Loblaw profit up 40%

[fluffy]

Get over it people, businesses are in business to make profits.

There used to be more to it than that, and not so long ago either, maybe a couple of generations. Concepts like corporate citizenship and the social contract still held meaning.

[fluffy]

The grocery chain is enjoying "record profits" (see my comment above), and employees also enjoy record wages (did the min wage go up over the last 2-3-5-10 years? Once again - talking about the numbers, not buying power), same with suppliers.

Saying "Loblaw is enjoying record profits" is just as sensationalism as saying "min wage earners are enjoying record wages". Technically, it's true. But I bet half a donut and a baloney sandwich if I was to take a look at what PERCENTAGE is their profit of the total revenue, it hasn't changed much over the last years, just like the buying power of those min wages.

It's all inflationary gains.

That doesn't work for me. Minimum wage increases mean exactly squat if the minimum wage is not a living wage. Employees in the grocery sector are not enjoying "record wages", their wages have been dropping for years. I maintain that "inflationary gains" in the grocery sector are benefiting owners and shareholders only.

https://financialpost.com/news/retail-m ... rio-report

[Even Steven]

That doesn't work for me.

I'll let the people in charge know.

I maintain that "inflationary gains" in the grocery sector are benefiting owners and shareholders only.

They're not benefiting anybody. Inflationary gains in corporate profits have just as much benefit as inflationary gains in wages.

[GordonH]

Get over it people, businesses are in business to make profits.

There used to be more to it than that, and not so long ago either, maybe a couple of generations. Concepts like corporate citizenship and the social contract still held meaning.

Now it’s shareholders and stock market... pension plans everywhere.

[Bsuds]

Did your fixed income go up over the last 10 years as a dollar amount (we're not talking about its buying power)?

Yes, it did. So, technically you're enjoying "record fixed income" - see how easy it is to make sensationalist headlines?

Our fixed income has not changed since we retired.

Our investments have done OK, so that is the only thing that has helped.

[Even Steven]

Our fixed income has not changed since we retired.

What kind of pension do you have?

Cause CPP gets indexed (increased) every year.

[Bsuds]

Cause CPP gets indexed (increased) every year.

That's so little it doesn't really account for much.

[Even Steven]

That's so little it doesn't really account for much.

But it's still the highest it's ever been, am I right?

That's the power of inflation.

[fluffy]

I just don't get why the corporate sector should get preferential treatment over private citizens. Why not a progressive tax system like individual income tax, the more you make the more you pay. Like the recently proposed surtax on banks with profits in excess of $1 billion /year. Fair is fair. The whole idea of trickle-down economics has proven to be a pipe-dream. Profits have been tricking up for decades now, while wages remain stagnant.

[fluffy]

That's so little it doesn't really account for much.

But it's still the highest it's ever been, am I right?
That's the power of inflation.

In terms of dollar amounts perhaps, but buying power for those on fixed income has been shrinking. Indexing to the CPI has its faults and loopholes. What's wrong with the idea that people in general could do a little better this year than they did last year, and not just the chosen few at the top of the food chain ?

(Edited to correct quote format)

[Even Steven]

In terms of dollar amounts perhaps, but buying power for those on fixed income has been shrinking.

Absolutely. And same applies to "record breaking corporate profits". Nice attention grabbing headline, but that's about it.

[fluffy]

"Record breaking profits" is pretty straightforward. Are you suggesting that they didn't make more money than before ?

https://www.globalcitizen.org/en/conten ... h-profits/

https://www.thestar.com/business/2022/0 ... igher.html

https://www.burnabynow.com/local-busine ... gh-5330662

https://monitormag.ca/articles/profit-s ... on-drivers

[Even Steven]

"Record breaking profits" is pretty straightforward. Are you suggesting that they didn't make more money than before ?

Jesus Christ, we're going in circles.

Are you suggesting that min wage workers are NOT making more money than ever before?? No, you'll say inflation, purchasing power is down, etc. and I absolutely agree. But guess what, inflation and loss of purchasing power apply to the profits of corporations too.

By dollar amount, those record-breaking profits are true. Nice headline!

By a percentage of revenue, it probably hasn't changed. Because inflation applies to everybody, not just workers.

Jeez...

[fluffy]

By a percentage of revenue, it probably hasn't changed. Because inflation applies to everybody, not just workers.

That one word, "probably", is where your argument falls apart. At this point you're going to have to back up your claim with something more substantial what looks to be guesswork on your part. Keep in mind that inflation affects business's operating expenses which are not part of profits.

[JLives]

"Record breaking profits" is pretty straightforward. Are you suggesting that they didn't make more money than before ?

Jesus Christ, we're going in circles.

Are you suggesting that min wage workers are NOT making more money than ever before?? No, you'll say inflation, purchasing power is down, etc. and I absolutely agree. But guess what, inflation and loss of purchasing power apply to the profits of corporations too.

By dollar amount, those record-breaking profits are true. Nice headline!

By a percentage of revenue, it probably hasn't changed. Because inflation applies to everybody, not just workers.

Jeez...

Jesus christ. Fluffy posted profits, not revenue. Increased costs are already accounted for in profit. Workers making a couple of bucks more an hour isn't on the same planet as corporate price gouging. Wage increase at minimum level doesn't even cover costs.