Katie Porter - What Is Causing Inflation?

[ZiprHead]

The EU has implemented a windfall profits tax and Great Britain is considering it too.

I believe the US threatened something similar. May have even wagged a finger so… they better watch it!

It's held up at the senate right now, I believe.

 

[ZiprHead]

Exxon Mobil's profit for the last quarter $19.7 Billion. 3 times their last years quarter profits.

 

[Swammerdami]

Fun fact: One of my "pandemic" jobs was working for this fine company (heavy sarcasm) at a Fry's store in Tempe, Arizona. After decades in a cushy, well paying job, it was an eye opening experience. I understand why younger people are finding socialism appealing.

Because they think working in a grocery store in Soviet Russia or East Germany was akin to some kind of worker's paradise?

If all you have are non sequiturs, absurd conflations and the flimsiest of strawmen, why not go for broke? Instead of putting them to work in an East German grocery store why not have them die a torturous death in one of Pol Pot's Cambodian work camps? Or force them to listen to Alex Jones — or whoever your latest political idol is — berating them 24 hours a day?

(Yes, I know you probably don't admire Alex Jones all that much. But I thought you should get a taste of your own medicine.)

 

[ZiprHead]

Trump’s 2017 tax cuts helped set stage for today’s inflation. Doubling down will make things worse.

The claim of irresponsible Republicans that they would do a better job than Democrats of containing inflation is just not believable.

chicago.suntimes.com

Back when the Trump tax cuts were being debated, economists warned the cuts could eventually lead to out-of-control inflation. And, economists said, the cuts would force the government to borrow to deal with emergencies. In 2021, ProPublica reported the national debt rose by almost $7.8 trillion during Trump’s time in office. That didn’t help the government’s ability to borrow. Ouch.

Back in 2017, no one knew the COVID-19 pandemic would strike. But it did, along with a war in Ukraine. More emergencies are inevitable. That’s why it was smart that President Joe Biden in August signed a minimum corporate tax of 15% into law. If that’s repealed, as some Republicans want, it would allow many corporations to return to paying 0%.

In September, House Minority Leader Kevin McCarthy, R-Calif., said he wants to give businesses more tax breaks while reducing the tax rate paid by the highest-earning taxpayers to 37% from 39.6%. That’s a gift to the wealthy at the expense of people who live paycheck to paycheck, and is wrong-headed.

To confront inflation, corporate profits — which are the highest in decades — should be the target, not working people. Higher corporate profits reportedly account for more than half of today’s price increases.

 

[lpetrich]

One of Katie Porter's friends in Congress:
Rep. AOC Exposes Price Gouging underlying 'Inflation' - YouTube in a Congressional hearing on April 6

Same politician who thinks spending $60-100T on her "green new deal" would be hunky-dory.

Evidence: {}

 

[lpetrich]

Krystal Ball DOMINATES Bill Maher's Show With Facts - YouTube - KB noted a source of inflation that nobody seems to want to talk about very loudly: propping up the stock market.

She notes that the Biden Admin had high approval ratings at first, after the passing of the American Rescue Plan, but that its approval ratings slumped when it failed to renew the Child Tax Credit and when Joe Manchin and Kyrsten Sinema spent over half a year obstructing Build Back Better.

She also asked if inflation was really due to a lot of people getting a little bit more money. Then she mentioned all the trillions of dollars that the Federal Reserve sent to Wall Street.

Host David Doel then noted How the Fed Bailed Out the Investor Class Without Spending a Cent - The American Prospect - "Just announcing $4.5 trillion in future spending to support securities markets was enough to keep owners of capital protected from the downsides of the coronavirus." - also The Fed Bailed Out the Investor Class Without Spending a Cent

• The Federal Reserve announced on March 23 that it would start direct purchases of corporate debt—an unprecedented rescue of corporate America.
• Since then, the stock market has risen over 30 percent, corporate bond funds have recovered, and companies have saved tens of billions in borrowing costs.
• Thanks to this massive government subsidy, large companies like Boeing and Carnival Cruises were able to avoid taking money directly—and sidestep requirements to keep employees on—by instead issuing bonds.
• The Intercept and The American Prospect have identified 49 companies that issued corporate debt since March 23, adding up to hundreds of billions they otherwise couldn’t have secured so cheaply—providing a safety net to the investor class and making a mockery of the alleged virtues of free-market capitalism.
• This sets the stage for companies with functionally no revenue path in the near future to take on mounds of additional debt—and could set the stage for a series of defaults.

