2024 Term of the Year: Greedflation
Axios got it right in 2023. It still rings true in 2024.
It is highly unusual to follow the weekend blog with a post this soon. This owes a brief exception.
Greedflation may sound like a pun on words (as the fungeon was). But it is a real phenomenon. In fact, Dictionary.com has added it outright as a new word in itself. Here it is.
“Greedflation [ greed-fley-shuhn ]:
A rise in prices, rents, or the like, that is not due to market pressure or any other factor organic to the economy, but is caused by corporate executives or boards of directors, property owners, etc., solely to increase profits that are already healthy or excessive.”
There are a lot of issues that Republicans and Democrats alike will talk about. Immigration. Crime. Abortion. Guns. Civil Rights. Voting Rights. Drug Policy. Criminal Justice Reform. Healthcare. The Environment. Education. Infrastructure. Transportation. Housing. Food Security. Veterans Services. Agriculture. Manufacturing. Fair Trade. IVFs. There are so many issues at play in 2024, from the kitchen table economics, to culture wars, and even foreign policy.
But remember: when someone says Inflation, they mean Greedflation. The economy is strong, and inflation rates are coming down after peaking in 2022 (Europe fared a lot worse than the United States did by the way). But prices that are still high cannot come down until we call out the corporate price gouging and market fixing taking place with the help of GOP inaction today.
Greedflation is easily the most under appreciated issue of 2024.
Feel free to check out my past work on my Substack and Medium blogs, which feature past takes on the 2024 election cycle and exclusive write-ups on US Commerce Secretary Gina Raimondo, among other things. Also feel welcome to reach out to me on LinkedIn with any comments or questions.
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