The Bureau of Labor Statistics reported that the rate of inflation rose to 8.6% in May, the latest high in a period of rapid growth in prices following the COVID-19 recession in March 2020. Indeed, inflation is now higher than it has been in the past 40 years.
  • @supersolid_snake
    3•2 years ago

    They purposely are allowing it to get out of hand to discipline the labor market. That’s my belief. They can get economics to work, when it benefits the elite.

    • @savoyOP
      2•2 years ago

      Inflation has always been “good” (i.e. for the rich) up to a point. Low interest rates with the Fed and it’s policy of quantitative easing makes it even more difficult for the working class to save money in the US - given the absolute meager state of social security and other methods in place to support the working class under capitalism - but it’s nothing but a boon for corporations as more money and higher prices means better profits.

    • @supersolid_snake
      2•2 years ago

      And up to 60% of the price of oil is due to speculation. Something like 13x of the actual existing oil production is being traded in the commodities market. Russia is a red herring, they need to stop commodity trading of basic needs.

        • @supersolid_snake
          1•2 years ago

          True, it’s all having an impact. The commodities market is something that can be changed very quickly however, if there is a willingness. There isn’t because it’s hurting the poor.

            • @supersolid_snake
              1•2 years ago

              I agree, Biden is to blame regardless… He needs to stop calling it the Putin tax and actually place some of the blame on commodities traders. I think we agree on this being biden’s fault.