https://mattstoller.substack.com/p/on-inflation-its-the-mono…
in this highly inflationary period, real wages are actually going down, falling by 3.5% over the last 12 months. If that’s true, then there can’t be a wage-price spiral. So what is going up?
Well, profits.
Back in December, as this debate was first raging, I did a rough calculation, and showed that 60%* of the increase in inflation was going to corporate profits. I was, along with others in this debate, trying to show that there’s a profits-inflation spiral.
*https://mattstoller.substack.com/p/corporate-profits-drive-6…