Robert Reich: Driving Inflation
on Thursday, June 23, 2022Meaning of Robert Reich Money Quote: saying businesses are profiteering by masking price increases under inflationary pressures. Robert Reich said:
“Let’s be clear: inflation is being driven in large part by monopolies that are driving up prices for the sake of profit” — Robert Reich
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In this quote, Robert Reich is attributing a major cause of current inflation to monopolistic practices by large corporations. He argues that inflation is being driven to a large extent by monopolies that are deliberately raising prices, not due to increased costs or demand pressures, but rather for the sole purpose of boosting their own profits.
Reich is suggesting that with monopolistic control over certain markets, some companies are taking advantage of their power and lack of competition to charge higher prices that are unjustified by economic fundamentals. This behavior of profit-seeking through inflationary price hikes, according to Reich, is a core reason why inflation levels are so high.
In essence, the quote is accusing monopolies of exploiting their market dominance to fuel inflation and inflate profits, rather than inflation being purely the result of normal supply/demand dynamics in competitive markets. Reich sees monopolistic price gouging as a major factor driving up inflation.