You Are Being Lied to About Inflation | Robert Reich

[@MaximilianFischer497]

With Market tumbling, Inflation Soaring, Is the stock market actually getting better or could this be the regular new market manipulation to entice new investors? I'm currently sitting on $500k inheritance and just wondering what better assets than stocks to invest in right now

[@MarshalWagner457]

You need a certified financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but am comfortable in my financial environment

[@RowanBryson]

A lot of folks downplay the role of advisors until being burned by their own emotions. Early last year after my lengthy divorce I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@TicheDebb0]

Impressive gains! how can I get your advisor please, if you don’t mind me asking? I could really use a help as of now

[@RowanBryson]

“Diana Casteel Lynch” maintains an online presence that can be easily found through a simple search of her name on the internet.

[@EvelynBrooks0]

I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@Passionate_Potato]

I've stopped consuming anything unnecessary and realized I don't dream of labor. The greed and corruption in this country is depressing. I'm going to just keep playing my guitar and reading my library books.

[@bthemedia]

I’ve stopped consuming this Robert Reich nonsense on inflation. He just continuously reinforces proof of his ignorance on the topic. 🙄

[@Cyrus992]

Reich is misleading you. Expanding the money supply has a lot to do with it and worse of all this scum supported the programs.

[@karlhoweth9365]

@@Cyrus992 way to defend the corporate gougers. Hope you at least are being paid well for it.

[@frankd.506]

@@karlhoweth9365 They're here every day to absorb what they don't believe to be correct 🤦‍♂️ but they'll tell you they're not trolling.

[@ernststravoblofeld]

@@Cyrus992 If the money supply had any bearing on this, they would have raised interest rates sky high to contract the supply. It really is just corporate profit taking.

[@PatchTM983]

I've been saying this for years. It's the same thing that happened during the last recession. The dollar "stabilized" yet prices never rolled back and corporations continued to rake in profits. But every time I would try to tell people they would look at me with blank stares or ignore it. It's infuriating to watch this happen again.

[@RobCummings]

Unfortunately, that's how inflation works: Prices go up on select goods or commodities, then the price of everything else comes up normalize the new costs. In this economy, prices almost never go down. In fact, according to the Minneapolis Federal Reserve Bank, since 1913 there have only been two years of double-digit deflation -- 1921 and 1932.

[@kendenning6517]

That's because they can't differentiate between politics and reality. Reality being their pocket books & politics being, well it's just plain old BS. What's funny is when you tell um that inflation effects democrats also, they'll tell U democrats love paying higher prices. Go figure.

[@L0kias1]

@@RobCummings nah bruh , no no no. Let’s take the price of oil for example , it’s a global commodity, why isn’t the price the same from state to state , station to station. Now your first guess is fed and state taxes and you’d be right but in some cases it’s 1.5 more , that is pure greed by the gas station. And why ? Does it cost them more to watch you pump your own gas ? Nooooooo but yet they rise prices by 2 bucks on you. Same thing for milk , eggs , bread tell me what inflationary effects caused those prices to rise ? It’s just greed man. Stop letting these economists lie to you. Sure some goods and services have to increase , but not everything, especially things that come from the internet

[@MrMarinus18]

Also when the economic crisis hit the US economy fared better than the EU because the American government was willing to print money to bring the dollar down and get the economy back up again. The EU decided against that and went for austerity and the results are clear that the US recovered much faster.

[@8088I]

Wow! Incredible!. Formidable[Fr]! In the meantime, our Global Billionaires increased their Wealth, only, ~30% p.a. - on average -- over the last 10 years.

[@RonaPatton]

Inflation is gradually going to become part of us and due to that fact, any money you keep in cash or a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

[@Andrew-o9k6h]

Absolutely! You’re spot on, wealth goes beyond the traditional 9 to 5. Billionaires approach investing in unique ways. Smart investing outperforms mere saving; it not only enhances your wealth but also secures your financial future. How do you invest?

[@RonaPatton]

@@Andrew-o9k6h Many people underestimate the importance of having a good advisor, often only realizing their value after being caught up in their own emotions. A couple of summers ago, following my lengthy divorce, I found myself in need of a solid boost to keep my business afloat. That's when I decided to seek out licensed advisors and discovered one with exceptional qualifications. Thanks to her guidance, I’ve seen my reserves grow from $275k to $850k, despite the challenges of inflation.

[@RonaPatton]

Rebecca Lynne Buie is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.

[@Arohan71]

I've said something like this for years . 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.

[@ShadowOfTheVoid]

To add to this, we have a well-documented history of past increases to the MW and what effects, if any, they have on prices, employment, etc. Turns out, none of those increases, even the larger ones had any real negative impact on anything. The MW was increased to $1.60/hour in Feb. 1968, the equivalent of about $13.15 in today's dollars and a 28% increase from where it was in 1966, yet there doesn't appear to have been any significant changes in prices at places where people making the minimum were most likely to work (e.g., McDonald's).

[@lllSavitarlll]

Spot on, Aaron. In a market with perfect competition, min wage would cause issues such as inflation. However, we know it does not cause such issues in practice. Your thinking is shared in the current explanation by mainstream economist for why that is. The explanation is that because job markets are not remotely close to perfect competition and are closer to monopsony models (inverse of monopoly, so in this case a concentrated number of people buying labor), wages get suppressed and therefore min wage doesn’t cause issues with inflation because wages are already lower than market equilibrium.

[@gorkyd7912]

​@@ShadowOfTheVoid The issue is this: either the min wage increase is too small to make a difference in actual buying power of people or it is large enough to cause price/inflation spiral. This is a pervasive problem when you try to use government regulation, which is by nature a drag on the economy, to "correct" the economy. Look at the average American's wage growth on a price-adjusted scale. In other words, their real buying power. You'll find their buying power stagnated in the early 70s and did not return to 60s levels until around 2019. So regardless if the minimum wage caused the inflation (it wasn't the sole cause), the inflation made America's buying power go DOWN regardless any of the wage increases.

[@someguy2135]

Price gauging? One more reason to boycott meat. Here are some more. The benefits of switching to a purely plant based diet are amazing. 1-Your own health (vegans are less likely to get several deadly chronic diseases) 2-Helping to end animal agriculture would reduce the chance of another pandemic & other zoonotic diseases 3-Helping to end animal ag would reduce the chance of the development of an antibiotic resistant pathogen. 4-Animal ag wastes a huge amount of fresh water 5-Animal ag is a major cause of water pollution 6-Animal ag is a major cause of deforestation 7-Animal ag increases PTSD and spousal abuse in the people who work in slaughterhouses 8-Animal ag is a major cause of the loss of habitat and biodiversity 9-Animal welfare, obviously 10- It is the single most effective way for each of us to fight climate change and environmental degradation. 11- Longer lifespan. 12- Healthier weight (vegans were the only dietary group in the Adventist Studies that had an average BMI in the recommended range.) 13- Ending animal ag would reduce food poisoning from salmonella and e-coli Links for some of these are at my channel under "About." Here is a link to that part of the video. kzbin.info/www/bejne/kJqXfIB5htqEj6c

[@5353Jumper]

@@Zach-ju5vi for most products the portion of price that pays for front line employees wages will is a tiny percent. So doubling front line workers wages will only increase the cost/price pressure by a tiny percent. It is slightly more for a service based business with low wage front line workers, but still not really a big issue. And wage expense going up has an opposing effect, as it also increases demand which then also increased supply chain efficiency, which lowers the cost per item sold in the long run. Short term supply balancing removed from the equation, long term greater demand usually decreases the price of there is a healthy market not full of oligopoly enterprises. But there is an unhealthy market full of oligopoly enterprises so they just use any excuse to raise prices and never lower them again. And lately they have been using the excuse of cut production due to low demand (because no one can afford anything) so any small increase in demand jumps the price through the roof and they make more profits with less work.

[@diane.moore-]

We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

[@mikegarvey17]

Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.

[@ThomasChai05]

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst

[@mariaguerrero08]

@@ThomasChai05Could you possibly recommend a CFA you've consulted with?

[@ThomasChai05]

My CFA ’Izella Annette Anderson’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@Grace.milburn]

Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.

[@44jimcordell31]

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 Teamster Union shop and it is so sickening for me to hear about the abuse of non-union Truckers.

[@pepperVenge]

I work for a union too, but we're custodians and maintenance workers for a school district (I myself am a custodian). We get full benefits, paid sick, personal and vacation, and we get the same retirement as the teachers. Not to mention we got 2 raises last year, and we're set for a $3 per hour increase this year just to increase starting pay from $15 an hour to $18 just to make us more competitive. A few years ago, I quit to work for a nearby school district, and like you, I was sickened to see how custodians were treated there.. I couldn't run back to my old job fast enough..

[@44jimcordell31]

@@pepperVenge I know the union gets me better pay and better benefits and job security but I think the thing that makes the most difference to me is that I get respect. It is an ugly thing to be working under a manager that is insulting or is passive aggressive or doesn't make clear what he wants. I know that in a union I will have respect. At least that is always been my experience.

[@pepperVenge]

@@44jimcordell31 Yep, I agree with that. I've seen that myself.

[@patshelby9285]

Just keep in the forefront of your mind the knowledge that the wealthy form the strongest of all unions, especially when it comes to opposing unity of any other group.

[@gorkyd7912]

What they should fear is independents. I don't want a rubber-stamped Swift driver fresh out of high school carrying anything, union or not. When they mess up they'll just go work somewhere else. I want someone who owns their own truck and takes personal responsibility for everything. In trucking there are even independent logistics managers, so if you need many many haulers instead of calling 20 different independent truckers you call one independent manager who manages 20 independent truckers. Everyone owns their own business, no more making $200,000 for the company while earning $50k for yourself.

[@DeborahMunsaka]

The US economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[@MemoryKasu]

Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?

[@Agatha.wayne0]

Although the economy has so far held up, the SVB scenario serves as a warning that Fed rate hikes are still having an impact. At times like this, investors must be vigilant about the next inevitability. You don't have to act on every forecast, therefore I'll advise you to hire a financial counselor. This has been my fallback position for a while.

[@RicardaWindsheimer]

Please can you leave the info of your investment analyst here? I need such luck

[@Agatha.wayne0]

Her name is Stacy Lynn Staples ” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@Dave_East]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same. Is there any chance you could recommend who you work with?

[@Az-dc4nu]

Thank You I've been saying this for months. These companies are gouging people. Remember when they were pushing there's not enough truck drivers? It turned out to be a lie.

[@hellstromcarbunkle8857]

Of course it was a lie. Like the "Code camps" to cut the cost of programming, or the H1-B liars. Adam Smith acknowledged the tension between master and slave (called owners and tradesmen, same thing).

[@leelydston1225]

The reality is that these corporations have a set profit goal. Say it's 5% of Sales. When they raise prices, they still grab their 5% regardless of how expensive the product might be. 5% of 1.00 per gal gasoline is a profit of .05 cents. Raise the price to $5.00 per gallon and the profit, still at 5% raises to .25 cents. Remember back in 2004 when oil was $120 per barrel and gasoline rose to a little under $4.00 a gallon? Today oil is cheaper that $120 a barrel yet gas prices are over $5.00 a gallon. What happened?? Standardized profiteering.

