From the same article....
For instance, progressive advocacy group Groundwork Collaborative recently argued that corporate profits drove 53% of inflation during the second and third quarters of 2023. That report found corporate profits were to blame for 34% of inflation since the start of Covid-19.
“There’s a reason most Americans blame corporate greed for high prices, and it’s because they know price-gouging when they see it,” Caroline Ciccone, president of progressive watchdog group Accountable.US, said in a statement. “It simply doesn’t add up when corporations enjoying record profits, enriching investors and giving their CEOs huge bonuses claim creeping price hikes were out of their control. They could have passed some success onto consumers in the form of stable and reasonable prices, but many chose to profiteer again and again.”
Last year, the Federal Reserve Bank of Kansas City found that corporate profits contributed 41% to inflation during the first two years of the Covid recovery.
However, that same Kansas City Fed paper noted that this is not unusual and corporate profits contributed even more (59% on average) to inflation during prior economic recoveries.
end
Anybody who doesn't think American companies take every opportunity to price gouge doesn't know anything about America's vulture capitalism.
For instance, progressive advocacy group Groundwork Collaborative recently argued that corporate profits drove 53% of inflation during the second and third quarters of 2023. That report found corporate profits were to blame for 34% of inflation since the start of Covid-19.
“There’s a reason most Americans blame corporate greed for high prices, and it’s because they know price-gouging when they see it,” Caroline Ciccone, president of progressive watchdog group Accountable.US, said in a statement. “It simply doesn’t add up when corporations enjoying record profits, enriching investors and giving their CEOs huge bonuses claim creeping price hikes were out of their control. They could have passed some success onto consumers in the form of stable and reasonable prices, but many chose to profiteer again and again.”
Last year, the Federal Reserve Bank of Kansas City found that corporate profits contributed 41% to inflation during the first two years of the Covid recovery.
However, that same Kansas City Fed paper noted that this is not unusual and corporate profits contributed even more (59% on average) to inflation during prior economic recoveries.
end
Anybody who doesn't think American companies take every opportunity to price gouge doesn't know anything about America's vulture capitalism.
. The current POTUS always gets ignorantly blamed for it all. HW Bush's policies didn't create the early 90s recession