Back to DD and KB. DD then mentioned the 2020 stock-market crash, and he then got to gasoline prices. KB responded by saying that US oil production is up and will be at record levels next year. The oil companies have lots of cash, but would rather give it to their shareholders than invest in new drilling. KB then mentioned corporate monopolies, though she should have said oligopolies, and she mentioned business leaders bragging about raising their companies' prices in earnings calls.

 

[lpetrich]

Iron Mountain CEO William Meaney 'praying for inflation' - New York Post
noting
Iron Mountain CEO Says He’s Been “Praying for Inflation”

The CEO of Iron Mountain Inc. told Wall Street analysts at a September 20 investor event that the high levels of inflation of the past several years had helped the company increase its margins — and that for that reason he had long been “doing my inflation dance praying for inflation.”

The comment is an unusually candid admission of a dirty secret in the business world: corporations use inflation as a pretext to hike prices. “Corporations are using those increasing costs – of materials, components and labor – as excuses to increase their prices even higher, resulting in bigger profits,” Robert Reich, former Labor Secretary under Clinton, recently argued. Corporate profits are now at their highest level since 1950.

It wasn’t a one-off comment by the Iron Mountain CEO, William Meaney. On a 2018 earnings call, he invoked a Native American ritual, telling participants that “it’s kind of like a rain dance, I pray for inflation every day I come to work because … our top line is really driven by inflation. … Every point of inflation expands our margins.”

Iron Mountain’s CFO Barry A. Hytinen also said on an earnings call this past April that “we do have very strong pricing power” and for the company, inflation is “actually a net positive.”

At the September 20 investor event, Meaney explained that “where we’ve had inflation running at fairly rapid rates … we’re able to price ahead of inflation” — that is, increase its prices at a greater rate than the high recent rates of inflation.

So they can price-gouge while whining "Inflation made us do it".

 

[lpetrich]

Ken Klippenstein on Twitter: "can a single one of these harvard economist big brains explain to me how inflation is worse than being unemployed" / Twitter

Rebecca Parson on Twitter: "Corporations are making out like bandits by price-gouging, yet have people convinced that paying one cent more than starvation wages will cause financial apocalypse." / Twitter

Krystal Ball on Twitter: "The ruling class depends on poverty as a tool of social control. Hence the freak out over debt relief and demands that the fed spark a recession." / Twitter
noting
Jim Banks on Twitter: "Student loan forgiveness undermines one of our military’s greatest recruitment tools at a time of dangerously low enlistments." / Twitter

What some people call the "poverty draft".


Krystal Ball on Twitter: "See also:" / Twitter
noting
Ken Klippenstein on Twitter: "CEO of $3 billion real estate corporation recently told investors a recession could be "good" if "unemployment...puts employers back in the driver seat," per earnings call I found: (link)" / Twitter
then
Ken Klippenstein on Twitter: "If you work for Wall Street and are privy to any of their internal research/discussions about a recession and how it could be used to discipline workers (I'm told these exist!), text me at 202-510-1268 (Signal preferred); my DM is also open.
You can remain anonymous" / Twitter

Real Estate CEO Pro-Recession If It Benefits Employers - 'The executive told Wall Street analysts that joblessness could help companies “bring people back in the office … where they want them.”'


The New York Times on Twitter: "Decades of research has found that people of color — as well as people with disabilities, criminal records or low levels of education — are among the first laid off during a downturn and the last hired during a recovery. (link)" / Twitter
noting
What Will Happen to Black Workers’ Gains if There’s a Recession? - The New York Times - "Black unemployment fell quickly after the initial pandemic downturn. But as the Federal Reserve fights inflation, those gains could be eroded."

 

[lpetrich]

Half a year ago, there was a big shortage of baby formula. I mention that because a common theory about inflation is too much demand chasing too little supply. What has happened since then?

Baby formula is getting easier to find, but there are still some empty shelves : NPR - 2022 Oct 27

Eight months ago, a big U.S. infant formula plant in Michigan shut down, causing shortages and sparking panic among families who couldn't find formula they needed to feed their babies.