[@hellstromcarbunkle8857]

@@leelydston1225 The reality is the corporations constantly raise their markup in search of higher ROI for each level of investor. When 5% is competing with 6%, everyone is at 6%

[@h.hickenanaduk8622]

Who said there weren't enough truckers? The MSM, that's who. From FOX to MSNBC, it's all just different flavors of the same bull feces coffee.

[@namratagandhi3381]

Thanks.. World needs more people like u

[@dannmarceau]

There's a reason why corporations have been broken up in the past.

[@jerrellbevers6071]

Yeah like AT&T.... Russia trying to pull a full AT&T....broken up but trying to reform without anyone noticing.

[@Cyrus992]

Reich is misleading you. Expanding the money supply has a lot to do with it and worse of all this scum supported the programs.

[@sfquigle]

@@Cyrus992 - your statement is 100% a lie that no one (save you, apparently) believes.

[@kitsiewr]

Yes, because it led to the Great Depression.

[@Cyrus992]

@@sfquigle Too bad you don’t explain clearly. I’m not fully disagreeing with him

[@johnatyoutube]

I am SO glad that you're calling this out. There's one thing you didn't point out. Monopolistic behavior also reduces workforce competition, and there is lessoning incentive for corporations to provide reasonable pay and benefits to their employees. I wish that people would pay attention to what's happening behind the curtain instead of the prestidigitation that's being put on stage.

[@user-ze3sg6ix1u]

I wish you would understand that inflation stabilization does not mean DEFLATION. Stabilizing just means our dollar is losing value at a consistent rate, not that it's INCREASING in value. You need to stop listening to leftist people talking about economics

[@user-ze3sg6ix1u]

​@OdinsSageHe's wrong, read the other comment I made in this thread

[@CorporationSKY]

Black Rock

[@Joe-pc3hs]

The guys a lawyer, not an economist.

[@MyName-cw4yr]

The only thing that can create inflation on the scale we've seen lately is government spending.... while corporate greed my drive it oh so slightly, it doesn't create it.

[@ShukriVikas]

Big government spending on sweetners and unicorns = higher taxes = higher inflation = government subsides to quell inflation, The rising interest rate can surely control inflation, but won't prevent erosion of the eroding purchasing power of the US dollar. I have learnt my lesson this time. The banks can't be making money off my money, while inflation eats into it. I have set aside 650k to invest in the stock market now, since that keeps up with inflation, but I don't know how to get started.

[@RomeoSfait]

Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.

[@LancEthan]

Keeping money in the bank is like paying banks and the Govemment. Here's how it works: The bank gives out your money as loan, and charge interest obviously higher than inflation rate, and then give you, the depositor, interest lower than inflation rate. That means net loss for you. That is why I prefer to invest, and on average, my advisor makes returns that always beats inflation!

[@catherinerea3569]

To be honest, I've been wary of banks for a while, but I wasn't sure how to speak with an advisor first. Please let me know who your adviser is if it's okay; I need some recommendations.

[@SheilaAnnerego]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@MrclMcx]

Robert Reich's bots

[@PremierAutoMan86]

These corporations need to be broken up, or make it much more difficult to buy smaller competitors otherwise there's no way out of this.

[@Cyrus992]

Reich is misleading you. Expanding the money supply has a lot to do with it and worse of all this scum supported the programs.

[@thegeneralist7527]

Just stop buying all the stuff you don't need.

[@frankd.506]

@@Cyrus992 The record is skipping

[@joseafalvel]

keep crying or you can stop believing all the non sense that this old man says, clearly he does not know about economics but his speech is very seductive to people who wants simple answers for complex problems and even more simplier solutions to their frustrated lifes or you do really want to think this guy does not take advantage for sharing his "wisdom"

[@améliehester6996]

@@joseafalvel Run along, boi, we are here to bring to power a sociaIist government. No dissent welcome

[@belladonna8425]

They need to break these companies up. There has to be real competition for an economy structured like this to work the way it needs to. Cap the CEO pay at a 150x what their lowest paid worker makes too. Actually screw it. Throw them all in prison for the financial crimes they all commit daily, and spend the money to make life better for people who actually *work.* You know, those essential jobs that the upper class people belittle as *non-skilled labor,* yet the country would collapse without.

[@Cyrus992]

Why not 50x? Why isn’t Reich criticizing the Dems who fail?

[@boatman222345]

The four questions we need to ask many corporate CEOs are: 1) Neck size 2) Sleeve length 3) Leg length 4) Would you like your new suit in solid orange or alternating black and white horizontal stripes?

[@wrestlerx8494]

@@Cyrus992 let's pretend that every time there was a government shutdown, that companies such as McDonald's or Walmart shut down their businesses as well. Can you imagine the backlash? And yet these are some of the lowest paid employees in the nation. I wish McDonald's employees could go on strike so that people could actually see how big of an impact it would have.

[@Cyrus992]

@@wrestlerx8494 Reich supports garbage politicians who fail to address that

[@patshelby9285]

Sixty years ago, and less, executives averaged about ten percent of today's compensation, relative to their lowest paid worker. Oddly, they were much more looked up to and, I think, happier with their roles in society then.

[@guitary]

Inflation is the wealthy man’s way of keeping you down. Ever wonder why the corporations and wealthy got covid cash in more substantial amounts and PRIOR to the paltry checks the people got? To set up shop without competing for those purchases (stock buyback) so when you get your check they charge you more and make more because of the buyback. How to penalize gouging? Jail time which will never happen, so taxes is the remedy.

[@brandonna2965]

You just explained how government involvement helps the wealthy consolidate their positions.

[@guitary]

@@brandonna2965 perhaps. But they carved out of regulations a new ability to circlejerk invest/own, which is basically the opposite. What good would would RC cola be if Pepsi and Coke each owned a third of shares? Many corporations are doing Standard Oil like stuff so when they lose, they win.

[@brandonna2965]

@Brian Z Government tends to help the wealthy when it takes action because the wealthy, using their dollars, have the loudest voices. I dislike large corporations and the lack of competition we have in the U.S. It is not good for the consumer. The setup we have currently is not capitalist. Capitalism would have allowed GM and Chrysler to fail, as well as the banks. Instead, they made bad decisions and were rewarded due to government interference. If government did less, the wealthy would have less control over what government did.

[@TheCuriousAutumn]

I see in these comment threads all over the Internet and they've taken so many videos down that would have shown you what was really going on around the world not long ago but KZbin monitored and took is dube monitored and took down so many videos that were supporting and to how much showing how much support the actual people and not just here in America but all over the globe have had and that things like protest for Bill Gates against him and the truth the things that were going down have been removed by these manipulative powers which are AKA corporations who are suppressing our freedom of speech through the platforms they own under their guests that regard that they have a right to do so because they have to keep control over the population you can't question what they tell you on the news they can't let anything they monitor they actually through our government have a way of monitoring webslow topics and so if anything games Like I have a Passion in my heart like I wanted to have a career and be successful and I'm really gonna try in this society but beyond everything that I have an ambition for I want to be a part of the people that will do we I at least have to try whether I express an art I'm not good with writing in my words and I'm not educated enough but I haven't intuitive knowing that if people just hear what I'm saying I'm really good at seat navigating both sides of this there's a lot of confusion and how we're seeing one another but we're all after the same things and we don't know why we're divided the word Democrat in the word Republican I want all of that gone not I but we need to want all of that gone we also need to question why we have a divided group of adults running a country who cannot get along and meet in the middle were United States And one thing I've heard is that if you are a politician in the White House if you showed respect for the other side anyone on a different affiliations like being in a gang you get shunder fired that is insanely ridiculous so the people that are making these choices for us are actually being held in captivity in their freedom to make decisions together and together and pame are probably not proud of themselves but yet they are because they suppress it and luckily for them they're very able to come out looking shiny and new every time the

[@EvaHoffmann153]

The confluence of economic downturn, inflation and supply chain disruptions poses a significant threat, potentially leading to widespread instability. With inflation at 6%, my pressing concern is how to safeguard and maximize my $300,000 savings and retirement fund, which has seen minimal growth. I need expert advice on navigating these treacherous financial waters and ensuring my nest egg's security and growth.

[@MarshalWagner457]

You need a certified financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but am comfortable in my financial environment

[@EvelynBrooks0]

I totally agree, it's been three years and counting, and I've made over 1.7 million by simply following a coach's advice. I was on the sidelines for a while watching, trying to determine the best time to get in, before I came across a coach, recommended by my wife. I was reluctant at first but I went ahead and contacted the coach. As a small reward for my consistency, I went on a trip to the Bahamas in the late summer.

[@henryallard245]

Amazing! I hope it's okay to inquire if you're still collaborating with the same coach and how I can get in touch with them?

[@EvelynBrooks0]

Her name is “Diana Casteel Lynch” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@AshleySommerset808]

I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you!

[@Mockduck2020]

This is so depressing! I’ve known this from the 80’s but what can most people do about it? Corporations have bought out congress and congress is supposed to represent us.

[@andrewmantle7627]

Vote correctly. F**k the tough guy talk and vote the progressive ticket.

[@NankitaBR]

For starters, vote for candidates that don't take corporate money, only smaller private donations. They are very few, but they do exist, and their numbers are growing every election cycle.

[@Mockduck2020]

@@NankitaBR I’m old. I don’t have enough life life to wait for unbought politicians to get into power. Politicians have got nothing but worse the older I get.

[@LightPink]

How often do you speak to your representatives? If the answer is zero that's what you can do (and what most should also do)

[@Mockduck2020]

@@LightPink I have and nothing changes.

[@averagejose9949]

Absolutely correct. I've been saying this to everyone I speak to. So many people are misinformed.

[@brennanmason1973]

If its greed then were the reason prices were so low last year because they felt extra generous?

[@IMPOTUSx2]

@@brennanmason1973 keep spamming that lie...maybe someone other than that zack spammer will believe you...

[@powerwood13]

@@Zach-ju5vi please tell me why small businesses cannot compete with pricing? large Corporations usually lower prices and mass-produce products to kill small businesses and meet the demand of consumers. then when there are no other competitors they slowly raise prices. just look at the dairy industry. the decreasing number of individual small farmers and rising number of Factory farms. Take a look at the Oil industry, taxpayers subsidize for lower stability of prices by providing money for Oil Companies money to better refine or drill for oil. yet this does not guarantee they have to keep price down. currently, it just increases their revenue if we stop subsidies they blame the high prices on that if we increase subsidies they ratchet down production/which increases demand. This justifies price increase but who is in control? smaller businesses are no direct competition to any of the companies he has mentioned.

[@chinafuture6484]

@@brennanmason1973 Are you mentally stunted?

[@jdtracy]

@@brennanmason1973 Prices were "so low" last year? Where was I?

[@faemomofdragons]

I wish more people saw this. I wish more people remembered their high school history and economics classes. Thanks for the video.

[@jdtracy]

You had econ in high school? Was it an elective? :)

[@faemomofdragons]

@jdtracy It was a requirement. But I had taken it in middle school, so I got a pass. But it's requirement in the district where I teach. Unfortunately AZ cut the requirement of government from a year to a semester.

[@jdtracy]

@@faemomofdragons Wow, I had some government classes in school, but not strictly econ until college. Hope that is something they are doing more of these days.

