Tomorrow: Groundwork Chief Economist to Testify at Congressional Hearing on Corporate Profiteering and Inflation
March 7, 2022 Groundwork Collaborative
Tomorrow, March 8, 2022 at 10 a.m., Dr. Rakeen Mabud, Groundwork Collaborative’s Chief Economist and Managing Director of Policy and Research, will testify before the House Committee on Financial Services at a hearing entitled, “The Inflation Equation: Corporate Profiteering, Supply Chain Bottlenecks, and COVID-19.”
Dr. Mabud will provide her expert testimony on one of the key drivers of rising prices: corporate profiteering. She will provide data on historic profit margins, which have hit a 70-year high during the pandemic, and numerous examples of executives openly discussing their predatory pricing strategies on corporate earnings calls. Dr. Mabud will also provide evidence to suggest that a profit-price spiral – not wages – are driving prices up. Finally, she will provide recommendations to Congress to do its part to bring down prices by taxing excess profits, encouraging competition, and making long-overdue investments in our supply chain.
WHO: House Committee on Financial Services – Rep. Maxine Waters (D-CA), Chair
- Rakeen Mabud, Ph.D., Groundwork Collaborative
- Mark Zandi, Moody’s
- Sandeep Vaheesan, Open Markets Institute
- Demond Drummer, PolicyLink
- Tyler Goodspeed, Hoover Institution
WHEN: Tomorrow, Tuesday, March 8, 2022 @ 10 a.m. ET
WHERE: Streaming live HERE
Rayburn House Office 2128
The Groundwork Collaborative’s mission is to advance an economic vision for strong, broadly shared prosperity and true opportunity for all. Visit our website and follow us on Twitter @Groundwork.