Now, infant formula production has rebounded, but it can still sometimes be a struggle for parents to find it.

...
The White House has said that total U.S. production so far this year has outpaced 2021 levels, even with the Michigan plant being down. That plant, owned by Abbott Nutrition, normally accounts for 20% of production.

Abbott spokesperson John Koval told NPR that the plant resumed production of several Similac products in September, which are expected to reach retail store shelves in the coming weeks.

What caused that shortage?
FDA review says multiple factors contributed to baby formula shortage : NPR - 2022 Sep 23

Last February, baby formula manufacturer Abbott initiated a voluntary recall after consumers reported cases of cronobacter, a bacterial infection especially dangerous for infants, in products manufactured at a facility in Sturgis, Mich. The shortage forced parents to hunt for formula, as markets and retail stores struggled to keep up with demand.

Abbott said in an August news release that it had restarted production at the Sturgis facility, and that products should begin shipping in late September or early October.

 

[lpetrich]

What the Biden Admin ended up doing about that:

U.S. Will Airlift Baby Formula From Abroad as Shortages Grow Worse - The New York Times - 2022 Jun 1

The nationwide shortage of baby formula is getting worse, with an increasing number of retailers and online sellers posting out-of-stock notices even as President Biden met on Wednesday with executives of five baby food companies, and announced new shipments of formula from Europe to help restock American shelves.

Baby formula has been in short supply across the United States for weeks, the result of the shutdown in February of the leading infant formula manufacturing plant, operated by Abbott Laboratories, because of contamination concerns. Last month, the president invoked the Defense Production Act to help other manufacturers, and promised to use the military to speed up imports of formula from around the world.

...
The White House said in a statement that enough Kendamil formula to make about four million bottles would be flown from the United Kingdom to locations across the United States during the next three weeks. The statement said that United Airlines had agreed to transport the formula from Heathrow Airport in London free of charge, for purchase at Target stores across the country.

Operation Fly Formula: 3rd airlift to ease baby formula shortage

Driving the news: United Airlines will bring the Kendamil formula free of charge from Heathrow Airport in London to multiple airports across the United States over the next three weeks. This is the first time an airline has donated an Operation Formula Flight.

United Airlines' shipment will include 300,000 pounds (about 3.7 million 8-ounce bottles) of Kendamil infant formula, the White House said.

 

[lpetrich]

Saudis Sought Oil Production Cut So Deep It Surprised Even Russia - 2022 Oct 20

The Saudi-led oil cartel OPEC+’s announcement earlier this month that it was cutting 2 million barrels of oil per day — a move that would drive up the price of oil just a month before midterm elections — rankled Democrats in Washington. They accused Riyadh of aligning itself with Russia, another powerful member of OPEC+, which would indeed profit off the move. “What Saudi Arabia did to help Putin continue to wage his despicable, vicious war against Ukraine will long be remembered by Americans,” said Senate Majority Leader Chuck Schumer.

But Saudi Arabia actually pushed to cut oil production twice as much as Russian President Vladimir Putin, surprising the Russians, two Saudi sources with knowledge of the negotiations told The Intercept, suggesting that Riyadh’s motives run deeper than what top Democrats want to admit. The sources requested anonymity, fearing reprisal by the Saudi government.

Public reporting has hinted at Saudi’s Arabia’s drive for a far more aggressive production cut than Russia as well as other OPEC+ members first sought.

Why did Saudi Arabia's leaders decide on that?

While Saudi Arabia has maintained that the move was motivated solely by economic interests, the White House and other top Democrats have said that the Saudis are pursuing a conscious alignment with Russia.

...
Democratic leaders have largely cohered around this messaging. But experts say the cut is targeted squarely at the Democratic Party — something Democratic officials have been loath to admit publicly.

...
In 1973, Saudi Arabia led an oil embargo designed to punish the U.S. and other countries that supported Israel during the Yom Kippur War. Then, in 1979, Saudi Arabia again led an oil embargo — this time in the wake of the Iranian revolution, with the resultant high gas prices playing an arguably decisive role in Jimmy Carter’s loss to Ronald Reagan in the 1980 presidential race. Carter famously placed solar panels on the roof of the White House in a symbolic plea for the importance of the U.S. extricating itself from oil dependency, a gesture for which he was ridiculed.

