WASHINGTON — U.S. Senator Bob Casey, D-Pa., Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Subcommittee on Children & Families, released a report detailing how big corporations are using inflation as cover to raise prices and rake in record profits at the expense of middle-class American families.
The report follows a day in the life of a typical Pennsylvania mom to demonstrate how her daily routine has gotten more expensive as a result of greedflation. From toothpaste and toilet paper to Ben & Jerry’s and Diet Coke, Pennsylvanians are spending more on everyday items while corporate executives brag about raising costs. The report also lays out Casey’s vision to hold greedy corporations accountable and to put money back in the pockets of American families.
“Corporations are raising prices at the expense of Pennsylvania families because they think they can get away with it,” said Casey. “From diapers to groceries, greedflation is making everyday household items more expensive and squeezing families. I’m taking steps to fight back so we can make corporations pay their fair share and put more money in the pockets of working families.”
From July 2020 through July 2022, inflation rose by 14 percent while corporate profits rose by more than 74 percent during the same period. Research by the Federal Reserve found that corporate profits contributed a large percentage to inflation in the first year of the pandemic, including accounting for all the inflation from July 2020 through July 2021 and 41 percent of all inflation from July 2020 through July 2022.
Casey believes more must be done to hold corporations accountable for taking advantage of American workers and their families and has a plan to lower costs for working families by following four overall goals: put more money in the pockets of working families; make big corporations pay their fair share; fight unfair corporate price gouging; and take on corporate monopolies to increase competition and lower costs.
Read the full report on “Greedflation: How Corporations Are Making Record Profits on the Backs of American Families” at www.casey.senate.gov/imo/media/doc/greedflation1.pdf
