Groundwork Reacts to 2022 Profits Data

March 30, 2023

Groundwork on 2022 Profits Data: “Congress must take action to stop egregious corporate profiteering”

Today, the Bureau of Economic Analysis released new data showing that even as corporate profits – and inflation – have started to ease, total profits rose a whopping 10.42% from 2021. Groundwork Collaborative’s Chief Economist Rakeen Mabud reacted with the following statement:

“The evidence for corporate profiteering is overwhelming. Academics and Wall Street analysts have pointed to the major role excess profit-seeking has played in rising prices. Corporations took their price-hiking strategy to the bank, openly bragging about their ability to raise prices and pad their profits – all on the backs of struggling consumers.

“Chair Powell’s interest rate hiking bonanza can do nothing to address the scourge of corporate profiteering nor prevent corporations from continuing to jack up prices to boost their bottom line. Congress must take action to stop egregious corporate profiteering and protect consumers from bad corporate behavior.”

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