[@yvonneplant9434]

They never had the classes you are talking about. Plus they were not around, as in born, when there was bad inflation before during Nixon, Ford and Carter.

[@ateamfan42]

.... and there is the precise problem. Economics is not taught in high school, and high school history always ends in 1945. The corporate-dominated history of the last few decades is NOT taught in school, and as a consequence the population has widespread ignorance of how the corporations are screwing over the the people.

[@NicholasBall130]

Inflation, bank collapses, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, and automobile shortages and prices-all these issues are converging and could lead to a real disaster by the end of this year (or sooner). With inflation currently at around 6%, my primary concern is how to maximize my $300k savings/retirement fund, which has been stagnant for a long time with little to no gains.

[@StacieBMui]

I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown

[@StocksWolf752]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@cowell621]

Could you recommend your advisor? I'll be happy to use some help.

[@StocksWolf752]

Rebecca Nassar Dunne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@lolitashaniel2342]

I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@Dezhavu13]

Inflation had been occurring in sneaky ways prior to the pandemic (e.g., a product that used to contain 18 pieces, now has 16 for the same price). I know for a fact that Amazon has been price gouging during the pandemic. Being one of the very few sources that will deliver groceries purchased with EBT/SNAP (delivery cost is not included), they have jacked up their prices to double or more of a food item's worth (e.g., a five pound bag of flour for $10 which at the local market is less than $5). Lack of competition is a big factor in this also. Walmart (the other major supplier of delivered EBT/SNAP groceries) surprisingly has not jacked up their prices. Now Amazon has announced that they are raising the price of their Prime program, citing increased labor and transportation costs (all of which is tax deductible). I think that they figure the pandemic will end soon and people will no longer pay their inflated prices for groceries, so they need another way to ensure their profit margin does not decrease. OR, maybe, just maybe, some states have taken notice of the price gouging and have hinted at taking action against Amazon for this theft.

[@emuriddle9364]

When basic needs aren't met: People will still get desperate to keep them. I've heard cases of people from East Asia taking out loans. So they don't get evicted from their apartment. But wouldn't it make more sense to just gurantee housing? The less debts they go into: The easier it will be to pull themselves together. And less damage to the economy.

[@michaelbeelby1995]

Oh it is much more insidious than that.....You mention the phrase 'prior to the pandemic'.......Just to put that into a time frame....The average American has the same purchasing power today as someone from the 1970's..... Kinda weird how 'inflation was rarely, if ever mentioned' by either party in those intervening 50 or so years........Yet only one party has consistently had people calling for the raising of wages.....and only one party has consistently fought against those wage raises.. Many states have stepped up and done what they could and have reaped the benefits of doing so......Unfortunately, the way it works, those states still subsidize the working poor in other states that don't value their 'workers' anywhere near enough....but those folks shouldn't worry.....Blue states will continue to prop you up, while you continue to vote against your own self interests....Ensuring you continue to complain you don't make enough and those 'Evil Blue States' pay your state enough to make sure you continue to not make enough.

[@josecampos7157]

The ever shrinking package has been going on for decades. Remember when a half gallon of ice cream was half a gallon(64 fl.oz)? Now they're 48 fl.oz and often have more air added.

[@Cyrus992]

Reich is misleading you. Expanding the money supply has a lot to do with it and worse of all this scum supported the programs.

[@Dezhavu13]

@@Cyrus992 LOL

[@Starolfr]

I have been saying for years that, even if there isn't any *actual* collusion amongst corporations, they all have leadership (and political support) that knows how to play the game, rig the system in their own favor, etc. They're just all using the same tools to get similar results, no literal conspiracy required. >; /

[@jdtracy]

Just because you're paranoid, doesn't mean they aren't out to get you :) There are lots of recent examples of actual collusion, price fixing, etc. etc. But as you say, it isn't even necessary to play the game.

[@Starolfr]

“No, Mr. Stock… I expect you to D1E!!” ;D

[@jorgegonzalez-larramendi5491]

yet they conspire

[@coopsnz1]

Business debt go up because of government , why business raise prices regulations & taxes going up ... Outside USA the government increase red tape & taxes yearly = money buys less that socialism

[@Cyrus992]

Reich is misleading you. Expanding the money supply has a lot to do with it and worse of all this scum supported the programs.

[@frederickbuchanan9438]

The lockdown illuminated an important fact to me: I have little to no need for many of the items I used to buy without second thought. Restaurants, fast food/coffee, impulse purchases, bad movies…etc, etc, etc. A massive chunk of our economy is devoted to items and events nobody actually needs or remembers once the wrapping is thrown away. And this stuff is pricey. I saved hundreds of dollars a month, primarily by curtailing entertainment and dining. I don’t miss it a bit and almost none of it was worth the pre-lockdown dollars paid.

[@rebel3891]

Absolutely, although I have been living like that for ages. I am always amazed at what Americans are so willing to waste their hard earned money on. Even now, I refuse to feel bad for the average person(mostly GQP) complaining about inflation but still spending(wasting) so much money on nonsense. I guess it all depends on what you mean by "freedom"; freedom to always have the latest gadget, go out to crappy restaurants and movies, etc. or freedom from eternal poverty and to retire early because you didn't waste your money on "things"? I chose the latter and have no complaints. I think the real problem is Americans are an extremely unhappy people and the constant purchasing is a distraction.

[@kerwinbrown4180]

There is some free market competition in the food sector of the economy.

[@carolmiller5713]

I think many people did the same. I've been focused on a minimalist lifestyle over the last 6 years so the lockdown wasn't much of a financial change for me. I even gave up driving. In US we've also become a "disposable society" so the quality of products is 3rd world and lasts a year so they have to be replaced. I'm now taking really good care of things I bought 20 years ago.

[@kerwinbrown4180]

@@carolmiller5713 You might want to consider supporting the right to repair movement as companies are infringing on your right to own what you purchase.

[@sebastianbrodkin9156]

Inflation arises by printing money out of thin air. If someone just creates stuff out of thin air there is abundance of it and it loses marketvalue relative to scarce things.

[@lailaalfaddil7389]

Thanks for this amazing information !! If you don't find a means of multiplying money, you will wake up one day to realize that the money you thought you had, has finished. Investment is key, I pray that anyone who reads this will be successful in life

[@williewonka6694]

Stay away from investing in cash or cash equivalents. Inflation eats away at their value every day, by design. Invest in stock and real-estate.

[@pdoylemi]

Yes, very simple - if costs and inflationary pressures were he cause, corporate profits would not increase - at least not at such obscene levels.

[@meoff7602]

@@Zach-ju5vi Inflation should mean profit neutral. Meaning it should only increase as much as inflation is increasing it. That's not the case. They are breaking profit records. Inflation is also accounted for in profit margins. It's simply the amount of money made verse the amount of spent. Why do only corporations get to profit off inflation. Shouldn't workers wages go up to meet inflation, because if they did. Your spending power wouldn't change.

[@trappedinamerica7740]

@@meoff7602 you are obviously right I can’t believe that guy tried to say inflation obviously means more profits. It’s like he didn’t even think about it. If lemonade originally cost $1 a cup but then lemons start costing 10 cents more the price should obviously increase to 1.10 but instead it now costs $5

[@patshelby9285]

Perspicacious.

[@meoff7602]

@@Zach-ju5vi Yeah, they are taking advantage of inflation to increase profits. Which causes more inflation. They are not offering a better product.

[@meoff7602]

@@Zach-ju5vi I don't think you understand. Inflation is supposed to slow down demand that way the markets can catch back up on supply. Then when caught up, wages should go up to match the inflation that way workers buying power isn't reduce over all over time. Only problem is they aren't doing the wage increase to match. So workers buying power is being reduce slowly over time. That is has the over effect we are seeing today. Hyper-inflation because those that can buy are getting hosed. They to increase the hosing to keep profit margins increasing.

[@philmarsh7723]

Finally!! someone who's trying to explain the root causes of price increases.

[@ziraprod6090]

But he is wrong.

[@GhostRangerr]

2 years ago, I told others that the whole thing with toilet papers & sanitiser shortage is a lie & being done on purpose to jack up the prices of those things and guess what? I was told that I'm a mad conspiracy theorist. It feels so good now to be proven that you were right the whole time.

[@namratagandhi3381]

Yes always the right suffer in this mad world

[@failuretocommunicate]

IKR, when a regular food item purchase for years at 14.95 goes up to 24.95 over the course of one week, that's not inflation, it's theft.

[@kimwhitmore7505]

The cost of meat at the grocery stores in my town has doubled! Not only that, if you ask for 1 lb. of hamburger at the meat counter, they usually give you 1 1/4 lbs. At $4.99 per pound, somebody is making a LOT of $. (And it's not me!) So, I still can't figure out how Social Security can get away with leaving out the cost of food when they determine the cost of living every year. There are 3 things that humans absolutely must have to survive: oxygen, food, & fluids. So, how can the most expensive thing of the three not be included as a cost of living? 🤔

[@brennanmason1973]

So if greed is the reason. The only reason that it was low before is was because they felt extra generous ?

[@gwills9337]

"Hedonic adjustments" necessitate that you just substitute chicken for beef - and dog food for chicken!

[@jorgegonzalez-larramendi5491]

stop eating dead tortured animals.

[@Cyrus992]

Reich is misleading you. Expanding the money supply has a lot to do with it and worse of all this scum supported the programs.

[@panemetcircenses6003]

@@Cyrus992 the issue is, how do you separate price increases due to an oversupply of money from increases caused by market consolidation?

[@dshoec]

They are always pushing some story to justify them raising the price.

[@jadall77]

I remember not being able to buy as much meat during the atkins diet era because it all went up like 2 or 3 times and never went back down when the "fad" was over.

[@williammielenz3752]

@@jadall77 Same situation with photographic films when the Hunt's cornered the silver market.

[@stevebird9510]

Isn't that the truth. Everytime they have a problem, we have to pay for it. Why should we have to pay for their screw ups ?

[@timo2422]

This guy is the worst economist. He's worst than Janet yellon

[@williammielenz3752]

The greedy and treacherous Despise Robert Reich.

[@ronaldronald8819]

We are being scammed and let to believe it is our own fault. Wow these corporations are powerful and have no moral restriction at all.

[@jwatson181]

Why does anyone vote for democrats???? CA is number one in the USA in poverty adjusted for cost of living! If you vote blue, you hate poor people. Government is the ultimate corporation with a monopoly on violence.

[@billjones8542]

you are correct in one thing, we are being scammed, but its by the washington establishment and they alone

[@genelarson6849]

Robert Reich is a man to be listened to

[@papablue3015]

Power and greed will be the demise of America and humanity!!!

[@emuriddle9364]

Greedy people favor those who can entertain them. While qualified people don't get the same priority, respect, or recognition. They are forced to play this Dog-eat-Dog game. With everyone else. Which basically just stunts our country's Intellectual Capabilities.

[@rtelles1127]

Power and greed is already the downfall of Russia

[@tigersforever4577]

Thank you again, Professor Reich, for blowing away the strawman of inflation.

[@SeraphsWitness]

Strawman? But it exists. And it's the greatest it's been in 40 years. We can pontificate about the motivations of corporations all we want, but we don't get to pretend inflation isn't here.

[@tigersforever4577]

@@SeraphsWitness One does not need to pontificate, simply look at the unprecedented explosion of profits during the "pandemic" and now with "inflation" that these mega monopolies are enjoying.

