Market wide – companies are profiteering. As much as 50% of recent price hikes are straight profiteering

This economist has the receipts.

Her non profit sat in on hundreds of share holder earnings calls with corporate execs. They all bragged about taking as much profit as they can. One even admitted materials costs are down but they aren’t adjusting the price to reflect it. Many of the companies are food companies.

We need an excess profit tax like we had in WWI, WWII, the Korean War and during the gas crisis of the late 70s.

Read the thread here:

📢📢📢 Want to know why prices are so high? The @Groundwork team is on it & today I published some of our findings in this @nytopinion piece. Be warned–it's not pretty. But to stop companies from price gouging during crises–we must listen & learn. 🧵1/15t.co/it62JCeXrI

— Lindsay Owens, PhD (@owenslindsay1) May 5, 2022

Full article in NYT.

For example:

Executives weren’t just passing along rising costs; they were going for more. Consumers are now expecting higher prices at the checkout line, & companies are taking advantage. In other words, these companies realized they could use inflation as cover for more price hikes. 4/15

— Lindsay Owens, PhD (@owenslindsay1) May 5, 2022

It would not surprise me if many of the social media posts touting shortages, etc- like on here and other places – are actually industry insider exists to “drive price”.

J&J, whose vax was just warned by CDC.

In its 4th quarter report, Johnson & Johnson revealed it raised prices…despite raking in billions from COVID vaccine sales. Its CEO told investors that the need for medical care & to “address suffering and death” is part of J&J's “optimism” & “opportunity” for its future. (5/7)

— Lindsay Owens, PhD (@owenslindsay1) February 10, 2022

Tyson, one of the big 4 meat monopolies Biden is targeting for price-fixing saw profits nearly DOUBLE after price hikes of 32% on beef and 20% on chicken which the CEO attributed to the "continued resilience of our multi-protein portfolio." (4/7) t.co/A5NExE94pe

— Lindsay Owens, PhD (@owenslindsay1) February 10, 2022

After the government destroys the economy, the
government always points to businesses and blames them:
“See? They did it! We’re innocent!”

More at the link…
www.ronpaulinstitute.org/archives/featured-articles/2022/april/18/blame-powell-not-putin-or-greedy-corporations-for-price-hikes/

Blame Powell, Not Putin or ‘Greedy’ Corporations, for Price Hikes
written by ron paul

The Biden administration and its allies continue to use
Russian President Vladimir Putin as the convenient excuse for
their economic failures. The most recent falsehood is that
Russia’s invasion of Ukraine caused March’s 8.5 percent year-
over-year increase in the Consumer Price Index (CPI).

Prices were surging long before Russian troops entered
Ukraine. Furthermore, Putin did not stop exporting food and
gas; it was the Biden administration and Congress that
imposed sanctions, making US consumers suffer additional
price increases. The blame for the economic effects lies with
the US government, not Russia.

More at the link…
www.ronpaulinstitute.org/archives/featured-articles/2022/april/18/blame-powell-not-putin-or-greedy-corporations-for-price-hikes/

AC