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.”