Profits are up 80% since 2020. I guess inflation is good for some people. Corporate profits hit record high in third quarter amid 40-year-high inflation Corporate profits in the nonfinancial sector hit a record high of $2.08 trillion in the third quarter even as 40-year-high inflation continues to squeeze American consumers. Profits adjusted for inventories and capital consumption rose $6.1 trillion from the second to third fiscal quarters, the Commerce Department reported Wednesday, continuing a red-hot recovery from the flash recession caused by pandemic shutdowns. Following a two-quarter dip in 2020, quarterly profits have surged by more than 80 percent over the last two years, from around $1.2 trillion to more than $2 trillion, adding weight to arguments that the private sector is driving inflation by exploiting consumer expectations to keep prices elevated. https://thehill.com/policy/finance/...in-third-quarter-amid-40-year-high-inflation/
This is the truth. If you're a business and you didn't raise prices in the last year, whether you needed to or not, you're dumb. Sad but true.
Let’s do some fun with math ( And links! Links! Links!!!) https://thehill.com/policy/finance/...in-third-quarter-amid-40-year-high-inflation/ Following a two-quarter dip in 2020, quarterly profits have surged by more than 80 percent over the last two years, from around $1.2 trillion to more than $2 trillion Oil Giants, With Billions in Profits, Face Criticism and an Uncertain Outlook All told, according to the International Energy Agency, the net income for the world’s oil and natural gas producers is set to double in 2022 from 2021, to a new high of $4 trillion Profits are running at a rate of 2 trillion a quarter, or 8 trillion annualized. They have increased around $3.2 trillion annualized. Energy companies are running at $4 trillion annualized, an increase of 2 trillion. I don’t know if the basis of those numbers is exactly apples to apples, but a lions share of the extra profits has accrued to energy companies. Energy prices are set by world markets, not greedy corporate executives. Now consider the fracking industry lost something $300 billion from 2010-2020, and there was a long period of really low oil prices and supply gluts, to the point of oil futures prices briefly going negative. The whole greedy corporate profits narrative falls apart pretty quickly. But let’s not let facts get in the way of a compelling tall tale.