...
“MBS enjoyed a sweetheart relationship with Trump,” Riedel said. “Trump stood by MBS when he murdered Khashoggi and his war in Yemen which has starved tens of thousands of children; there was never any criticism of the Saudi’s human rights abuses from the Trump administration.”

All in character with the sort of leader that Trump likes.

"The notion that Saudi Arabia could intervene in domestic American politics, verboten in Washington, has been publicly acknowledged by top Saudi officials themselves."

Left with few options, the Biden administration this week announced that it would release 15 million barrels of oil from the strategic oil reserves. The White House is also considering lifting sanctions on Venezuela to mitigate the economic harm of OPEC+’s production cut, a move that some experts have for years been calling for.

“The U.S. has helped artificially make Saudi Arabia more powerful on the energy markets by sanctioning the oil of other major producers,” Trita Parsi, executive vice president of the Quincy Institute, told The Intercept. “Just as [Secretary of State] Tony Blinken said that the destruction of the Nord Stream gas pipeline was an opportunity for Europe to reduce its dependence on Russian gas, Biden should turn the current crisis into an opportunity to reduce its own dependence on Riyadh by rethinking its unsuccessful energy sanctions on Venezuela and Iran.”

 

[Derec]

It is not a fact that monetary and fiscal policies are the major drivers of this inflation.

They most certainly are.

Inflation is up around the world. IUS monetary and fiscal policy is not the major driver of world inflation.

Not directly (although US has an outsized influence on the world economy). However, those countries have their own monetary and fiscal policies that directly affect the inflation of their currencies. You think other countries did not have high spending and low interest rates?

It is a factor in this inflation in the US but it is not the major driver.

I beg to differ.

If it were, this inflation would have started much sooner.

Inflation started increasing in early to mid-2021. About the right time to be triggered by the COVID-induced spending (some necessary, some not so much). It certainly started well before Russian invasion of Ukraine, and there hasn't been any change in the level of corporate greed either that you can point to in the relevant timeframe. So, monetary (Fed failed to raise interest rates until March 2022) and fiscal policy (COVID-related and other spending; luckily we were spared added B³ inflation).

Who is the "you" are refer to? It is certainly not me.

You do not want the federal government to spend more money on programs? Are you against B³ now?

 

[Derec]

I couldn't find your source on the National Reivew.

I do not know what you mean.

And NR is very right wing. Not a source that I would trust.

They are right of center, yes, but less right than the likes of Alternet are left. They are also a serious publication.

Yea, I already agreed that Biden overshoot a little on the stimulus. Interest rates were too slow to rise.

Both true. Except I would not say "little". And his bright idea on top of all that stimulus was to spend $3.5T more on B³. Thank FSM for Sinema and Manchin!

But business people hate rising interest rates. Higher interest rates kills investment. Higher interest rates decrease ROE on projects, stopping them.

That's the idea. You cool down an overstimulated economy, as you would avoid a pot from boiling over by turning down the heat.

Biden has a plan, and we're seeing some progress that inflation is starting to peak.

So far, the reduction in inflation (and it has come down) has been due to aggressive interest hikes by the Fed and not by Biden's El Plan.
And the Fed acted late, meaning the rake hikes had to be more aggressive than had Powell acted in mid-2021 instead of rambling about "transitory". Which also means there is a greater chance of overcorrecting into a recession.

What is the republican plan? How in the world will lower taxes, higher deficit, and investigating Hunter stop inflation?

No idea. But then again, I am not a Republican, so don't ask me.

 

[fromderinside]

Whoever wrote this simplistic tweet is apparently unaware that the oil price is just one of many costs that go into the price of the gallon of refined gasoline. You have transport costs, refining cost, gas station cost. And all those costs will not going be the same in 2022 as they were in 2010.

Riiight. Things should always cost more. Efficiencies have increased in processes over the years more than offsetting labor costs. Costs in 2022 are lower than they were in 2010. So that should go to the shareholders. Right?

 

[Derec]

Saudis Sought Oil Production Cut So Deep It Surprised Even Russia - 2022 Oct 20

I am being given a hard time about NR, but here people are posting from The Intercept? SMH!

The Saudi-led oil cartel OPEC+’s announcement earlier this month that it was cutting 2 million barrels of oil per day — a move that would drive up the price of oil just a month before midterm elections — rankled Democrats in Washington.

