Record corporate profits far exceed their rising costs

Yes, the pandemic has created supply chain issues and rising costs, which is a small part of rising prices. But according to economics professor Isabella Weber:

"As a matter of fact, what we have seen is that profits are skyrocketing, which means that companies have increased prices by more than cost. In the earnings reports, companies have bragged about how they have managed to be ahead of the inflation curve, how they have managed to jack up prices more than their costs and as a result have delivered these record profits."

Robert Reich explains below that part of the problem is corporate concentration, i.e. oligarchy. They eliminate the competition that keeps prices down so they can demand whatever prices they want, regardless of demand.

Bottom line for both cases: Greed is ruining our economy at everyone else's expense. And that is some seriously sick shit that's going to require government intervention on behalf of we the people. Recall that one form of fascism is corporate control of government. And that's exactly what's driving this runaway inflation.