Also true in most other OECD countries too, incl. Canada and Australia (both have record-high profit shares). It is decisions by firms to increase prices that are the proximate cause of inflation, and they've been lifting them substantially more than their own costs require. /2
https://twitter.com/heimbergecon/status/1581188926890704896
I'm amazed at how both the economic right & moral legitimacy of firms literally *causing* inflation are absolutely taken for granted in policy discussions of inflation control. Do we blame 'greed'? Of course not: firms are *supposed* to maximize their profits! #WhatsTheDiff /3
In this view the only way to stop firms from increasing prices more than costs is to take away purchasing power from people paying those prices: punishing the victims. Trying to *protect* the victims (with higher wages, benefits, subsidies) is then seen as 'causing' inflation. /4
This is consistent with the ideology of neoliberal anti-inflation policy from the very beginning. We need to see blood on the floor (other people's blood). Otherwise the policy won't work. [Quotes cited in economicsforeveryone.ca 2nd ed p.244.] We've seen this show before. 
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