Bill Mitchell: The inflationary episode is being driven by profit gouging and interest rate hikes won’t help much

One recent report from the British Unite the Union (published March 2023) – Unite Investigates: Profiteering across the economy—it’s systemic – provides convincing evidence that:

We’re living in the midst of a cost of profiteering crisis …

… key industries which between them are driving over 57% of inflation: energy, food, automotive, and the transport sectors including road freight and shipping that keep our economy moving …

… profiteering has resulted in the high prices we’ve all had to pay – not workers’ wages …

Rampant corporate profiteering has fuelled the cost-of-living crisis … Profit margins for the first half of 2022 were 89% higher than the same period in 2019 ,,,

The crisis is systemic: corporations and investors, facilitated by governments, have won enormous power to set the rules and reap the rewards. Their economy is failing the vast majority of us, both as workers and consumers.

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