Milosia2 Loc: Cleveland Ohio

Economist/Professor Dr. Richard Wolff assigns blame for inflation where it belongs, and it ain’t Biden.

APRIL 16, 2022 BY EGBERTO WILLIES LEAVE A COMMENT

Economist & Professor Dr. Richard Wolff pointed out that our current inflation is a choice in no uncertain terms. Let’s stop the insanity. The snippet in this article is from our more extensive interview that we will make public after it airs on KPFT 90.1 FM, a Pacifica Network station, and our online networks. Dr. Wolff details why our economic system is in permanent decline. Our YouTube members can get a sneak peek here.

Dr. Richard Wolff is on point as usual.


Watch Politics Done Right T.V. here.
One of the reasons I like to interview Dr. Richard Wolff is that he does not pull any punches. He does not feel restricted to toe the line of America’s general narrative. He understands that an economic system is not divine, nor should it make itself so rigid that one treats change as blasphemy. Hell, it is not a religion. It is a tool to allow us to exchange goods and services in an orderly and supposedly pleasurable manner.

I have been telling my Politics Done Right audience for some time that one can prove that today’s inflation has little to do with shortages. Moreover, those who use “inflationary problems to justify monstrous price increases are responsible for those problems.

Let me explain. Greedy, heartless, and immoral corporations stiffed their American employees of good wages by offshoring their manufacturing. They then created the Just-In-Time-Inventory method, which means they could not tolerate any disruption in their supply chain caused by hurricanes, overseas strikes, war, or p******cs. They bought politicians to cut their taxes which means dollars that government could use to mitigate p******cs and other issues were problematic. And after their plethora of screwups, they profit by using the problems they created to recover the cost of their failure at a premium. And that is why you see they are making record profits even with their abject failure. Worse, they use their purchased mainstream media and puppet politicians to blame the government — talking about a close loop that gives our capitalist corporate structure the semblance of innocence.

Dr. Richard Wolff could not have said it any better.

“Anyone who’s listening who ever had a job knows that if you’re not the employer or you’re not on the board of directors of a corporation, no one ever asks your opinion about setting the prices of what’s produced in the company where you work,” Dr. Wolff said. “If you’re not happy with prices going up, the anger or the upset or the question should be directed at the 1% of our people who are in the position to do it.”

But the professor was not done.

“Moreover, we live in a capitalist system which allows them because they are a quote-unquote free enterprise to jack up the price whenever the hell they wish to,” the professor said. “Second point, and I’m just being an economics teacher here. Why do employers make the decisions they do, including raising a price? The answer is that the employers, every action is dictated by what they themselves tell us dictates it. Namely, to make money. They’re in business. To the profit is their bottom line, they tell us. They are taught in business school. And I’ve taught in business schools. They are taught every decision you make should be geared towards, will it improve your profitability or will not? If you raise your profits, your career goes up. If you don’t, your career goes into the toilet. So the honest answer to why employers raise prices is the same answer every kid in business school writes on his or her exam. It’s because it’s profitable. If you think you can get away by charging more, that’s your job to do it. I’ll remind you of a famous saying that describes capitalism. The seller always sells at the best price the market will bear. Do you know what that means? You jack up the price if you can get away with it. So we have inflation because businesses think they’re in a situation where they can get away with raising the price. And in many cases, they’re right. But that’s why we have it. It’s not from God. It’s not divine. It’s not like rainfall coming out of nature.”

Dr. Richard Wolff reminded us that a conservative Republican president stopped inflation in its tracks by telling the employers they had to freeze prices at current levels. He said inflation stopped on a dime then.

Again, if there are no substantial shortages, which we do not have, and businesses are making record profits, it is clear that the underlying inflation, as the professor inferred, is manufactured. The corporatocracy is gauging Americans. Listen to the entire clip. The professor is quite good at explaining.

If you didn’t know , Now you know .

Parky60 Loc: People's Republic of Illinois

Hey stupid, I can give you the #1 simple reason we have the inflation we have in a LOT less words.

The US government and the Fed have pumped OVER $6 TRILLION into the money supply in the last two years. And Biden and his stupid cronies want to pump in even more.

Bevvy

one question comes to mind :
Why did this inflation pop up just as biden was taking office

Bevvy

October 25, 1978 AN ANALYSIS OF THE CARTER ANTI-INFLA TION PROGRAM THE ISSUE One of the few sounds that has been heard above the rumble
of rising prices is the angry cry for an inflation policy. The past redistribution of wealth and the promise of future income distortions
have prompted a unanimous and relentless clamor for action. President Carter's response to the call was presented October 24, 1978, in the
form of voluntary wage and price constraint


Better study your history , Carter was and is a Democrat

Liberty Tree

Do you ever bother to check sources? Richard Wolff is a Matxist economist who h**es free markets and believes that all societies woes are because people are always being exploited . He is hardly an objective thinker. His philosophy is all about class warfare. Of course today's Democrat Party is Marxist in nature.

RascalRiley Loc: Somewhere south of Detroit

RascalRiley Loc: Somewhere south of Detroit

Good question. Biden hadn’t been in charge long enough to have created such a result of policies.

Milosia2 Loc: Cleveland Ohio

You didn’t get any of it , did you ?
It needs to get to you , so you can spend it , creating a demand for services.
Giving it to rich people makes it dead money.
It doesn’t go any farther.
By giving it to people who need it , it will get spent into the economy.

Milosia2 Loc: Cleveland Ohio

We don’t have free markets , if we did , we would have lower prices.

Bevvy

He put oil on the chopping block on his very first day

RascalRiley Loc: Somewhere south of Detroit

That certainly gives the right lots of talking points. Did that precipitate this?

How much is worlds fault There are some countries in despair right now and China will own them.
Where we go one we go all.
There is only one human race and our economies are all tied up together.

Trump could not have prevented this. The powers that be are bigger.

Milosia2 Loc: Cleveland Ohio

40 years of reaganomics is being thrown out because it didn’t work for anyone but the top 20% . Now to rec**p our losses somebody needs to pay .
There will be growing pains and it can’t happen overnight.
Setting up a new locally focused economy is going to take time and money.
Pass Biden’s bills and see what happens next !

Milosia2 Loc: Cleveland Ohio

The Conservative president he was referring to was Nixon .
Stopped inflation in its tracks.
That was back when the government had power before the republicans gave it all away,
We can’t do that today, because we are owned .

Milosia2 Loc: Cleveland Ohio

Because trump ignored the things he should not have.