And Biden released beaucoup barrels from the Strategic Petroleum Reserve to help his fellow Dems in the Midterms.
The Strategic Petroleum Reserve Is At Its Lowest Level Since 1984

An administration that has frequently emphasized the importance of reducing carbon emissions is trying to increase oil supplies to bring down rising oil prices — which will in turn help keep demand (and carbon emissions) high.
But even though the Biden Administration wants to address rising carbon emissions, high gasoline prices cause incumbents to lose elections. So, they try to tame gasoline prices even though it contradicts one of their key objectives of reducing carbon emissions.

SPR should be for things that threaten adequate supply (major natural disasters, wars more extensive than the Ukrainian one), not to bring down prices a bit in order to help the likes of Warnock and Fetterman.

They accused Riyadh of aligning itself with Russia, another powerful member of OPEC+, which would indeed profit off the move. “What Saudi Arabia did to help Putin continue to wage his despicable, vicious war against Ukraine will long be remembered by Americans,” said Senate Majority Leader Chuck Schumer.

I do not think so. I think the reasons are internal to OPEC and especially Saudi Arabia. First, they want to ensure adequate oil price to balance their budget. Second, it is widely believed in petroleum circles that they have long exaggerated their reserves and their spare capacity. I think is is very likely they are incapable of sustaining a production >10 Mbbl/d for a longer period of time.

But Saudi Arabia actually pushed to cut oil production twice as much as Russian President Vladimir Putin, surprising the Russians, two Saudi sources with knowledge of the negotiations told The Intercept, suggesting that Riyadh’s motives run deeper than what top Democrats want to admit. The sources requested anonymity, fearing reprisal by the Saudi government.

Deeper yes, as I said above. Not for the reason the Intercept is claiming though, imho.

While Saudi Arabia has maintained that the move was motivated solely by economic interests, the White House and other top Democrats have said that the Saudis are pursuing a conscious alignment with Russia.

As I said, I do think the cuts are economically and petroleum-geologically motivated.
However, should KSA really seek a conscious alignment with Russia, it would be squarely on Biden/Dems who have been consciously pushing KSA away for years now. MbS has been the whipping boy of Dems for years now and they are now surprised Pikachu face that he is not willing to jeopardize his own country's economy to help Dems in the Midterms.

Democratic leaders have largely cohered around this messaging. But experts say the cut is targeted squarely at the Democratic Party — something Democratic officials have been loath to admit publicly.

This is possible, and could you blame MbS really after Dems restricting US arms sales to KSA over Yemen (which is proxy Iranian aggression)?
Biden ending US support for Saudi-led offensive in Yemen

I do not think so though. Economic considerations and ability to produce are the driving factors here.
Saudi Arabia would need oil at $80-$85 a barrel to balance budget: IMF official
Note that this is 2019 dollars. About a C-note in today's money.

“The Saudis are well aware that the price of gasoline at the pump has been a crucial political issue in the United States since 1973,” Bruce Riedel, a senior fellow at the Brookings Institution, told The Intercept in an email. “They want a big increase to help the Republicans,” he added, explaining that MBS sees the GOP winning back Congress as the “first step to Trump winning in 2024 and a setback for Biden.”

You snipped this quote. I added it mostly because of the author. He has been a KSA opponent for a while.
Here he is in 2021, wanting to stop all arms sales to the Saudis.
It’s time to stop US arms sales to Saudi Arabia
Never mind that the war in Yemen was started by the IRGC proxies Ansar Allah (aka "The Houthis") whose motto is "Allah is Greater, Death to America, Death to Israel, Curse on the Jews, Victory to Islam". Houthi victory in Yemen would benefit Iran far more than he claims the war is doing.

In 1973, Saudi Arabia led an oil embargo designed to punish the U.S. and other countries that supported Israel during the Yom Kippur War. Then, in 1979, Saudi Arabia again led an oil embargo — this time in the wake of the Iranian revolution,

That was all almost half a century ago. Iran and KSA are enemies now, and MbS has started some rapprochement with Israel, among other reforms. Interestingly, I have not noticed this level of vitriolic hatred toward the Saudi by US left until the former started to thaw toward Israel. I wonder why ...

with the resultant high gas prices playing an arguably decisive role in Jimmy Carter’s loss to Ronald Reagan in the 1980 presidential race.

