote count was the same number as my social security number haha.
It's just business, they say.
No shit.
I’ve been told, once we get ranked choice voting, it will fix all this.
I am completely surprised that corporations would lie and cheat and steal to profit.
