Groundwork Reacts to BEA Report Detailing Record Corporate Profits
March 30, 2022 Groundwork Collaborative
Today, the Bureau of Economic Analysis released its quarterly report, which highlights the skyrocketing growth in corporate profits in the past year as profits for nonfinancial corporations increased by $461 billion, reaching $1.78 trillion in 2021 — a 34.9% rise from 2020. Lindsay Owens, executive director at Groundwork, responded with the following statement:
“CEOs can’t stop bragging on corporate earnings calls about jacking up prices on consumers to keep their profits soaring – and today’s annual profit data shows just how well their inflation strategy is working. These megacorporations are cashing in and getting richer – and consumers are paying the price.”
To speak to Lindsay Owens about the latest BEA report, email email@example.com. View the latest findings from corporate earnings calls here.