Even with a recent ease and slowing, Americans continue to struggle under the weight of persistently high inflation and a string of consecutive rate hikes from the Federal Reserve in. However, the Fed’s strategy of repeated interest rate hikes has been unable to contain a key driver of excessive consumer prices: corporate greed.
Companies have used inflation as a pretext to jack up consumer prices while raking in record-high profits, while they also reported record profits. Corporations are able to do so freely, without accountability. And we, the consumers, are left with high costs on basic necessities—from gas, to groceries, to prescription drugs—while our wages fail to keep up with inflation.
Sign the petition to Congress: Hold corporations accountable for price gouging.
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Higher inflation has, of course, been affected by big problems in supply chains, a result of COVID-19 and Russia’s war on Ukraine. Climate change is also impacting food production and prices. These inflation initiators have provided the perfect curtain for corporate greed as soaring profits have a huge impact on inflation.
Corporate price gouging has led to corporate profits reaching all-time highs. Some of the largest general consumer S&P 500 companies have admitted to benefiting from increased prices as their net profits increased year-over-year and they rewarded shareholders with billions in handouts.
Meanwhile, the Federal Reserve could feel compelled to keep raising interest rates on consumers to curb “inflation”–price hikes that are actually generated by corporate price gouging.
Congress must crack down on unchecked corporate greed. Instead of just relying on job-killing interest rate hikes, policymakers should directly address the problem of price gouging. We need legislation that would hold big corporations accountable for their greedy price hikes. Congress must rein in price gouging and relieve the current financial pressure consumers face.
Sign the petition: Congress must pass legislation that takes action against corporate greed and price gouging.