Analysts at the Bank of America said tariffs have raised prices for consumers.
They wrote in a note that consumers have covered about 50% to 70% of the cost of levies to date.
This suggests tariffs will continue to put “upward pressure” on inflation, they said.
Worst part is that prices can’t go down without causing deflation, and that’s economic disaster for all of us.
Even if the top executives voluntarily took a pay cut (LMFAO), that pay is a drop in the bucket vs. any given company’s profit and total employee pay.
No way any CEO or board of directors voluntarily takes a hit on stock prices. How can they? They would simply be replaced by the largest shareholders. Even the smallest want a positive return on their retirement accounts. Stock slipping? Then the fund manager pulls that stock from that fund and moves on. It’s a monstrous, circular clusterfuck.
Worked at one company where the board applauded the CEO saying we were going in the red for two years. But that included a plan to build staff and products. Bet they’re no longer expanding in this uncertain economy. (Funny thing, through a bit of luck and being an awesome group, we made a profit those years anyway.)
Anyway, I don’t see the radical system change/shock we need coming without Great Depression 2.0. Taxing the snot out of the rich ain’t in the cards ATM. :(