The economy is not nearly as bad as conservatives say it is, and some of the current inflation might be due to the torrid pace of job creation and subsequent competition for workers.
Nick, I really enjoy your cartoons and agree with your assessment that the economy is doing much better than people think. What I would add to your discussion of inflation here is the role of corporate profiteering.
Prices are undeniably rising across a variety of goods. But what we're not discussing is one of the biggest structural drivers: the concentration of the American economy into the hands of a few corporate giants with the power to raise prices. (I've written about this in my own newsletter as well.)
If the market were actually competitive, corporations would keep their prices as low as possible as they competed for customers. Even if some of their costs increased, they would do everything they could to avoid passing them on to consumers in the form of higher prices, for fear of losing business to competitors.
But that’s the opposite of what we’re seeing. Corporations are raising prices even as they rake in record profits. (Corporate profit margins hit record highs last year.)
Great to hear from you. Let me play devil's advocate for a moment. Yesterday, Target announced a steep drop in profits. They, and other retailers are seeing a squeeze due to rising costs and consumer resistance to price increases. Other retailers are reporting the same experience. It led to a steep selloff on Wall St. Even pandemic darling Amazon has seen a significant stock selloff this year. Corporate profits are apparently starting to feel the squeeze, but is this just in certain segments with less pricing power?
How about "Familyism"? We need a New Word for a sane, humane, practical, inclusive stakeholder economy. 'Socialism' is a word so toxic in Murica that it vaporizes all thought.
Yes. Round about these here parts, people sprinkle holy water &: whack you upside the head with a cross wrapped in a flag if they hear you say " Socialist ", " Socialism ", etc.
Nick, I really enjoy your cartoons and agree with your assessment that the economy is doing much better than people think. What I would add to your discussion of inflation here is the role of corporate profiteering.
Prices are undeniably rising across a variety of goods. But what we're not discussing is one of the biggest structural drivers: the concentration of the American economy into the hands of a few corporate giants with the power to raise prices. (I've written about this in my own newsletter as well.)
If the market were actually competitive, corporations would keep their prices as low as possible as they competed for customers. Even if some of their costs increased, they would do everything they could to avoid passing them on to consumers in the form of higher prices, for fear of losing business to competitors.
But that’s the opposite of what we’re seeing. Corporations are raising prices even as they rake in record profits. (Corporate profit margins hit record highs last year.)
In any case, keep up the great work!
Wow! I had no idea you were a subscriber. I am very honored. Thank you for your thoughtful comment!
Great to hear from you. Let me play devil's advocate for a moment. Yesterday, Target announced a steep drop in profits. They, and other retailers are seeing a squeeze due to rising costs and consumer resistance to price increases. Other retailers are reporting the same experience. It led to a steep selloff on Wall St. Even pandemic darling Amazon has seen a significant stock selloff this year. Corporate profits are apparently starting to feel the squeeze, but is this just in certain segments with less pricing power?
How about "Familyism"? We need a New Word for a sane, humane, practical, inclusive stakeholder economy. 'Socialism' is a word so toxic in Murica that it vaporizes all thought.
Yes. Round about these here parts, people sprinkle holy water &: whack you upside the head with a cross wrapped in a flag if they hear you say " Socialist ", " Socialism ", etc.
so many current problems are related to our non response to covid early on. thanks GOP
The GOP, the Party Of Nope..... The REAL domestic terrorists.
Valid point, Nick.
Conservatives seem to feed on fear, doubt, uncertainty. They're like Norm on Cheers or Barney Gumble from The Simpsons on steroids.
I really like your work!