Of course, but they didn’t lower the prices after. Fucking awful evil companies.
This is just capitalism working as intended. The fact that these price increases are being sold as some kind of abnormality is some real neolib brain in action. It isn’t “greedflation,” it’s literally the same capitalism we’ve lived with for centuries.
And then go one step further and realize it’s always been shit. The only time the world has been great has been when kings and capitalism are on a VERY short leash.
It isn’t “greedflation,” it’s literally the same capitalism we’ve lived with for centuries.
You’re both absolutely right and very wrong: it by definition IS greedflation, inflated prices due to greed.
While it is indeed caused by the same capitalist system we’ve lived with for centuries, it’s getting much worse than it has been now that the billionaires and their corporations have realized that there’s no consequences even when their profiteering is so blatant that even the likes of Forbes and WSJ are having to acknowledge what they’ve been able to distract from before.
There’s no such thing as greed in capitalism, though. Rather, greed is the understood foundation from which capitalism is based on. It only works when there is greed. Companies shouldn’t avoid raising their prices because they don’t want more money, they’re supposed to (in capitlism). The system only works when they raise their prices as much as the market will bear.
My grevience with the term “Greedflation” popping up so much recently is that it feels like a cop-out from the current administration to ease economic anxiety without replacing or criticizing the overall economic model. It paints price hikes as a one-time, circumstantial “quirk” of our times, instead of the logical realization of capitalism that it is.
Ive no idea why this is downvoted. This is not a bad take.
I would personally frame it as, greed is a feature of capitalism, not a bug, but ur not wrong either.
There is no penalties for collision. Regulation should prevent but since politicians are owned and there’s zero effort at enforcment here we are.
When you say “neolib” are you referring the Neoliberal economic philosophy, or some slang term for modern political liberals?
I ask because Neoliberal Economics is all about this profit, and share holders first, type values. This is in contrast to the post Great Depression, Classical Economics philosophy where companies valued employees first, and shareholders last.
I ask because Neoliberal Economics is all about this profit, and share holders first, type values.
Sounds exactly like modern political liberals to me.
Really?
Most Democrat Politicians today certainly are on board. But they were late to buy in. The Republicans actually introduced Neoliberal Economics into politics, chiefly with Ronald Regan.
Today it’s mostly the liberal side of the Democratic Party that introduces legislation to curb all the excesses of Neoliberal Economics.
Everyone keeps saying this is capitalism and its true. Companies squeezing everyone when they’re vulnerable for more profits.
Consumers need protections for things like basic needs so we don’t struggle just to survive.
Food and housing should be protected. Luxury brands can get all the profit they want.
Don’t touch my fucking groceries and rent!
This is why giant supermarkets are bad. When you have a choice of several places to buy, they compete.
Rent though has been captured by optimisation software. Your rent goes up because a computer predicted you (or someone else) would pay more.
Are you saying human quality of life is more important than (strictly financial) profits?? I’m thought that is blasphemy and that I must shame you for it. How dare.
I think the FTC is the only one surprised about this. I bet they’re getting their most severe finger wagging ready to go.
We all knew they did.
I love all the headlines that declare [report about thing you already figured out years ago] was in fact true, like it’s a fucking surprise. Some would say it’s good to have corroborating data, but it never seems to help and I’m just exhausted being right so dammed often.
It’s ethical to steal from these grocery chains.
Isn’t that what they call self checkout?
And that’s why self checkout is no more at the closest grocery store to me.
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… self-care out.
And yes, we definitely should realize how brainwashed we are to always think of the poor extremely rich people.
What stunning observational powers they have over there at the FTC. Too bad they don’t have any teeth because the government doesn’t fund them even close to adequately.
Anyone got a link to the actual report?
It’s in my comment posted further down. https://lemmy.ca/comment/8135463
Is this even news, ofc they did, give them an inch and they always take a mile, war, recessions and sickness are always a profiteering venture for business.
Don’t think of your death as failure; think of it as fun! Don’t think of Wal-Mart’s price hikes as war profiteering, think of them as war… fun!
Death is the only thing we’re promised from life and without it, life would have little meaning. Death is simply a contract fulfillment.
Fuck you talking about? They haven’t come down!
edit: actually I thought you were replying to the folks who were talking about inflation, but now I’m not sure what you’re replying to, so maybe disregard the rest of this comment
Inflation dropping just refers to the rate at which prices increase slowing down, not prices themselves going down. Unless regional and federal governments do something, lowered inflation only means relative stability at current price levels.
I was talking to the writers of the article.
You fucking bet and it sure as hell isn’t limited to grocery stores.
Nothing happens to Corporations around here. It was pretty clear it was greed even before the data hit.
Duh!
So are they going to have to pay it back or did the FTC make a report for nothing?
