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How the Moneyed Can Pay for Their Inflation [1]

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Date: 2022-09-14

Here's How!

Lindsay Graham’s proposed new bill has just made it so the GOP in the midterms will have to run on banning abortion nation-wide. That’s to Democrats’ advantage, of course. Women, especially younger women will turn out to vote against almost any abortion ban, which is why the R’s were trying to avoid the issue and run on inflation.

Inflation will still be an issue, since it doesn’t seem to be going away, and there seems to be a danger of it becoming ‘normal,’ i.e. expected and therefore not resisted.

Inflation seems to be pushed as much or more by corporations happy to raise prices and therefore pocket huge profits, but the psychology makes it easier for them to do this when there are these growing expectations that all prices will rise, and so will worker’s pay (even if it’ll lose value with inflation).

Biden, Schumer and Pelosi should push the line that Bernie has spread already: semi-monopolized, oligopolistic corporations are the most culpable for pushing inflation. They’re the ones who are inexorably raising prices. Given their market power, they are gaining more profits, not losing sales.

While the Fed pushes interest rates up, to discourage investing in more capacity/workers, the Democratic administration ought to pass a windfall (excess) profits tax at a rate which would discourage the above corporations from raising prices. In a way, it would be simply reversing the rewards system to one that does not encourage inflation, it makes it costly to those who are profiting so handsomely from it. Evens things up, actually.

While that wouldn’t be popular with R’s, it should, if properly explained, be popular among ordinary people of all classes, except the wealthiest. The prices they confront should stabilize, and corporations should pay for the stabilization, not continue to gain record profits.

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[1] Url: https://www.dailykos.com/stories/2022/9/14/2122923/-How-the-Moneyed-Can-Pay-for-Their-Inflation

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