The latest increases in the GDP deflator have been driven by both unit labour costs and unit profits. Unit profits increased by 9.4% in the fourth quarter of 2022, year-on-year, and contributed more than half the domestic price pressures in that quarter, while unit labour costs increased by 4.7% and contributed less than half.
Source: The cost of the Reserve Bank’s profit denialism will be lives
What the Reserve Bank in Australia ignores is a failure to recognize the facts
“Their goal is to put a chill on borrowing and spending,” it wrote of the bank, noting that the strategy “will throw people out of jobs and make workers insecure enough to stop asking for raises — even if it plunges the country into a recession.” It argued that the bank was focused on blaming workers. As indeed the bank was. So were pundits, bank economists, and right-wing politicians. According to the yarn they spun, because higher labor costs drive up prices, it is workers’ share of the economic pie that is the problem. And, of course, on this view, government spending was making things worse.
Part of the battle for a better world, then, is to shape the mainstream reality in such a way that recognizes basic facts that are inconvenient for the capitalist class. Those facts include, for instance, the empirically verifiable point that corporate profits and central bank interest rate hikes are sending housing costs up, crushing people and, you guessed it, driving inflation.
Source: Class War Is at the Heart of the Bank of Canada’s Incoherent Rate Hikes
It’s not hard given Trump’s past to surmise he saw money power and influence in taking these documents and refusing to return them when asked like others have, articularly Biden and Pence. Clinton who Trump demanded “lock her up” also fully cooperated with her investigation.
Trump has been stand-out, and adamant refuser of any cooperation and it’s why the DOJ and FBI were called in as a matter of national security.
Cevallos explained that Trump’s decision to string the government along ultimately led to him being charged.
Source: Trump Refusing To Return Documents Was ‘The Event Horizon’ That Led to Indictments: Ex-Prosecutor | The Smirking Chi
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