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I herd it was cuz damn people were forcing them to pay huge wages
That's the McKinnsy foundation...
A bunch of Ivy League recent graduates who will become CEOs or politicians some day.
For American companies they get paid millions to say "you have to do layoffs and raise CEO pay, also charge customers more" regardless of what the question was.
But what they do overseas is worse. They work for dictatorships like Saudi Arabia and try to help them improve their public images and hide the horrible shit they do.
At least that's what they admit, they do a lot worse just often require their clients never mention McKinsey's involvement
Saudi Arabia threw them under the bus tho and said this:
https://www.newyorker.com/news/news-desk/mckinseys-work-for-saudi-arabia-highlights-its-history-of-unsavory-entanglements
They literally help far right dictators harras journalists, which can lead to their deaths or torture.
You may have heard of them when it came out Pete Buttiegeig did overseas work for them.
It's why he dropped out of public eye and stopped pretending to be a progressive but I'm worried in a decade he'll be back doing it again and people might fall for it
John Oliver went over McKinsey in great detail to talk about what a shit company they are.
https://www.youtube.com/watch?v=AiOUojVd6xQ
I was going to post this myself, glad someone else already had the same thought.
That was last time, we had a wage-price spiral. Wages went high, which pushed prices up, which pushed wages up, etc
On this occasion it is a price-nothing spiral. Prices go up, wages stay static, prices go up, etc