Reich-Off

Americans feel like they're still being price-gouged, even as inflation has come down. And here's the big lie of the left right now. Inflation hasn't come down! It's just not going up as quickly. As I've repeatedly shown, it's not price-gouging; it's more money chasing fewer goods and services. If we take a closer look at a few of the biggest drivers of inflation... There's only one driver of inflation: government. Congress spends massive deficits, and the Fed covers for them by printing money. I've explained it several times; not gonna again. For one example, see "The Wolff Class." ...we'll see that some corporations are still using their power and shady techniques to keep prices high while they rake in record profits. [Groan] Then why are their margins below even that of 1-year T-bills? Let's start with rent. In another video, I've told you how Wall Street investors are infiltrating the housing market by buying up hundreds of thousands of homes and rental properties. And I showed how you're a moron if you actually believe that. In the first quarter of 2024, the six largest corporate landlords in America saw their collective profits climb by nearly $300 million, thanks to rent increases. Ha! See what I mean? He gave you the overall number, not the margin. So you'll just go, "Wow, that's a big number; he must be right!" Without having it in any sort of context. If he were right, if he even believed he were right, why would he have to do this? Why not just tell us the margins? They're raking it in while spending nearly a third of those profits on stock buybacks to enrich wealthy shareholders. That's not what stock buybacks do. I've covered this before, too. See "Eye-Gouging Idiocy," which is me debunking a moron reading Robert Reich. That was surreal, I'm tellin' ya. Each of these corporations is using a software company called RealPage, which allegedly allows them to collude with each other to fix rental prices. Meanwhile, in this little place called "reality," this is property management software that allows for easy updating of property values and asset optimization. And Reich is a kooky conspiracy theorist. So is the pig-ignorant Biden Administration, who apparently thinks that software that allows for market pricing is exactly the same as monopolistic collusion! The fact is, rent is going up because housing costs are going up. Since Biden took office, the median home value in the US hit its biggest level since 2007! And of course rent is going to follow that! What about gas prices? In 2022, the top five Big Oil companies collectively made nearly $200 billion in profits—double the prior year. Again, not telling us the margins. Same response. The Federal Trade Commission alleges that a major Big Oil executive colluded with OPEC in recent years to artificially cut supply and drive up prices across the industry. Yeah, they say weird shit like that. Hey, you don't think it might have anything to do with Biden, pretty much from day one, shutting down oil pipelines, halting new oil and gas leases, increasing oil royalties ostensibly to offset climate costs, and trying to spur on "green energy" specifically by making oil more expensive? This is specifically what Biden said he was going to do: Cut oil supply and drive up prices to spur on green energy! Fine time to pick to keep a campaign promise. Besides, does anyone really think that the oil companies make anywhere near the 18.4¢ per gallon the federal government takes in gas taxes? Who's gouging us again??? Groceries are another burden on our pocketbooks. Americans have been paying an arm and a leg in particular for beef, pork, and poultry. Meat producers don't need to worry about competitors with lower prices because four companies control the bulk of all meat processing in America. Also debunked already. See "Robert Reich's Shrinking Brain." When I can debunk you just by pointing to my previous debunkings of you, it's pretty sad! Of course, maybe you'd realized it if you hadn't blocked me on Twitter, you coward! And the biggest meat producers use a high-tech pricing tool from a data company called Agri Stats that allegedly allows them to share information and coordinate price hikes. Also notice how he keeps slipping in the word "allegedly." Hey, Robert Reich "allegedly" blows goats! Not saying he does, just that it's alleged! Of course, it's alleged by me, just now, but still! And yes, this is exactly the same as RealPage: It's software that looks at current costs and market trends to help companies price their goods more efficiently. The prices are going up in response to inflation! It isn't the cause of it! But, I guess if it's Your Team™ in power, all you have to do is get your corrupt administration and its cronies in a handful of states and file a bogus antitrust suit, and then you can say it's "allegedly" true! None of these price increases has anything to do with government spending or pandemic relief checks from four years ago, despite what you might have heard. OUTRIGHT LIE. But this pales in comparison to corporate profits, which are at record highs. ALSO LIE. If you're not lying, why not tell us the margins? Spoiler alert: We're about to see why, with his very next claim. Under the Biden-Harris administration, the Justice Department is investigating Real Page's facilitation of rental price-fixing and launched a massive antitrust lawsuit against Agri Stats. And the Federal Trade Commission is suing to block the megamerger of Kroger and Albertsons, which sent food prices through the roof. Since he finally mentioned actual companies, I can give you the stats: Kroger's margin is 1.43% as of April 30; Albertsons' is 1.41% as of May 31. In April of 2023, the 1-year Treasury rate was 4.6%! They could have made three times as much just buying T-bills as they made selling groceries! So they took a two-thirds pay cut just so you and I could have food to eat! See why he doesn't want to tell you the margins? Of course, much more needs to be done. Americans are struggling to get by while corporations are raking it in. We need to keep tackling corporate power. Inflation affects corporations, too, you know. It's government that's raking it in. Just look at the CBO figures yourself: Government spending outpaces both revenues and GDP growth. No corporation could get away with that for very long! They'd go bankrupt in a couple of years! Because government can do one thing that no corporation can: force you to pay them. Always remember that. So, thanks for watching! Please hit Like and Subscribe, leave a comment, and go to donate.bogosity.tv to keep me doing what I do. And check out all the great content here, like this video selected just for you! ♪ [gougingly collusive music] ♫