The Real Inflation Problem Is Corporate Profiteering
Don’t be hoodwinked. It isn’t Joe Biden who’s making record profits and gouging U.S. consumers. That would be corporate America.
This is certainly changing my perspective on the recent inflation news.
“And what that means is pretty simple: Corporate America has seized on the fears of inflation to jack up prices on you and make a ton more money. According to The Wall Street Journal, nearly two out of three of the biggest U.S. publicly traded companies had larger profit margins this year than they did in 2019, prior to the pandemic. Not just profits. Larger profits. Nearly 100 of these massive corporations report profits in 2021 that are 50 percent above profit margins from 2019.
CEOs are quick to suggest to media that they have been forced to raise prices because of one difficulty or another. However, my organization More Perfect Union reviewed recent corporate earnings calls featuring CEOs of some of the largest companies in the world, like Tyson Foods, Kellogg’s, Pepsi, Mondelez (a huge snack food and beverage company that used to be known as Kraft), and others. And we found jubilant executives revealing that price hikes are great for business.”Posted on 2021-11-23T05:49:39+0000