We all have a problem with the current inflation numbers, and need to consider some facts about such.
Much of the inflation is due to a recovering economy. 7.9 million jobs have been created during the previous 12 months, and a 5.9 percent increase in GDP. These are astounding figures by any measure. IF you want that type of growth, some inflation is unavoidable.
Some of the inflation problem is due to the much-used supply and demand curves intersecting. But that is aggravated because in truth, what we have to some degree is a CHANGE in the supply curve, deliberately instituted by the ultra-wealthy. A good part of the inflation problem is because big corporations, apparently acting in collusion, are charging more “Because we can.” They use inflation for an excuse for the price increases, so they raise their own prices and profits.
Corporate profits are at a 70-year high. A good part of the problem is not “Core inflation” should be called what it is “Corporate greed inflation.”
Representative Nancy Pelosi has introduced a corporate excess profits bill, which about 80 percent of us support. It probably will not pass in the present Congress, as almost no Republicans will support it. They have to keep the billionaire base happy, and Mitch McConnell surely wants to “Keep that billionaire and corporate money coming in” to finance even more elections, and our elections are now more of an auction than an election.
If you are concerned about inflation, Joe Biden’s Build Back Better Plan should be passed. For the vast majority of us, it does not have to cost a single penny. If you make more than $400K, you are in the top one percent, and most of the American people that it is time for the ultra-wealthy to pay not just a bit, but a lot more. If we truly want some degree of economic equality in this country, we should also eliminate the preferential treatment of the capital gains tax, which taxes sit on your but income at a lower rate than honest work income.
The top one percent pay a lower rate of taxation than the bottom 50 percent. I angrily and sarcastically call them tax-scam billionaires, and I am tired of being asked to pay for such. The 40-year trickle down hoax has worked, to the extent of about three percent a year.
A vast majority of the American people want President Biden’s income tax bill, and I challenge anybody to find a Congressional Republican who will support it.
In Missouri, only W-2 or labor income is taxable. That is very convenient for tax-welfare billionaires.
Causing Good Trouble:
Frank J. Thomeczek, Columbia
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