Tomorrow, September 22 at 9 a.m. ET, Dr. Rakeen Mabud, Groundwork Collaborative’s Chief Economist and Managing Director of Policy and Research, will testify before the House Oversight Subcommittee on Economic and Consumer Policy. The hearing titled, “Power and Profiteering: How Certain Industries Hiked Prices, Fleeced Consumers, and Drove Inflation,” will cover how outsized and entrenched corporate power has facilitated rampant profiteering by megacorporations, squeezing families and small businesses.
Dr. Mabud will provide expert testimony on the exploitative practices megacorporations use to keep prices high, even as input costs start to moderate. This blatant corporate profiteering – under the cover of a deadly pandemic, inflation, and the war in Ukraine – has yielded the highest quarterly profit margins since 1950.
She will also highlight inflation inequality – the ways in which rising prices disproportionately harm marginalized communities and small businesses – and the decades of policy choices that left our economy vulnerable to supply shortages and profiteering in the first place. Dr. Mabud will close by outlining the many policy tools at our disposal to tackle pandemic profiteering and build a healthy, resilient economy that works for all of us.
WHO: House Oversight Subcommittee on Economic and Consumer Policy
WHEN: Tomorrow, Thursday, Sept. 22, 2022 @ 9 a.m. ET
WHERE: 2154 Rayburn House Office Building. Watch live here.