Groundwork’s Chief Economist Reacts to “Astronomical Corporate Profits”

August 25, 2022

Groundwork’s Chief Economist Reacts to “Astronomical Corporate Profits”

This morning, the Bureau of Economic Analysis released second-quarter corporate profit data, showing nonfinancial corporate profits hit $2 trillion – the highest ever recorded. Dr. Rakeen Mabud, chief economist of Groundwork Collaborative, reacted with the following statement:

“Today’s astronomical corporate profits confirm what corporate executives have been telling us on earning calls over and over again: They’re making a lot of money by charging people more, and they don’t plan on bringing prices down anytime soon. Corporate profiteering continues in full force – and all of us are paying the price.

“This data should be a wake-up call for policymakers. Megacorporations are a key driver of high prices – and we need bold action to rein them in.” 

Email to speak to Dr. Mabud – and see below for the latest examples of companies keeping prices high, even as labor and production costs decline.