ICYMI: Corporations Use Inflation Fears as Excuse to Raise Prices, Increase Profits
Today, the Federal Trade Commission (FTC)’s announced that it is conducting an inquiry into how nine large retailers, wholesalers, and consumer good suppliers have contributed to ongoing supply chain disruptions. The FTC will also investigate the impact of empty shelves and skyrocketing prices on consumers and the overall economy. Groundwork released the following statement:
“This is a strong step by President Biden’s FTC to support millions around the country struggling to make ends meet by tackling the real culprit behind rising prices: corporate greed,” said Rakeen Mabud, managing director of policy and research and chief economist at Groundwork. “These orders will shine a critical spotlight on how deeply-entrenched concentrated corporate power has exacerbated supply chain issues and allowed greedy corporations like Amazon, Walmart, and Kroger to extract from consumers – all in service of padding their record profits.”
On November 23, Mabud was quoted saying: “We need federal policies that will help tackle the root causes of inflation: shortages that are the direct result of decades of disinvestment in our supply chains and the corporate extraction that has weakened our economy’s responsiveness to crises.”
Read more from Groundwork on how concentrated corporate power is raising prices, harming main street, and empowering pandemic profiteers.
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Groundwork Collaborative: The Groundwork Collaborative’s mission is to advance an economic vision for strong, broadly shared prosperity and true opportunity for all.