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Stock buybacks hurt families & workers and serve only one purpose: to enrich corporations, CEOs, and wealthy shareh… https://t.co/y4qZSObjYa
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- 10/3/2022LATEST NEWS
Common Dreams: 'Their Price Strategies Are Bearing Fruit': Oil and Coal Profits Surge 340%.
"We've heard directly from executives in the sectors that families depend on—from oil, to auto shops, to airlines—that inflation has been good for business," Rakeen Mabud, chief economist and managing director of policy and research at the Groundwork Collaborative, said in a statement. "The latest corporate profit data shows their price strategies are bearing fruit," she added.
Q2 Record Profits Driven by Corporate Profiteering in Oil, Transportation Industries
Yesterday’s corporate profit data from the Bureau of Economic Analysis shows that even as families struggle to keep up with high prices, some industries are generating sky-high profits – since last quarter, oil and coal industry profits have increased 340% and motor vehicle and warehousing/transportation industry profits have increased nearly 40%. Dr. Rakeen Mabud, chief economist and managing director of policy and research at Groundwork Collaborative, reacted with the following statement: “We’ve heard directly from executives in the sectors that families depend on – from oil, to auto shops, to airlines – that inflation has been good for business. The latest corporate profit data shows their price strategies are...
ICYMI – Groundwork on Air: NPR, Crooked Media Features Role of Corporate Profiteering in Rising Prices
Last week, Lindsay Owens, executive director of Groundwork Collaborative, joined All Things Considered, Pod Save America, and Positively Dreadful to discuss how companies are still celebrating unusually high profits even as inflation remains hot and supply chain issues ease. As she told NPR’s Mary Louise Kelly: “What we're seeing right now is companies are really taking advantage of this moment to go higher than they need to on markups and on profits…This unprecedented moment in our economy begs the question of whether it's time for a federal price gouging statute to prevent some of this egregious profiteering during moments of real economic hardship and crisis.” Email press@groundworkcollaborative.org to speak to Dr...