[@mlh5434]

Lol, gottttt it. Inflation is simply a right-wing boogie man guys, don't be afraid. Don't blame me and the trillion dollar spending programs I supported last year that the Fed monetized through an unprecedented 80% increase in the money supply. It's those evil BUSINESSES that are truly to blame, not me!

[@someguy2135]

Price gauging? One more reason to boycott meat. Here are some more. The benefits of switching to a purely plant based diet are amazing. 1-Your own health (vegans are less likely to get several deadly chronic diseases) 2-Helping to end animal agriculture would reduce the chance of another pandemic & other zoonotic diseases 3-Helping to end animal ag would reduce the chance of the development of an antibiotic resistant pathogen. 4-Animal ag wastes a huge amount of fresh water 5-Animal ag is a major cause of water pollution 6-Animal ag is a major cause of deforestation 7-Animal ag increases PTSD and spousal abuse in the people who work in slaughterhouses 8-Animal ag is a major cause of the loss of habitat and biodiversity 9-Animal welfare, obviously 10- It is the single most effective way for each of us to fight climate change and environmental degradation. 11- Longer lifespan. 12- Healthier weight (vegans were the only dietary group in the Adventist Studies that had an average BMI in the recommended range.) 13- Ending animal ag would reduce food poisoning from salmonella and e-coli Links for some of these are at my channel under "About." Here is a link to that part of the video. kzbin.info/www/bejne/kJqXfIB5htqEj6c

[@MoireFly]

​@@SeraphsWitness Your very comment _is_ strawman; and one about strawman arguments, how very meta. Clearly, inflation exists (despite your tilting at windmills). And Reich proposed a theory explaining a factor driving it.

[@jamesappling1212]

The party of greed won't go down without a fight. I've reached the point of believing that only a collapse and restructuring like occurred after the Great Depression will lessen the damage. Greed has been taught and programmed into the Corporate System for too long.

[@jollyrodger5319]

💯 truth

[@gorkyd7912]

It's insane that you think the people providing you basic services, at a price that you can freely agree or disagree to pay, need to be fought. If you don't like Pepsi and Coke raising their prices there is a very simple solution: drink water.

[@jamesappling1212]

@@gorkyd7912 I do.

[@patiencecole9786]

@@gorkyd7912 Thanks for your simplistic enlightenment. But you can't pump water into your gas tank & water isn't enough to sustain a body, we need food as well. I imagine you have some words of wisdom in regard to fueling our autos & bodies but they won't be feasible or sustainable for the average citizen. As an average citizen l've no choice but to fight for equitable prices on necessary goods.

[@gorkyd7912]

@@patiencecole9786 The price of gasoline is so cheap that I can afford to drive a 20+ year-old gas-guzzling SUV across the country multiple times. The price of food has become so cheap that the amount of the average person's budget spent on food has dropping from 17.5% in 1960 to 9.6% in 2007. If evil greedy corporations own all the good and gasoline, and you have to buy them because they're necessities, then why are they so damned cheap still?

[@Riggsnic_co]

The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?

[@JacquelinePerrira]

I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.

[@Jamessmith-12]

Many people underestimate the value of advisers until they experience burnout. After a challenging divorce a few summers ago, I sought out a highly qualified licensed advisor. Her guidance has been invaluable in keeping my company afloat and thriving, despite inflation.

[@kevinmarten]

how can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success??

[@Jamessmith-12]

“Carol Vivian Constable” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@kevinmarten]

I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.

[@jeffcokenour3459]

When I find myself partially agreeing with Mr. Reich, I know I've lost it. Yet, he is right (at least in part). Chickens aren't rare, yet the price of fryers has increased more than 100% in the last year, while the prices paid to those of us who farm has not increased. He is bringing important dialog to this topic and I thank him!

[@texasgonzo67]

Robert tends to ALWAYS be right. The man IS a financial genius.

[@someguy2135]

Price gauging? One more reason to boycott meat. Here are some more. The benefits of switching to a purely plant based diet are amazing. 1-Your own health (vegans are less likely to get several deadly chronic diseases) 2-Helping to end animal agriculture would reduce the chance of another pandemic & other zoonotic diseases 3-Helping to end animal ag would reduce the chance of the development of an antibiotic resistant pathogen. 4-Animal ag wastes a huge amount of fresh water 5-Animal ag is a major cause of water pollution 6-Animal ag is a major cause of deforestation 7-Animal ag increases PTSD and spousal abuse in the people who work in slaughterhouses 8-Animal ag is a major cause of the loss of habitat and biodiversity 9-Animal welfare, obviously 10- It is the single most effective way for each of us to fight climate change and environmental degradation. 11- Longer lifespan. 12- Healthier weight (vegans were the only dietary group in the Adventist Studies that had an average BMI in the recommended range.) 13- Ending animal ag would reduce food poisoning from salmonella and e-coli Links for some of these are at my channel under "About." Here is a link to that part of the video. kzbin.info/www/bejne/kJqXfIB5htqEj6c

[@Kenjiro5775]

What you need to address is the fact the right-wing propaganda has affected your thinking, Jeff.

[@redhotz21]

@@someguy2135 vegans consume a lot of agriculture too. Soil erosion and degradation is REAL. The earth is being used up at a record rate

[@someguy2135]

@@redhotz21 You are preaching to the choir about how humans are destroying our planet. That is one reason I try to spread the word about this fact, for example, "Eating a vegan diet could be the “single biggest way” to reduce your environmental impact on earth, a new study suggests. Researchers at the University of Oxford found that cutting meat and dairy products from your diet could reduce an individual's carbon footprint from food by up to 73 per cent. If everyone stopped eating these foods, they found that global farmland use could be reduced by 75 per cent, an area equivalent to the size of the US, China, Australia and the EU combined. Not only would this result in a significant drop in greenhouse gas emissions, it would also free up wild land lost to agriculture, one of the primary causes for mass wildlife extinction. The new study, published in the journal Science, is one of the most comprehensive analyses to date, looking into the detrimental effects farming can have on the environment and included data on nearly 40,000 farms in 119 countries." -The Independent" newspaper Link to the full article at my channel under "About" then "Oxford."

[@PaulJacksonOttawa]

Please keep them coming Bob. Thank you very much for sharing all you do. I learn a ton from you and look forward to all of your new content. Thanks again.

[@jwatson181]

Why does anyone vote for democrats???? CA is number one in the USA in poverty adjusted for cost of living! If you vote blue, you hate poor people. Government is the ultimate corporation with a monopoly on violence.

[@Alexrogan0311]

except he's pushing lies and propaganda! Gas companies took a 50% cut than their profits doubled. That means they are the same place as before the plandemic. If you have $100 and it gets cut by 50% you have $50, double it and your back to $100. That's how Elizabeth Warren and these propagandists lie to you

[@BobRooney290]

meh, i learned to live without. thankfully, i got a tesla before the madness and have been driving it for free thanks to the new solar panel array i installed. free charging, free electricity, and i make a few dollars selling back to the electric co. i also started growing my own food to become fully sustainable. it does help that i also got to keep my job and get to work from home remotely. its too bad the gov is getting greedy and doubling real estate taxes.

[@namratagandhi3381]

In fact religion always says tax, interest, rent is bad, but govts rule in the name of GOD😷😷

[@GaasubaMeskhenet]

Give people the power to say no to harmful corporations! No more evictions from primary residences!!

[@leelindsay5618]

They would do better to require property owners to live in the state of the property or pay an extra fee for every housing unit not on Section 8 and reduce the amount of residential properties corporations can own.

[@GaasubaMeskhenet]

@@leelindsay5618 a nice half step

[@shanez1215]

Imo property taxes should increase with the more properties you own. We already sort of have that in many states, where you can claim your primary residence as your homestead. But we need to scale taxes upward with more owned properties.

[@GaasubaMeskhenet]

@@shanez1215 holy shit they don't already!? Aaaaaa!!!!! No wonder this country is a shit hole!!!

[@GaasubaMeskhenet]

@@shanez1215 holy shit i'm trying to look up if that's even true and I legit can't. So i'm gonna have to forget this bit of info i guess

[@SeanTalkoff]

The FED lowered its inflation objective to less than 2% in 2012. They changed the target to a long-term average of 2% inflation. Because long-term interest rates are set at inflation plus a profit margin, the implication is lower interest rates. I consider the current rising interest rate to be a very serious issue it will cause more investors to withdraw from the market. But then despite the severe bear market, I am aware of certain investors that continue to earn over $365,000. Wish I could accomplish that.

[@PASCALDAB]

Very possible! Particularly in this weak market. There are several opportunities to generate excellent returns, but such intricate transactions can only be carried out by seasoned market professionals.

[@SteveDutton-v]

I totally agree, it's been three years and counting, and I've made over 1.7 million by simply following a coach's advice. I was on the sidelines for a while watching, trying to determine the best time to get in, before I came across a coach, recommended by my wife. I was reluctant at first but I went ahead and contacted the coach. As a small reward for my consistency, I went on a trip to the Bahamas in the late summer.

[@lawrencedyke]

this is all new to me, where do I find a fiduciary, can you recommend any?

[@SteveDutton-v]

My CFA ’’ Sharon Ann Meny , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..!

[@lawrencedyke]

Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.

[@kelleymarina7933]

THANK YOU!!! Growing up in an American school district, I was fed the old “well inflation comes from higher demand” cop out constantly, even by personal finance teachers. It never made any sense to me how we the people are to assume that all corporate businesses are 100% honest and fair in their dealings, when historically it’s been proven that many have not been.

[@Chris.Davies]

You have the best government of the corporations, by the corporations, and for the corporations. There can be no doubt about it! You are No.1!

[@coleengoodell7523]

Exactly! Fun fact, if you drink one soda a day and change nothing else, you will gain on average 15 lbs a year. Drinking sugar water does nothing good for you or your children. I haven't had a soda in over 20 years and my weight, health and budget has only benefited from getting rid of empty carbonated sugar water in my diet.

[@hideouspatje]

I've been drinking about 1 liter of Coke a day for 38 years... my b.m.i. is around 25.... my teeth on the other hand.... but if I wasn't addicted to it I would stop drinking it too....

[@jimmyjohn8008]

I try to limit my self to 2 12oz cokes a day. Usually only drink 1 a days. Probably my only source of sugar. I haven't gained any weight sence I maxed out over 10 years ago.

[@MrShanester117]

You used this video to humble brag about how you quit soda, which coincidentally has NOTHING to do with the video

[@dissonanceparadiddle]

Good for you. *Cracks open a can*

[@nordicexile7378]

Yeah, I can't bring myself to tears about the price of soda going up. It should be taxed like cigarettes, with the money going towards obesity-related health issues (for example, diabetes).

[@SnakePit6517]

Oh please, if Robert Reich and others like him genuinely cared about ending corporate greed and monopolistic corporate power, they would’ve drained the swamp a long time ago. Also, in the context of this video, I love how Reich looks over the fact that these companies are raising their prices in accordance to the inflation.