Of course, had the Carter administration not treated the Ayatollah as some kind of saint, he might not have taken over.
[Jimmy Carter's Chief Delegate to the UN Andrew] Young Praises Islam as ‘Vibrant’ And Calls the Ayatollah ‘a Saint’

Carter famously placed solar panels on the roof of the White House in a symbolic plea for the importance of the U.S. extricating itself from oil dependency, a gesture for which he was ridiculed.

And rightly so. It was a purely performative act. Without electric vehicles making electricity does precious little to "extricate [ourselves] from oil dependency", and 1980 vintage solar panels were, in a word, shite.

“MBS enjoyed a sweetheart relationship with Trump,” Riedel said. “Trump stood by MBS when he murdered Khashoggi and his war in Yemen which has starved tens of thousands of children; there was never any criticism of the Saudi’s human rights abuses from the Trump administration.”

Khashoggi should not have been killed. However, there is no evidence the hit was ordered by MbS. It could easily be that somebody in the Saudi security hierarchy got overly eager. Also, just because Khashoggi was a critic of the Saudi government, does not make him a liberal democrat.
Death of a dissident

As far as the war in Yemen, that has been started by the Houthis. Why are they never taken to task by the likes of Bruce Riedel?

"The notion that Saudi Arabia could intervene in domestic American politics, verboten in Washington, has been publicly acknowledged by top Saudi officials themselves."

Like who?

Left with few options, the Biden administration this week announced that it would release 15 million barrels of oil from the strategic oil reserves. The White House is also considering lifting sanctions on Venezuela to mitigate the economic harm of OPEC+’s production cut, a move that some experts have for years been calling for.

Note that the "few options" are in reference to lowering oil prices in time to help his political allies. Not the right reason to lift sanctions or even tap the SPR.

“The U.S. has helped artificially make Saudi Arabia more powerful on the energy markets by sanctioning the oil of other major producers,” Trita Parsi, executive vice president of the Quincy Institute, told The Intercept. “Just as [Secretary of State] Tony Blinken said that the destruction of the Nord Stream gas pipeline was an opportunity for Europe to reduce its dependence on Russian gas, Biden should turn the current crisis into an opportunity to reduce its own dependence on Riyadh by rethinking its unsuccessful energy sanctions on Venezuela and Iran.”

An Iranian wants US to lift sanctions against Iran. [Surprised Pikachu face] myself ...

 

[Derec]

I think opinions and news articles should be judged on their merits, but some Members prefer to play the game "I hate the messenger, so I'll ignore the message! Ha ha ha!"

Here any right of center sources are accused of bias all the time, and yet dodgy left-wing sources are accepted.

Given that, let's first call attention to Media-Bias-Chart-Jan2022.jpg, copied at these pages frequently. [/quote]
You do know that just pasting the file name of an JPEG is not going to conjure it up here? Could you post it if you want?

You misspelled "mainlyfail.com" and the Back button didn't work? The same right-winger who hijacks your account to post screeds against AOC or Warren handcuffed you and toothpicked your eyelids to force you to read it? How many guesses do we get?

I do not read DM. I made that disclaimer deliberately because I went on their homepage just to see what they write about. I was pleasantly surprised that it was about Joe Biden drag racing.

Hey. Nobody blames you for reading foreign news sources. U.S. news sites aren't very good. But your citing Daily Mail is rather ironic when you rant against Alternet.

I cited them as a source that gets a lot of hate. As do sources like National Review.

You are unable to name even a single story where Alternet misstated facts.

Not unable. I simply not have time. Look at how long it took me to reply to this, and I am behind on many other threads.

Alternet stories usually contain clear links to source stories from more moderate sites.

But they put a leftist spin on it. So why not link to the moderate sources Alternet links to instead of linking to Alternet?
I am not disputing Katie Porter spoke with her oversized prop chart, but the AN spin that it "proves" corporate greed is causing inflation is poppycock.

Since you know nothing about Alternet, why not STFU?

I know they have a far left-wing bias. I have not been on their site for years, but I recall their reporting was very hostile to Israel for example when I did.

But your true colors are showing. As you have tacitly admitted, Alternet presents TRUE facts. FoxNews — which is as far to the right of Daily Mail as Alternet is to the left of ABC on afore-mentioned media bias chart — lies habitually.

