Report: Executives Are BRAGGING About Price-Gouging Americans

"An analysis released Tuesday shows that executives at some of the top publicly traded companies in the United States aren't exactly being coy about using their pricing power to hike costs for consumers and boost revenues and profits—which are then dished out to wealthy shareholders.

The progressive watchdog group Accountable.US noted in its new report that "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.""

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230616__TA04PriceGouging

[rowann]

It shouldn’t be called inflation when it is price gouging and greedflation

[heartgirl]

Corporate greed is the ONLY driver of inflation. There is extremely little actual scarcity among literally anything we use in our day-to-day lives. Even when there's a bit less or things due to supply chain issues, stuff still isn't SCARCE scarce.

[NicolasMendoula]

That's why regulations are important. That's why corporations should never be involved in politics. But people keep voting against their own interests.

[danielwolf]

And still no action from the people we elect and pay to represent us. You can only overload the top for so long before it causes everything to collapse.

[AdmiralBison]

Remember, this is not about Culture wars- fighting horizontally, left vs right, Dems vs Repubs or red vs blue.

It's about Class war - fighting vertically, top vs bottom, corporate America vs working class and the 1% vs you (us).

[palmshoot]

The one that gets me is when business folks say that Americans are still living off stimulus checks sent out a good while ago.

[vidsbyme]

50% tax on stock buy backs, 30% tax on all US drilled gas and oil exported. Let the free market reign! Removal of all tax benefits from corporations that pay CEOs above a certain % of average company wages just like many EU countries. Ditch the carried interest loophole.

[amyfrancois]

SAID THIS ALL ALONG… timing, and IGNORANCE of GOP!!

[aaron-n]

These executives need to be dragged into the streets.

[lngtimesurfer]

Same corporations that will plead poverty when the well finally dries up and they need the Fed to step in and bail them out

[manuelvillacana]

So it doesn't matter who's in power whether it is Democrat or Republican

[calebseverson]

I was happy to hear recently that Arizona Tea co, did not raise their prices. Their cans are still $.99 each. They tightenened their own belts instead of charging us more. Glad to hear Costco didnt raise their prices either. So few actually try to help us. Who else cares more about their consumers?

[tommyboy]

Higher wages are a problem, CEOs at Blackrock and similar places pay theirself
$25.000.000 a year.
Nobody is worth that much to sit in an office chair .

[mokumboi]

There are several studies that all demonstrate how 55-60% of the inflation since the start of the pandemic had gone straight to corporate profits. It's undeniably full on price gouging.

[Mr_Timi]

Yeah some people are buying food on credit cards... this will not go on forever, there is only so much you can buy on credit.

[madbug]

Dollar Tree went from $1.00 to $1.25. They openly raised prices by 25%! What a rip off!

[michaelmci]

What's crazy is I'm a mover and I recently moved a customers who work for tyson and Kimberly Clarke. Tyson is paying over 50k to move him plus his closing costs for selling home. All of this dispite him retiring in 2 years. They won't raise wages or lower prices they hoard money and blame everything else.

[samk]

I had already started to cut back on my Amazon purchases, but after checking for some scrubbing cleaner that Amazon was selling it for $8, I found Walmart and Home Depot were selling the same produce for $2.25. And that was just the beginning. Time and again I found that Amazon was not the great bargain store it had been in the past. (And factor in how many bogus reviews there are on Amazon, and the fact that they're basically just funneling stuff from China to the US, it's not worth the hassle any more.)

So while Amazon raked in billions of dollars of profit in the first few months of the lock down, I have:

1. Cancelled my Prime membership.
2. Cut back my Amazon purchases to almost zero.

Granted...one person doing that won't bring Amazon down, but the more people do, the more it hurts them. And they deserve to be hurt. The government should have implemented a windfall profit tax on them and everyone else who gouged consumers during the lock down and subsequent to the lock down. But that never happened. And it's not just the Republicans to blame. The Democrats have their fair share to go around as well.

[abby_normal_x]

Of course people are going to buy the overpriced items, especially food! They have no choice!

[albertmooney]

inflation only happens when a business has to increase prices to offset the cost of doing business. the fact businesses are making record profits means they do not have to increase prices.