[@sillysimion6079]

Anyone who has lived through the mid-70's understood monopoly and oligopoly-based inflation by living through the OPEC manipulated oil crisis. Robert Reich is spot on, and has many schools of economics, and economist that backs him. It is a sure sign of Monopoly and Oligopoly driven inflation when companies have "There best year ever!" There is no competition keeping prices low. It is also a sure sign of collusion when groups of monopolies (oligopolies) all raise their prices at the same time! (Coke and Pepsi). It means they discussed it (colluded) perhaps at a golf game what they were going to do. The problem is when concentration occurs it can be used as political weapon as well. They can decide to raise rates when someone they don't like is in the Presidents seat and lower it when someone they like is. Thomas Phillapon has a new book out called "The Great Reversal" that just breaking up Monopolies and Oligopolies to the 1984 levels would 1) Lower prices by 5-10% saving 300 a month average household. 2) GDP would increase by 1 trillion. 3) Our wages would rise by about 14,000 a year per person. Canada has a branch of Government called "The Competition Bureau" There job is to force companies to compete. Food for thought. Here is another interesting graph by Pew Research that talks about purchasing power since 1964 that I found most interesting. www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/

[@coopsnz1]

Monopoly is socialism policy

[@sillysimion6079]

@Ronald Reagan The problem I have with Thomas Sowell is like Milton Friedman and Hayek that hold his philosophy, tend to glorify the things that Capitalism can do. At the same time knowingly and willingly ignores the harms an unregulated Capitalistic system can unleash on a society. Sowell ignores how an unregulated free enterprise system leads to monopolism which then siezes to be a free market system. He is a bright man, so this is a case of "willful blindness." on his part. This willful blindness plays a big part in his philosophy, for example he talks about the welfare system "creating a black underclass" but pretends to not know what came before! Or the horrific poverty in America's urban centers or the sharecropper south BEFORE welfare systems came to be. He also ignores that "whites" collected welfare at far greater numbers. He ignores that this "welfare" system lifted millions out of poverty and helped create the most educated and largest middle class ever. Which has since been dismantled. He wants to privatize the highway system, but doesn't understand it was never built for the public, it was a national defense network that the public can use created by Eisenhauer. All you need to do is look at Italy which has a privatized highway system. It does not work better, bridges fall down due to lack of repairwork. While the companies that run that stretch of the highway pocket the profits. He ignores where unregulated Capitalism was a complete bust like Lagos and Eastern Europe. Capitalism can both be a Devil and an Angel based on how you regulate, or tax...and as Robert Reich once stated in the Guardian " Capitalism only works as long as Democracy is in the drivers seat" Sowell whines about government hamstringing business, and so defunds and deregulates the SEC which protects consumers from the myriad of scams that inhabit the stock market. The enemy of the free enterprise system and Democracy are these two things Corruption and Monopolism. Those two things can destroy a nation, and one needs to look no further then Eastern Europe, Lagos, Chile. Milton Friedman and Thomas Sowells ideas lead the way to authoritarian, monopoly run caste societies and created a narco-libertarian mafia state in place of a system "of the people, and by the people." Thomas Sowell is part of the early 80's attack dogs, against LBJ's great society programs. Reagan and most of his economics advisors are now dead, and from a bygone era where enough proof has been garnished in the last 40 years to totally disregard their philosophy as nothing more than snake oil salesmen.

[@sillysimion6079]

@Ronald Reagan "profits should be low, and wages high".- Adam Smith founder of modern day Capitalism. "the rate of profit was "always highest in the countries which are going fastest to ruin"- Adam Smith founder of modern day Capitalism. "only when profit-seekers have rigged the system though legislation do concentrations of wealth occur"- Adam Smith founder of modern day Capitalism. "Legislators should always beware of the sophistries of employers, who, for instance blame rising wages, yet say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people."- Adam Smith founder of modern day Capitalism. 'People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the publick, or in some contrivance to raise prices'- Adam Smith founder of modern day Capitalism. Thomas Sowell who's that???

[@sillysimion6079]

@Ronald Reagan​ Let's see if I can address all three of your statements to me. I never said Robert Reich is the progressive new messiah. In fact I find him wrong or slightly off on many issues as well, just not on this one, He is 100% correct. I also have a question with your terminology, and are falling into a FOXhole where you are being propagandized. Robert Reich would not be considered a "Progressive." A progressive has a moral underpinning (religious) to their advocation of middle class values. Think of Republican Teddy Roosevelt, or Franklin, or MLK or McGovern. Robert is a liberal Democrat, who worked for a Conservative Democrat who also adopted Hayek,Friedman and Sowell values and what is called neo-liberalism... Bill Clinton. Remember when Bill Clinton proclaimed "The age of big government is over? Regarding those qoutes from Adam Smith, #1-He is the founder of modern capitalism. Wages should be high profits low? Profits should be reinvested in his company enabling him/her to compete, in society, and in his workforce. The business owner or CEO is to take a wage. His workforce spends that money in society doing what Keynes describes as an amplification effect building more businesses and jobs...The book "Wealth of Nations" is exactly what it states, a healthy nation. NOT the individual....Still think I am clueless? The me, me, me attitude of Reagan and Bush, and their neo-liberal philosophy that is practiced by every Democrat and Republican since 1980. Is counter to a strong healthy nation. "Thomas Sowell has never said unregulated Capitalism is a good thing" Perhaps not in that exact wording, but on numerous occasions he has stated that government interferance in anti-trust and in creating rules for companies to live by in order to compete was rife with inconsisancies because legislators have to please their constituents, and believes they should be disbanded without providing what to replace them with!! Therefore providng us with a half story leaving it up to the reader to fill in the blanks. We are a Democracy, who does he think should replace the people? The Canadians have a branch of Government called "The Competition Bureau" This agency keeps companies from consolidating and forces them to compete. Remember when a new product came out and prices came down because of competition? Somehow since Sowell would know this, and never mention this as an alternative to direct laws, one can assume he is against any interferance? He has also writes the same way with regulations...which regulations does he find offensive? The ones that keep planes in the air, or the ones that keep us from dying from botchulism? Quick to point out countries where policies to his likeing created a positive outcome, and blaringly doesn't mention the many countries where they failed.

[@sillysimion6079]

@Ronald Reagan "There's just too much evidence against Robert Reich these days" Says the man that provided no evidence whatsoever. "Progressive values are failing everywhere" Which progressive values? "Mass exodus of left wing states" The state with the largest exodus is Texas. Red states are also the most violent (look it up!) I'm talking to a Fox news megaphone. If you want to be a partisan, that's your prerogative and right. Unfortunately I do not debate people that assume truths rather than critique how they got to them. I debate issues. Truth- Every president before Ronald Reagan has had their own economic advisor. Every president since Reagan has kept the same economic advisor. If you want to complain about the failure of our economics...he is YOUR economic advisor! We went from #1GDP per Capita under liberal economic advisors to 16th under the economics of Milton Friedman. Truth- As result of conservative economics 42% of all Americans make less than 15 dollars an hour. Truth- You didn't even know who Adam Smith was... The founder of modern capitalism?!?!? Truth- Since the Republicans got rid of the "fairness doctrine" that required news to be truthful in 1987. All news are not required to tell the truth anymore. Fox, MSNBC all the same, they only answer to their shareholders. I would suggest hanging out at your public library. Truth- Republicans brought us the brainchild of sub-minimum wage, taxing social security, taxing tips, and trickle down theory. We have had. 6 major tax cuts to the wealthy and nothing has trickled down. If you want to address issues as adults, I'm right with you. But if you're online just to be a partisan hack perhaps you should move on.

[@1anastudent]

It is well excepted that big business is responsible for 60% of current inflation. There are only 4 companies who own 80% of the beef industry

[@SeraphsWitness]

It is certainly not well *accepted. Did companies just suddenly decide to get greedy a year ago when Biden took office? How coincidental. Prices don't drive inflation. It's the other way around. Prices can't even drive inflation in principle. People won't buy it if it's too expensive. Period.

[@1anastudent]

@@SeraphsWitness There are factors noted in many sources like the Times and the Post. Corporate heads have even been recorded on phone calls with investors stating they are using inflation as an excuse to raise prices. Profits are at an all time high. If it was only inflation profits wouldn't increase so much

[@SeraphsWitness]

@@1anastudent I'd be happy to see evidence. "Profits are at an all time high. If it was only inflation profits wouldn't increase so much" - That's absurd. It's inflation that literally makes their profits worth less. It's only "increased profits" if you don't adjust it for inflation. That's what Reich massively messes up here. Also, who cares if they make more profit? It's their company. Nobody is forcing you to buy from them. Companies will raise prices as much as people will pay. Duh. That's how business works. Stop patronizing them, they'll lower profits.. And if it's not due to inflation and supply shortages, why wouldn't their competitors undercut their price? Don't you think they'd love to beat their competition by lowering prices a dollar a pound? Nobody would by their competitor's product anymore. The entire suggestion doesn't make economic sense.

[@1anastudent]

@@SeraphsWitness Why wouldn't competition undercut the price? Maybe because there is little to no competition! Example, 4 companies own 80% of the beef industry. What's left is organics and high end beef. No competition. There are many other industry monopolies. It only makes no sense because even though you said you'd like to find out, you really won't. You would rather argue with people online, selling your ignorance. Your last statement of it making no sense is just because you are ignorant but think you are enlightened

[@duancoviero9759]

@@SeraphsWitness you can find the "evidence" on your own like we did. You're just here to troll and confuse people, but we see right through you.

[@Fritz999]

I have been talking and writing about just that for almost seventy years. Glad to hear someone telling the truth.

[@sebastianbrodkin9156]

Hes lying or a fool. Inflation is due to printing more money.

[@Metabrotropic]

Corporate shill detected

[@sebastianbrodkin9156]

@@Metabrotropic thats not an argument. Its quite easy to parrot what others say or to make accusations. Its much harder to think hard and try to analyze things and then make solid arguments.

[@namratagandhi3381]

Glad for your efforts. Stay blessed

[@bestdogshadow383]

@@sebastianbrodkin9156 inflation is caused by supply and demand. Now think of money having a supply and demand (the value of it not the actual quantity of it). When that money goes to millionaires, quite often it’s either wasted or barely used. This is dropping the supply of money in value. There’s a group of 100 people with 10 dollars each. 5 people, through various means manages to rack up 60 dollars each. The remaining 95% now have an average of 7.3 dollars. The “supply” of money in the market has dropped, and when we factor in population growth the demand is rising as well. This raises prices. Furthermore Inflation wouldn’t be an issue if everyones pay was raised according to it, which is not the case.

[@helohel5915]

It's easier to stop competing and just agree to raise prices. It benefits all companies at the cost of the consumer. Gotta love human values

[@daniels7907]

When I was a kid, many decades ago, the entire story of capitalism that we were taught was that it was driven by *competition!* Today, the narrative is to praise the consolidation of industry and eliminate competition. People naively believe that corporations have the best interests of their customers at heart (even as Karens are flipping out in stores). These proud "free-market capitalists" nonetheless do not *want* a "free-market". But, even as they warn about the dangers of creeping "communism", their solution to higher consumer prices is *always* the *government!*

[@UserName_no1]

The same market environment that Bob and yourself described is the same one existed from the industrial revolution to the Roaring 20s. And, well, we all know how that eventually turned out. During the Great Depression FDR fought tooth and nail to establish guardrails (such as the SEC and bolstering Labor Unions) to fix the system, or right the ship if you will. As a result a burgeoning middle class grew creating a "new" market for both small and big businesses to tap. Then in the 80s (aka the Age of Deregulation) Corporate America got it's revenge. Having spent decades entrenching themselves in sparsely populated states they gained political capital they once had in the early 20th century paving the way for the fleecing of the middle class. Which has poised us to repeat a very painful time in our history. And for what......greed? Sadly, instead of learning from that mistake, we're repeating it.