Can you point to some outright lies (as opposed to spin)? And please do distinguish between reporting and opinion pieces like you would with an article from a NY Times opinion page.

In your logic, if anyone mentions any partial cause for inflation OTHER than "monetary and fiscal policies" it means they claim "inflation had nothing whatsoever to do with" monetary and fiscal. Start a thread in Remedial Logic and Reasoning if this really makes sense to you.

You should take your own advice re remedial logic and reasoning. I did not say that there could not be other, minor, contributing factors. But the claim by Alternet is that "corporate greed is behind inflation" and that KP somehow proved it. By logic is that "corporate greed" is either sole or at least predominate cause of inflation.
Have you seen the MSNBC video with KP that Zipr posted? KP pretty much dismisses any potential cause of inflation other than "corporate greed" and higher cost of imports or labor. As far as she is concerned, federal spending or Fed policies play no role.

Also, try not to leave unbalanced [ I ] tags in future.

Mea culpa. I must say, as far as editing, the old software was better. Also attachment management, which is non-existent here.
Some other things are better, but the editor itself is subpar.

The Director of Macroeconomic Analysis at the Roosevelt Institute votes one way. Derec, who fails Remedial Logic and Reasoning, votes the other way. Err . . . Derec wins?

Classic argument from authority.
I have offered reasoning and support for my position that the claim that there is a lack of competition in eg. grocery industry is grossly overstated. Mike Konczal has been described by NY Times Magazine as having ”a cult following among progressives“ btw. Yeah, they follow him like a cult.

 

[Derec]

Katie Porter on Lawrence O'Donnel's show on inflation.
Video link
54% of inflation is corporate profits.

Correlation does not imply causation. I guess not even elementary statistics is required for a law degree (which is why we need more educational and occupational diversity in politics, but that's another issue).
Even if her numbers are correct that there is a 54% level of correlation between inflation and corporate profits, that does not mean that 54% of inflation is caused by corporate profits or as you put it that "54% of inflation is corporate profits".
The causation could be the other way, or both could be caused by another variable.
Imagine an inflationary economy. Say Dems retain the House and gain two net Senate seats so they can pass their $3.5T Spendapalooza without being blocked by Sinema and Manchin.
A lot of money is pumped into the economy. Beneficiaries of that largess have more money to spend, so they bid up the prices - more money chasing same amount of goods and services means prices rise. They must, or else there would be shortages.
But in the short term that increase in price means not only greater profits, but also greater profitability because the cost take time to adjust.
Btw, supply can also adjust but that means more sales and again, more
Too much economic stimulus causes both inflation and higher corporate profits.

During the pandemic you had the double-whammy of more money from stimuli, enhanced unemployment, enhanced child tax credit etc. chasing less goods (supply chain problems) and services (many in-person services were not available early in the pandemic), but the result was similar.

 

[Derec]

The EU has implemented a windfall profits tax and Great Britain is considering it too.

Did they give them a tax break when oil futures tanked (into negative territory briefly) during 2020?

 

[Derec]

What exactly is in these bills? The so-called anti-gouging bill apparently "allows the U.S. president to issue an energy emergency declaration, making it unlawful for companies to excessively increase gasoline and home fuel prices" according to Forbes.
It would give the president too much power to meddle in the markets and control prices.

 

[Derec]

If all you have are non sequiturs,

If you say that working for a grocery store is the reason young people like socialism, then pointing out what working a similar job in a Workers' and Peasants' Paradise would have looked like in reality is hardly a non sequitur. On the contrary, it's right on point!

absurd conflations and the flimsiest of strawmen, why not go for broke?

Juxtaposing younger Millennial and Zoomer fantasies about socialism with what actually existing socialism looked like in reality is neither an absurd conflation nor a strawman, flimsy or otherwise. Also, what would a non-flimsy strawman even look like? But I digress.

Instead of putting them to work in an East German grocery store why not have them die a torturous death in one of Pol Pot's Cambodian work camps?

No, that's when you say that US jails are too harsh and that's why you understand why some young'uns support socialism. Duh!

Or force them to listen to Alex Jones — or whoever your latest political idol is — berating them 24 hours a day?

Now that's just cruel and unusual. Even the interrogators at Lubyanka might not have been resorting to that! LMAO.