Commentary Sen. Elizabeth Warren (D-Mass.) recently stated that rising prices were due to corporations increasing their profits: “This isn’t about inflation, this is about price gouging for these guys.” It’s simply incorrect. No, corporations haven’t doubled their profits, and rising prices are not due to the evil doings of businesses. If evil corporations are to blame for rising prices in 2021, as Warren says, I imagine that they were magnanimous and generous corporations when there was low or no inflation, right? Inflation is the tax of the poor. It destroys the purchasing power of wages and engulfs the little savings that workers accumulate. The rich can protect themselves by investing in real assets, real estate, and financial assets; the poor cannot. Inflation isn’t a coincidence; it’s a policy. The middle class and salaried workers not only don’t see the advantages of inflation, but they also lose in real wages and …
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