[@karlabritfeld7104]

To do what? The government is doing nothing.

[@daniels7907]

@@ronaldreagan3086 - No, you are. You're clearly oblivious to how big box stores and online shopping have, for example, wiped out countless small business owners. But then, you're probably a billionaire worshiper and don't think that "Mom & Pop" stores were ever a part of "capitalist" competition.

[@daniels7907]

@@ronaldreagan3086 - Sure, in big cities where it is expensive to stand up big box scores. But rural GOP voters have been whining crybabies for decades now about how their beloved small towns are dying, even as they vote for politicians who believe that the bigger the business, the more right it has to exist. Do you not pay attention even to what your own side cries about?

[@daniels7907]

@@ronaldreagan3086 - You also clearly don't pay attention to your pundits or the shrieking harpies you call congressmen. But it's okay, we've already realized that you people are just projecting your own behaviors onto us as a way of denying how much your politics no longer align with your fake "values".

[@Dubble_Bubble40]

Yes, this is exactly the type of information we need to get out to the people! Excellent job explaining this topic and I agree with everything you stated. I may have to reference people to this video in the future. Thanks!

[@justinoperez5123]

This information is biased partisan propaganda. All lies inflation is Joe Biden the incompetent. Have no doubt. Oil production is everything.

[@coryloggins3948]

@@justinoperez5123 it's not biased it's fact if your profit margin is increasing by over 50% and you claim you need to raise prices it's a lie not to mention companies love to talk about taking not taking a loss but what they mean is a loss on profits not a net loss while not having a problem asking consumers and employees to deal with a loss in quality of life to cover their bottom line

[@justinoperez5123]

@@coryloggins3948 oil production is crucial in a modern economy, businesses try and maximize profit while providing lowest priced goods and services, why is it that everytime a control everything liberal gets elected the opposite effect of what they sold and got elected on happens. Because we live in a somewhat free society and maybe when companies are under attack they need to profit. Either way Biden administration is the worst in History. They were chosen based on sex and color not ability so they don't perform based on ability, just figure heads. They suck.

[@jwatson181]

Why does anyone vote for democrats???? CA is number one in the USA in poverty adjusted for cost of living! If you vote blue, you hate poor people.

[@brendabrown1520]

I'm gonna share this with Everybody I know 👍👌

[@jeff_725]

Rule #1: "Once you have their money, NEVER GIVE IT BACK." (Ferengi Rules of Acquisition)

[@jet1708]

Peace is good for business War is good for business

[@Damesanglante]

Ah yes, the "space jews". 😂😂😂

[@amz33894]

Inflation is purely driven by monetary policy. Governments and reserve bank are totally responsible for its management and control.

[@AuspexAO]

Inflation of the dollar, yes. Price inflation, no.

[@billjones8542]

@@AuspexAO and one follows the other as surely as the sun will come up in the east.

[@billjones8542]

finally someone who gets the real reason

[@travcollier]

Fight inflation by taxing the rich. Seriously, that makes total sense from a monetary POV (classical or MMT) and from the behavioral POV

[@zekewatson6489]

I definitely agree with Robert on the concentration of business in corporations, but you can’t ignore the sharp spike in inflation correlated with the unprecedented spending and money print by the reserve.

[@Kill3rdog48]

He also doesn't show the context of apparent profits compared to previous years. He also uses multiple financial terms for profits even though these are completely not the same. Revenues=\=profit=\=profits margins etc. Yet this economist doesn't care

[@billjones8542]

@@Kill3rdog48 because he is a huckster spinning a tale to the masses.

[@billjones8542]

amen to that

[@8bitmagic]

Makes me so mad how often I have to explain min wage has literally nothing to do with inflation

[@gorkyd7912]

If it had nothing to do with inflation you would never have to increase it to keep up with inflation.

[@8bitmagic]

@@gorkyd7912 What I meant was, having to explain that minimum wage increasing doesn't cause inflation.

[@Islandscout8]

Yet, artificially raising the cost of employment is quite literally an example of inflation. Raise the minimum wage to $50/hr. right now and let's see what happens. Although increasing it slightly may not have any noticeable impact, it most certainly is a factor in inflation.

[@8bitmagic]

​@@Islandscout8 Yeah changing min wage radically overnight would cause a shock to the economy sure, but ultimately wages have stagnated while productivity has increased and min wage could stand to be 3x what it is and it would put us on par with min wage from 1970. Since we haven't been keeping up with it we are far behind the steady rise we should've had over the past 50 years and it's in dire need of correction. $50 may be a bit much BUT larger min wage would cause a more active economy, as those on the bottom rung would have cash to spend which means those selling will be able to sell more. The more money is moved around, the healthier an economy is. It's also better than the government having to subsidies these companies and their employees who don't make enough, keeping min wage low and not tied to cost of living is directly costing the American people money. When people see a direct correlation to min wage rising and prices rising it has to do with corps not wanting to eat that profit loss so they pass it on to the consumer, when in reality they could absolutely eat the loss in the short term, which wouldn't mean they're in the red just less profit, and gain in the long term. It's artificial inflation, not an actual decrease in the value of the dollar based on what percentage of the money supply that dollar represents. In the face of that, tying it to cost of living is a counterbalance. Price floors and price ceilings are occasionally necessary to running an economy that is functional for all. Right now the heads of companies are largely chasing instant on paper gains instead of long term stable growth that benefits all. This is also why I believe in wealth caps. No one person, nor coordinated group of people should have the ability to artificially restrict the money supply to the point that it effects the value of the dollar. I suppose I could rephrase to "Raising min wage doesn't inherently have anything to do with increased inflation, and aside from the fact that there are ways to mitigate any potential reactionary price increases, there's no justification to let people continue to work full time but make less than cost of living."

[@islandsfuldkorn]

@@8bitmagic You're literally uninformed go read up on economics.

[@browncity]

It's because of government spending. Corporations and people have ALWAYS been greedy.

[@nemodot]

Here in Argentina unorthodox economist had this idea for years and inflation has skyrocketed. The problem here is so much money supply.

[@helenrothberg9182]

Love Robert! Realistic and down to earth!

[@IMPOTUSx2]

@@Zach-ju5vi flaws that are otherwise superficial & imaginary to REAL americans & not putin-bootlicking magats like you that want the corporate greed to continue!

[@brennanmason1973]

@@IMPOTUSx2 if corporate greed is the issue, does that mean the reason prices were so low 2 years ago is because corporations felt extra generous?

[@IMPOTUSx2]

@@brennanmason1973 what delusional bs are you seriously babbling about?

[@jdtracy]

@@brennanmason1973 Give it a rest.

[@Cyrus992]

Reich is misleading you. Expanding the money supply has a lot to do with it and worse of all this scum supported the programs.

[@polecat13360]

We need a 21st Century Teddy Roosevelt.

[@onomatopoeia162003]

trueeeee

[@améliehester6996]

We sure do! And there will be a new one, sooner or later.

[@9skyman945]

@@améliehester6996 Can't come soon enough

[@GenerationX1984]

We need a new New Deal. The one FDR passed has been gutted.

[@televinv8062]

🙏👍

[@KevinThomas-ok2ev]

As I started watching your video, I suddenly understood the title perfectly; yes, I am being lied to about inflation.

[@billjones8542]

yes you are, by reich and others in govt. macro inflation is caused by one thing and one thing only. when the growth of the money supply outpaces the growth of the goods and services it represents you have inflation. its really that simple. now that is not to say there shouldnt be competition in the market place, that fosters innovation and helps to control prices and services for individual item or services. monopolies are a bad thing but they are not the drivers of inflation. govt is. btw wages going up does not drive inflation either, wage growth is always in catch up mode to inflation, not the other way around

[@KevinThomas-ok2ev]

@@billjones8542 Hallelujah! A fellow Austrian! Never have I heard Reich place the blame where it correctly belongs, instead constantly yammering about corporate greed. So why now? Why weren’t they “greedy” just three or four years ago? And yet his followers eat this stuff up with a spoon.

[@tpope2044]

I'm getting really tired of every economic problem being "fixed" by exploiting the labor class. Where's our bailout?

[@jollyrodger5319]

It's never coming we always bail them out but they never bail us out it's a one-way Street buddy

[@rebel3891]

The power relationships between capitalists and workers were inherently exploitative and would inevitably create class conflict....Karl Marx. Just sayin.....

[@hellstromcarbunkle8857]

@@rebel3891 Also said by Adam Smith.

[@anjelfliye6204]

Yeah the Rich folk don't like bailing us out cause there's nothing in it for them. And your bailout dollars have gone to banks, airlines and corporations all who have groomed and influenced the government to believe that on any given year if the profits go from 100% to 99% that means they're losing money and somebody should have to pay... WE'RE ALWAYS THE SOMEBODY cause we can't put up a fight and the government and corporations know this

[@floydb5668]

Thank you Robert!!! Keep up the great work!

[@Alexrogan0311]

except he's pushing lies and propaganda! Gas companies took a 50% cut than their profits doubled. That means they are the same place as before the plandemic. If you have $100 and it gets cut by 50% you have $50, double it and your back to $100. That's how Elizabeth Warren and these propagandists lie to you

[@floydb5668]

@@Alexrogan0311 You’re still talking about billions in profit! The average CEO makes 350% more than the workers. When that CEO breaks the law and steps down they give them 10s of millions on their way out the door. I don’t feel bad for these companies especially when taxpayers give them billions in subsidies. The point is when these companies go through hard times the consumer suffers and not the companies or shareholders which is what would normally happen. These companies are too big to be held accountable and take advantage of a rigged system paid for by the company lobbyists to crooked politicians

[@Alexrogan0311]

@@floydb5668 I like how you simply throw in CEOs as if only oil companies have CEOs. But congratulations to CEOs for making so much money and I’m glad the oil companies make money. Oil companies make about $.15 a gallon on gas the government makes about 300% more than that on the gas that Oil companies produce. Of course the government also gets paid taxes on the income oil company make and income from all of the employees that the oil companies employ. There’s no competition in the system because of regulation Democrats love regulation. The regulation pushes out the small guy, reducing competition, and enriching the large guy. While oil companies are finally back up to their profits they were making pre-pandemic their profit margin‘s have shrunk significantly. Their costs have skyrocketed oil is up 300%, labor 25%, transportation up 25% and then of course there’s a regulatory burden from the occupier and chief. Like the most corrupt president the US has ever had, Barack Obama, said energy prices are going to necessarily skyrocket.

[@floydb5668]

@@Alexrogan0311 and your blaming oil companies woes on regulations from the democrats? Seriously?! I’m done with you. You are talking out of your ass. You support big corporations, I get you couldn’t care less about the little guy. No worries, I’m sure you’re doing just fine in your situation. Good luck my friend, I sincerely hope you live a long and prosperous life unlike 80% of Americans

[@floydb5668]

@@Alexrogan0311 and yes, there are CEOs in every company. I work for one of those large companies, do you?

