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
Just incredible. After posting a meme blaming Charlie Kirk for his own murder, they post another a few hours later applauding Democrats for their civility.
Also, if you look at the Occupy Democrats timeline, their posts “denouncing political violence” were variations on “no one should be shot…BUT here’s a quote from Kirk showing he’s a terrible person.” Or sometimes they’d leave the first part out altogether and just attack him. There are no posts denouncing violence without qualifiers trying to gin up their base.
