The reason they aren’t mentioning it is because corporate profits actually fell slightly last quarter, so they weren’t a record. Annualized profits were $2.97T in Q3 vs $3.00T in Q2.
https://fred.stlouisfed.org/release/tables?eid=18673&rid=53
▪️For some reason Reich selects non-financial profits, a subcategory of profits. I’ll post a screenshot in the comments so you can see. But he doesn’t specify this or explain his use of a subcategory, and makes the false claim that corporate profits reached a record last quarter.
▪️Keep in mind, it’s not surprising that nominal corporate profits would rise during high inflation. Profits are business income, and just like nominal wages for employees, tend to rise. If there’s inflation and profits stay the same, then they actually fall in real terms, just like wages.
▪️But it’s disingenuous of Reich to harp on profits driving inflation, when he never does the same for wages, despite wages being $9.7T per year (in 2021) and rising. We also never hear “wages reached a new record last quarter” from him.
https://www.bls.gov/cew/publications/employment-and-wages-annual-averages/2021/home.htm
▪️But neither wages and profits are drivers of inflation. Those are (mostly) the result of productive economic activity. Strangely, Reich is silent on the $5T added to the Fed’s balance sheet during Covid. Money created out of thin air, not from production, and the real driver of inflation.
https://fred.stlouisfed.org/series/WALCL
It’s funny to see the left use the same conspiratorial rhetoric as the right did a year ago regarding the jobs numbers being downwardly revised. So many on the right, who knew nothing of how the jobs numbers are calculated or why they revise them, were convinced the downward revisions were a conspiracy to help Biden win.
If people want to have a debate about the birth death model or the survey methods, ok, but that’s not what’s happening here. Most people are under the delusion that the BLS report is the govt reporting every job created and lost, and are thus easily swayed it’s rigged when it suits their political ends.
This is almost laughingly misleading, as it leaves out everything before the letter.
▪️After being repeatedly lampooned by the Smothers Brothers over Vietnam, Johnson finally had enough. One night at 3 am he called the head of CBS William Paley, demanding that he “get those bastards off my back.”
▪️Paley then asked the heads of CBS entertainment to get them to back off of LBJ. However, instead of backing off the Smothers Brothers doubled down, booking a folk musician performing “Waist Deep,” an anti-war song about a soldier being stuck in the mud while “the big fool says to push on,” clearly a dig at LBJ.
▪️At the last minute, CBS cut the song from the pre-taped show to the outrage of the Smothers. They continued to push the boundaries off and on for the rest of his presidency, with CBS sometimes cutting segments that they thought went too far. Basically, it was a soft form of censorship.
▪️It wasn’t until Johnson made his surprise announcement not to run in 1968 ...