[@cstarsfly]

Part of the problem is certainly lack of competition. The reason there is a lack of competition is because politicians work hand and glove with lobbyists and corporatists at the expense of everyone else. This has nothing to do with capitalism. In fact this is exactly the opposite of free exchange. If you are like me, and want a world with many more small businesses you should certainly be in favor of freedom, and synonymously; free exchange. Robert Reich is correct that there is lack of competition. He is wrong in his solution to this problem, he wants more government control, which is exactly what created the problem to begin with.

[@SaneSociety1]

Support stores like Trader Joes and Costco. They cut out the middle-man expensive brands, go straight to the producer, and keep their prices down.

[@Sewblon]

Your description of how pricing works isn't entirely accurate. Even in a perfectly competitive market, increases in marginal cost are still passed onto consumers, because in a competitive market, price = marginal cost. Plus, if the cause is the U.S. abandoning anti-trust policy in the 80s, then why did inflation start rapidly rising once the lock downs were over? Did corporations all decide that the pandemic and the reported supply chain problems were the perfect excuse to raise prices? Why did they wait for an excuse to raise prices at all? Why not just raise prices and keep your mouth shut? Its not like blaming the pandemic or the supply chain problem has stopped the Biden administration from pursuing anti-trust action. So if that was the motive for waiting for an excuse, then they gravely miscalculated. What I am getting at is: If the cause were corporate concentration due to lax anti-trust enforcement in the 80s, then you wouldn't see a rapid rise in prices last year. You would just see a steady rise in inflation as corporations became more concentrated since the 80s.

[@klauskarbaumer6302]

The lack of knowledge and insight concerning their own economic system among most Americans, including politicians is frightening. Thank you, Prof Reich for working to change that. But unfortunately the people who should listen to you have not subscribed to your channel. And Democrat politicians aren't either, it seems.

[@gorkyd7912]

This channel? This channel that thinks Pepsi's only competitor is Coca Cola? I can tell you right now, if you think I'm going to pay $5 for a Coke because Pepsi is also $5 you're out of your mind. This is political entertainment, it's not economics.

@@gorkyd7912 I dont even live in the US and I understand there are lots of companies that provide cola soda at lower prices than the top two. The pareto principle would say that 80% of the market would be controlled by 20% of the companies. That is almost a given in any field. If you deconcentrated the market somehow, it would slowly build again to comply the pareto principle.

[@SeraphsWitness]

@@gorkyd7912 Yea this comment section is fooled by his nonsense. If there's a competitor increasing prices due to "greed", that's literally a perfect opportunity to undercut your competition on price. His suggestion doesn't even make economic sense.

[@fantom5894]

This video would make the heads of the Pox News crowd explode. But they should watch it anyhow.

[@SeraphsWitness]

@@fantom5894 The economic illiteracy certainly made my head explode, but I didn't need to watch Fox to understand that. Just a basic understanding of macroecon. It's amazing how "corporate greed" just decided to kick in when Biden took office. Also amazing how inflation is only this bad in America. Shocking coincidence.

[@katiebice3905]

I remember the gas price wars in the 60's. My dad would drive for blocks to look for the cheapest price.

[@ronald3419]

Then in the early 70s self-service gas was born when we could pay low 30 cents per gallon self-service versus high 30s full-service.

[@slobnoxious]

I remember last year, when there somehow was no corporate greed, and I was paying $2.50/gallon LESS than what I'm paying now.

[@DC3Refom]

30 cents a gallon blimey thats so cheap , early 70s 33p a gallon

[@jackpoage5419]

17 cents during a gas war in Baltimore in 1961

[@walkerhaw5468]

Inflation begins and ends with the government buddy. Stop blaming corporations for trying to survive.

[@billjones8542]

wow someone else who gets it, maybe there is hope after all

[@milehighbry]

this guy is literally speaking the words out of my mouth. subscribed.

[@randomguesses4235]

The narrative of the government printing money is overwhelming. Corporate wealth concentration is rarely mentioned. Nicely done!!

[@keremcagin1228]

Well money printing actually gives ammunition to big corporation! So they are both interconnected.

[@cwalenta656]

Inflation is, always and everywhere, a monetary phenomenon. I don't care if the oil tanker blew up, a storm destroyed crops or corporations are price fixing. Bottom line consumers that continue to spend their money on the higher prices are seeing a relative change in price. For it to cause a rise in the general price level, there needs to be additional money because otherwise the money spent on the item with the higher price is spent. Its money that can't be spent on other things. The government will do many things, take responsibility for inflation is never one of them. Pro-government apologists like Reich are no different. He's the one lying to you.

[@digaddog6099]

Who says there needs to be an increase in money to spend? Why can't that extra money come from would-be savings?

[@rutessian]

@@digaddog6099 What "would-be savings"? Savings can't account for inflation because not all people save then spend at the same time.

[@hellstromcarbunkle8857]

Wrong as always rightard. IF the problem was "Creating money" then every bank that loans at interest is the cause, for 9/10 of dollars are credit only scams.

[@hellstromcarbunkle8857]

@@rutessian And how is money created? BY givng 2.7T in tax gift to those who ONLY use that money to buy back stocks, adding no value to the economy. Thanks tRump

[@rutessian]

@@hellstromcarbunkle8857 Money is pulled out of the ground or the sea, from trees or the backs of animals, money is made in factories or in fields, money is everything we produce that holds any worth to someone else. Currency is created by central banks buying government debt which is what most of us use instead of money these days. And as with all things, the more currency there is the less it's worth.

[@arthurlambert6418]

Robert is a genius on many subjects.

[@billjones8542]

economics just isnt one of them

[@AaronMDubya]

Great job on that monopoly board graphic. I think that visual aid could have legs, like fleshing out the utilities, the chance deck..🤔 Anyways really great work by all involved, especially the editor/artist

[@mbitetto67]

Yeah, shaking hands with the left hand? Talk about shady. ; ) 01:41

[@FAMUCHOLLY]

Thank you for the explanation Dr. Reich!

[@Linkous12]

I wish I could show this to the customers I check out at the grocery store I work at. You'd be amazed by how many of them tell me their higher grocery bill is because Joe Biden.

[@PremierAutoMan86]

Nobody realizes the last guy had 3 years without a pandemic and this was all perpetuated by said pandemic and it just so happens to be on Biden's watch. But ignorant Americans will all vote Republican in November thinking it will solve everything 🙄

[@jdtracy]

@@Zach-ju5vi You just jumped the shark

[@TerryBecker-bw1vx]

Costs went up, corporate profits skyrocketed! There is NO inflation, only greed, theft, & gouging.

[@ricklovelaec6442]

The thing we need to remember that after the next revolution, and all the dust has settled and man is starting to reemerge from years of war, is that a pound of gold will be valued less then a pound of bread, the fact that we put more value on coal and oil, over clean air and water is a shame on humanity ,

[@briansehovski9854]

Me. Reich, over the past few months. You gained ground on who I want to have dinner with before I die. The topics you cover and how you apply day to day knowledge/experience is better than the finance/economics classes I paid an arm n leg for. If you take requests, I’d like your take on the gas prices. If I missed an episode covering this topic. Lease anyone post a link. Thanks Brian

[@Stonecoldfrank]

How about you start with Biden shutting down Keystone pipeline? Looks rather like Government is limiting oil supply, not businesses.

[@jdtracy]

@@Stonecoldfrank Umm, have you ever heard of OPEC? Just because we aren't willing to risk environmental obliteration (any more than we already do) doesn't mean there aren't monopolies controlling the price of oil.

[@Stonecoldfrank]

@@jdtracy If you reduce the supply of oil production, the price will go up. That's basic supply and demand. I hate all these people who want the US to stop producing, but then complain when importing oil from the few foreign producers brings the price up. It's compeletely senseless.

[@mschlosky1]

@@Stonecoldfrank You don’t know what you’re talking about ..how would a gas pipeline that doesn’t exist affect prices now do you understand that A thing that hasn’t been made yet can’t affect gas prices now ? it would take years anyway for that even come online .. We end up exporting a lot of our oil.. as well ..read a variety of sources .. Speaking of reading check out the IPCc report .climate change is about to destroy a lot of economies, humans and animals.

[@Stonecoldfrank]

@@mschlosky1 How a pipeline that doesn't exist affect prices?!? Are you kidding me? It's precisely because it doesn't exist that the US doesn't have access to the Albertian oil, and therefore has to bid up oil import from somewhere else. If you don't understand that the absence of a certain amount of a commodity creates lower supply, therefore higher prices, I don't know how else I could make you understand the sheer simplicity of this concept

[@shyguy1630]

I had a feeling this was happening. It’s like if your competitors is raising prices. Why wouldn’t you if people are willing to pay a quarter more for soda or any product. It’s like everything is consolidating. From social media platforms, to movie studios. Think about the only reason we have Snapchat, tiktok is because they refused to sell to Meta.

[@jwatson181]

Why does anyone vote for democrats???? CA is number one in the USA in poverty adjusted for cost of living! If you vote blue, you hate poor people. Government is the ultimate corporation with a monopoly on violence.

[@melaniecotterell8263]

Allstate raised rates on their customers that were already paying the most. They figured that they wouldn't mind paying even more. Cable companies do the same thing. Power companies just bend you over because you have no choices. My power rates almost doubled in 2 years and they were high to start with. Average SCE residential customer is now paying 32-cents per kWh, 53-cents between 4 and 9 pm and 21 cents otherwise plus 40-cents a day service charge. So if you conserve as much as possible and never run the AC you pay ~$200/month Poor governance causes a lack of competition and high prices.

[@coopsnz1]

It cost more to import products a franchise socalist moron, net profit aren't up the down dickhead wanker

[@SunsetHoney615]

Spot on. Consumer spending is not driving inflation. So punishing regular people by making money more expensive to borrow does nothing to reduce real factors pushing prices up and driving inflation. It’s mental.

[@billjones8542]

and who makes money more expensive. the govt and federal reserve.

[@TheologyVGM]

I wish there was something any of us could do. Vote vote vote they say! But when we do, no matter what, the politicians just do what they want to because they are in bed with corporations. My hope that things will get better is at an absolute low right now.

[@karlabritfeld7104]

Wishing doesn't change anything.

[@care2think611]

Thanks Mr Reich (and crew) for your sane perspective, and sharing it. I am reminded of a quote of Abraham Lincoln's speech to the Illinois Legislature January 11, 1837 "..These capitalists generally act harmoniously and in concert to fleece the people; .." Capitalism and its regulation doesn't have to be cruel and unfair to all concerned. I think it was working much better for the people and the whole U.S. economy in the 1960s and 70s. It seems our legislators weren't so influenced and bought off back then as now.

[@MsMars.]

@care: politicians have been bought off for time immemorial. I think that everyone is much more aware of it now because of the 24/7 internet providing the conduit to expose what is going on.

[@perfectionbox]

When a factory churns out millions of boxes of product each month, its owners will then agressively figure out ways to produce slightly less product while charging the same price hoping buyers don't notice. Because even a half percentage cost savings will pay the owner a shitload of money. This repeats until the product is a shadow of its former self.

