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I went and checked Amazon and their net margin growth is just over 7%
They aren't squeezing anyone else you'd see an outrageous number like 30%
My point with Amazon wasn’t about prices, just the layoffs. I never said or implied Amazon was inflating prices. I’m sorry if my post wasn’t clear about that.
The other linked articles/sources were more about what I was talking about with the profiteering via raising prices higher than needed. One of the sources is a house oversight committee report, the second is an economic policy institute report, and the third is from Market Watch.
My point with Amazon wasn’t about prices, just the layoffs. I never said or implied Amazon was inflating prices. I’m sorry if my post wasn’t clear about that.
The other linked articles/sources were more about what I was talking about with the profiteering via raising prices higher than needed. One of the sources is a house oversight committee report, the second is an economic policy institute report, and the third is from Market Watch.
I read the three links. None provided any specific company so you can't verify any of that.
And they lumped them together to give a huge number...*shock and awe factor...
Also they only speak of one single "profit margin" for everyone but each industry segment has their average profit margin number so you can't just lump them all together.
And further...they went from 2019 right to the present.
They skipped 2020 completely when profit margins sunk into negative territory.
Exxon Mobil for example had a -43% profit margin 4Q20, 10% 4Q21.
And for this year's numbers for Exxon..their profit margin is 18% gross, 12% net for 3Q22
Most of this is due to them increasing production to make up for closed refineries.
They produced 50,000 extra barrels per day for the US.
I read the three links. None provided any specific company so you can't verify any of that.
And they lumped them together to give a huge number...*shock and awe factor...
Also they only speak of one single "profit margin" for everyone but each industry segment has their average profit margin number so you can't just lump them all together.
And further...they went from 2019 right to the present.
They skipped 2020 completely when profit margins sunk into negative territory.
Exxon Mobil for example had a -43% profit margin 4Q20, 10% 4Q21.
And for this year's numbers for Exxon..their profit margin is 18% gross, 12% net for 3Q22
Most of this is due to them increasing production to make up for closed refineries.
They produced 50,000 extra barrels per day for the US.
I give up. You’re never going to find any of my sources credible and your mind is not open.
Just name one company, just one. I could not find one company named in any of those links.
If anyone has huge profits it's Exxon Mobil. Do you think 18% profit is too much ?
I was actually trying to verify if those articles were true.
When I was a social work student one of my summer internships was to drive around cold bag lunches from one location to another. We never knew how many kids would show up at each place. These kids all walked to get there often with younger siblings. They ate every drop of their food. On Friday they got a piece of cold fried chicken instead of a sandwich and that was very popular.
I started bringing my kids outgrown clothes for kids to wear and later would see them in the clothes. Only one parent ever came with the kids and she wasn’t allowed to eat. The money came from the feds and in that blue collar community many people were against the program. The kids came alone because their parents were working minimum wage jobs. What you wrote is a myth and a joke.
Your personal experience is a mere anecdote, and should not be confused with actual data.
My point with Amazon wasn’t about prices, just the layoffs.
Layoffs are a very good thing. That's how you cut costs so they are in alignment with a new economic reality. The objective is to keep the business viable for the long term. By laying of some employees today, the company can avoid severe long term economic damage up to and including bankruptcy in the future. Note that layoffs are themselves very expensive; a company does not engage in large scale layoffs for fun.
Quote:
Originally Posted by ocnjgirl
The other linked articles/sources were more about what I was talking about with the profiteering via raising prices higher than needed.
There is no such thing as "profiteering." It does not exist, except in the minds of certain extreme ideologues.
Do your duty. Never complain. Your white privilege.
Quote:
Originally Posted by TMSRetired
We are going to have to tough it out.
The Fed balance sheet sits at near $9 trillion ..... before the pandemic it was at $4 trillion..still recovering from the 2009 recession which was at $1 trillion before the 2009 recession.
"Tuf" it out. Useless exhortation. Feels like what cattle say to one another as they are led to slaughter.
"Tuf" it out. Useless exhortation. Feels like what cattle say to one another as they are led to slaughter.
EVERYBODY knows what the deficit is.
What's the plan, man!?
I think the plan is for the Fed to continue raising rates to some kind of maximum in 2023, and then keep them high for a long time. I don't think rates near 0% will happen ever again. There has to be an adequate cost to borrowing, or otherwise banking would make no sense. The economy will adjust to that reality, which has in fact been the only reality forever, despite the absurd thought in recent years that 0% rates were a good thing, or even possible to sustain for any length of time.
WF = Whole Foods? Wow. You shop at Whole Foods???? It's nicknamed "Whole Paycheck" for a reason. You must be megarich.
I did get a chuckle out of someone pointing out that Whole Foods is expensive. Or using that as an example of price increases. Bill Gates' maid/chef or whoever buys his food has likely noticed prices have gone up also.
That said, I do wonder how the "poor" and lower middle class, which might already be pinched in the budget, will continue to manage. I hope the people who have been laid off in the past few weeks had emergency savings.
I know the poor might be on safety net programs. But prices are prices. And increases mean their food stamps or SSDI won't go as far, just like the rest of our paychecks won't.
The "starving students" myth in the USA is a shibboleth of a certain political and ideological caste in this country. It is not grounded in actual, you know, data...
Quote:
Originally Posted by moguldreamer
I always find it fascinating that the kids who "go hungry" frequently sport the latest Nike Air Jordans and Air Pods, and are driven to school in relatively new Lexus SUVs.
Speaking of shibboleths of a certain political and ideological caste in this country....
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Do your duty. Never complain. Your white privilege.
