Greedflation, part 3
8 May 2024
I have been a business owner almost continuously since the late 1970s, starting all my businesses from scratch, so I believe in capitalism and making a reasonable profit. But I do not believe in greed, which unfortunately dominates much of the business world.
Although treating employees as valuable assets should be one of the main goals of business management, many of my fellow CEOs believe that increasing their pay to absurd levels is most important.
Many of the problems that consumers face today are due to corporate greed, as discussed in this new video by Robert Reich and in my previous essays:
Greedflation, part 1, 5 February 2024
Greedflation, part 2, 16 April 2024
Fortunately, the Biden administration has successfully created a miracle economy compared to other Western countries. Biden’s philosophy is to grow the economy from the middle out and the bottom up. Tax cuts for the wealthy, promoted by “the other guy” and the Republican Party, make the rich feel better but do not strengthen the economy. Instead, they exacerbate wealth inequality, which threatens our democracy.
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