[@coopsnz1]

Net profit fallen a franchise & independant owners moron 🙄, less productive is because of government control

[@izzyno715]

Thank you for the truth, Robert! You lay things out so perfectly. I get more knowledge watching a 2-minute video from you than the media all day long. 😁😁

[@kazetatsu7095]

That all could be true for the big companies, but a lot of smaller business are ending up under the bus. The little guys can’t absorb the costs of things like wage increase legislation, even if a big company could. I’ve also heard of places like Starbucks coming in next to a small business coffee shop, cutting their prices to drive the little guy out, and when the little guy goes under, raising those prices back to match with the rest of the chain. With gas prices on the rise, I keep wondering if there’s ways we the people could find alternatives to the corporate monopolies. I want to be able to say no to the high prices, but I'm stuck having to do things like drive to work. In fact a lot of the essential products are extremely centralized, or depend on monopolized products to survive.

[@coopsnz1]

Franchise own service station, net profit in fuel shit especially in high taxation country Australia

[@dylanwatts9344]

Test example: 1. An economy that has no new tech and no gouging never has Inflation. Even if the pop grows, you have additional workers that would produce and therefore balance the economy. 2. An economy that has new tech and no gouging produces more. No inflation should happen and everyone should have more. 3. An Economy that has no new tech but has gouging limits resources (money). Less money means everything costs more, or inflates. Do a small scale test with students with a mock town. At first, everyone makes enough to satisfy everyone's needs. Then, introduce new tech (someone can make more of an item). Then, have someone with a critical item for survive raise their prices. It works out pretty well.

[@gorkyd7912]

This is an impossible test because there is not scientific definition of "gouging" it's just the feeling of a consumer that they're paying more than is fair. When Lebron James makes $40 million every year for playing with a ball in an entertaining way you don't call that price gouging he earned that by working hard. When the local fast food chain that employs 200,000 people increases the price of a burger by 50 cents and then makes a profit of $37,500 per capita that's considered gouging.

[@dylanwatts9344]

@@gorkyd7912 So you're saying that there is no possible way to define gouging? So saying that charging 1,000,000,000 times production cost wouldn't be price gouging? Whether people are willing to pay or not? A sucker is born every day, and to put your consideration into the column whether you are willing to pay it or not is a pretty suckery thing to do. Example, I work for an apartment complex. I don't live there, and actually have stake if it isn't profitable. We earn roughly $650,000 per month. Out operating costs are $150,000 per month, with $60,000 being employee wages. We could cut prices to 1/4th what they are and still make money. We could cut it by 1/2 and the owner would still make money after paying the loan payment. And after all that, I am appalled that my assistant manager isn't paid enough to qualify to live on site. It doesn't matter on the feeling, because we are consistently at 97% capacity, it matters because the principle. That despite repainting all 17 buildings, re-asphalting all of the parking lots and replacing several dozen water heaters the past year the owners are walking away with $500,000 per month, $6,000,000 per year from one, only one of their locations. You my good friend have been duped into thinking it's okay.

[@gorkyd7912]

@@dylanwatts9344 I'm not saying it's OK, I'm saying there is no way you can define gouging and therefore the experiment cannot be conducted. If I find a diamond while I'm out walking I might charge 1 billion X production cost because production cost is zero, but it's not an essential item so am I gouging? What about my used car, I love my car so even though Blue Book says it's worth $1500 I won't part with it for less than $5000. So am I gouging because I charge far higher than the value for this essential commodity? Production cost itself is a relative term across time, if a company puts all its profit toward a new factory that brings production cost down to $1 that doesn't count the millions the company spent to achieve the low production cost. I don't doubt we can agree there are real instances of gouging. Martin Shkreli raising rare drug prices 1000% is gouging; he identified an essential commodity in the market, bought it up to attain a monopoly, and then tried to rake in the profits knowing there was zero competition. But it would be next to impossible to create a definition of gouging that could be applied scientifically using these agreements, and if we did create such a definition it would most likely rule out all of the basic price increases we're seeing in 2021-22.

[@dylanwatts9344]

@QB5 I was about to question him on the very same point. Thank you for pointing it out too!

[@dylanwatts9344]

@@gorkyd7912 Read QB5's reply. Was about to say, but he did it first.

[@Dobviews]

I noticed this trend in the 80s when small businesses were going bust to large companies like Walmart and such... I worried those small business owners would not be making the same as their large competitor employees in 20 years time... I was right it seems.

[@chrisgreco4249]

The recent inflation is not only caused by the lack of competition. It's caused by the lack of morals and unchecked greed on the part of upper management in thousands of US corporations. The three most successful, innovative, and powerful business leaders in American history - Vanderbilt/ railroads, Carnegy/US Steel, Rockefeller/Standard Oil all made vast fortunes. All three of them gave away more than half their immense wealth to create foundations and charities still in existence today. These men gained riches, but also gave back immense riches to the benefit of all Americans.

[@philmarsh7723]

"They're using their profits to line the pockets of major investors and executives" I'd have to say executives but recently, not so much, investors. Not now. Look at the stock market. I invested heavily in the stock market and benefited in the short term, from corporate power concentration. But in the long-term, investors will too ultimately suffer from this, due to a weaker overall economy which results from this corruption.

[@rudeboyjohn3483]

There's always a bigger fish

[@FirewindII]

Well done, Dr. Reich. Thank you.

[@generalZee]

Keep in mind the reason underlying corporate consolidation, too: stock market price pumping. Since the 80's the DOW going up has been a major selling point for pretty much every incumbent president during their campaign. All of them are trying to pump up the stock market prices because it's an easy way to bang a club and say "Presudent Economy good!" But as a result stock prices have inflated massively. During the pandemic things got worse as investors realized that inflation was necessarily going to hit when governments increased spending to combat Corona. They pulled their investments out of currencies, and poured them into value-holding stocks which bouyed the prices of the market even further, causing the price to earnings ratio to almost double on average over the course of one year. How can companies justify these new stock prices? They need to make bigger earnings than ever before. If they miss by even a fraction their stock will tank as investors correct, and then massively overcorrect. Look at what happened to Facebook stock when they missed their targets. So you can blame it on greed, but really anyone in one of these massively inflated corporations are scared for their lives, scrambling to keep up with an impossible valuation.

[@geezerdombroadcast]

"Robert!" What a wonderful man you are. No bull? No razzmatazz ; just simple solid economics, navigational skill of language, and human perception of (where the money actually goes)? How you manage to keep your Witts about you after the economic / political / seditious madness of the (previous maladministration) is a work of art. You've kept us all from jumping off the deep end metaphorically speaking of course. Robert Reich never looses his cool. Far as I know? Never doubt it! The (free educational reality) you share with millions; may be the very thing that saves our country from : radical right wing, radical religious, radical fascist, book burning barbarian nightmare growing like a disease. Not much different than the 1930s in so many sickening ways as things look from where I sit. More than any of us could bare? It's the "(madman's)" image for himself in his delusions. This is what he fantasizes about above all else. (Dump) and his lies are (insane). They are prosecutable beyond doubt. A continuation of the original insurrection incited by him beyond any reasonable doubt. They are the very definition of treason a direct fatal barbaric attack on (the duly elected body) and the constitution, the representation chosen by the people? What could be simpler? Call the fascist lunatic what ever one wants, Nazi, Supremisist, opportunist , mobster wannabe? He's restrainable by any sensible standard of public safety, as dangerous as any Russian spy, any foreign terrorist, or domestic mobster wannabe. Sensible constitutional, self defensive drastic action must be taken to avoid the destruction to our credit, our children's future, the lives of the elderly, and disabled. Only a barbarian lunatic can't see the sanity in that. There is no more possible excuses, for the oligarchs "none"!

[@gamtngirl3655]

Thank you for this excellent breakdown, Robert Reich. I, for one, am listening. Kurt Anderson’s book Evil Geniuses about corporate take-back of power starting 1979-1980 describes their multi-decade plan for accomplishing what they have done.

[@melaniecotterell8263]

Consumers have all of the power. They could bankrupt any company. Corporate taxes are counter-productive. Better off taxing it as it is distributed through wages , dividends, and capital gains. Sales taxes too, they stifle commerce unfairly. Basically you are being double taxed. Those who make a lot more than they spend get another break. And all illegal transactions have another advantage, Government can cripple a society by overwhelming it. The difficulty of downsizing government is the best reason to downsize government.

[@GhostRangerr]

@@melaniecotterell8263 It's true that consumers have all the power, but the really hard part is how are you gonna wake them up to this fact? The majority would just choose convenience over less or inconvenient solutions because they've been conditioned into that for decades.

[@namratagandhi3381]

Thanks for the book, surely read

[@metalrooves3651]

EXCELLENT??? he never mentioned the big problem of printing money by his democrat buddies!!THERE CAN BE NO INFLATION WITHOUT MONEY TO GO AROUND!! in the depression ,there were monster SHORTAGES BUT PRICES WENT DOWN..,,,this corporate greed IS NOT NEW!!!How come its now decided to rare its ugly head??? BECAUSE THROUGH 8 TRILL OF WASTE ,THERE IS TOO MUCH MONEY IN THE SYSTEM!! l see 400% in plastic!!,,

[@indigotaylor-noguera7119]

This shines light on why I wish we had an economy with no large corporations and no chain establishments and just a large cluster/large diversity of multiple small businesses, where every business is mandated to stick to only one or two locations and make it work.

[@utkarsh4386]

That used to be america, but it’s a feature of late stage capitalism that power keeps getting concentrated on top

[@gorkyd7912]

Good news for you. The US housing market is dominated by small investors, and home owning individuals. There are 80-million owner occupied homes in America and there are around 11 million investor landlords who manage average of about 2 units each. Therefore, by this idiot's logic, we shouldn't be seeing any inflation in the housing sector because of competition, right?

[@anthony_hugo]

@QB5 too bad government bootlicking is way worse…

[@coopsnz1]

The franchise not corporations you buy from

[@liberalrationalist8905]

Corporate concentration? Yes, that is a problem. OTOH, one problem is a failure to understand what inflation is. By not understanding what real inflation is means the wrong "solution" is applied.

[@larryanderson1440]

Are we being lied to, absolutely 💯

[@Berisheet]

One component you are missing is the role banks and private equity lenders play in this false inflation. Most corporations use debt as a tax shield and a means of growth. No one cares less than a creditor. This forces the hands of these corporations to do things like cut labor costs and raise prices that way they are still able to pay their massive loan payments.

[@bhoovis]

Right Robert - the government can keep printing and spending money that it doesn't have, but when the natural result occurs (i.e., inflation) it's the corporations who are at fault. Please...

[@americanpatriot2368]

You are 100% correct! Lefties will believe anything.

[@fredericbrown8871]

Well, assuming it's a supply issue (my understanding of the situation) and hence of course increasing money supply will cause inflation because the production won't catch up, concentration could nevertheless be the root cause if it makes corporations more interested in increasing prices (less risky) rather than ramping up production (more risky). I don't think concentration is the "one" cause, but just saying...

[@dk3941]

I've been saying this and trying to explain it. But you explained it more understandable than I.

[@danielratcliff136]

Box of 40 trash bags cost $6.99 a year or 2 ago. Now its $11.99 for 40 or $6.99 for a box of 22 like no one will notice its half as many trash bags for the same price. How does a plastic bag double in price. They are taking us for everything they can.