'Big corporations are getting away with pushing up prices to fatten their profit margins, and families are quite literally paying the price,' said rakeen_mabud of Groundwork. 'It's time to rein them in.'
First,"even as input costs come down, corporate executives are gleefully reporting how they plan on keeping prices high," she noted, citing Groundwork's exhaustive, which reveals how"megacorporations are taking advantage of recent crises to make record profits for themselves and their shareholders." Big companies"are acutely aware of how their market power affords them the ability to keep prices high, even as the costs of expenses go down.
"Giant corporations' control over our supply chains has supplanted the functioning, resilient system we could have built through robust public investment and free and fair competition," said Mabud."Big corporations are getting away with pushing up prices to fatten their profit margins, and families are quite literally paying the price. It's time to rein them in."
Porter also highlighted Konczal and Lusiani's research on the record-breaking surge in price markups in 2021, which underscores how corporations have increased costs for consumers to boost their profits. According to Reich:"The current inflation emerging from the pandemic is analogous to the inflation that occurred right after World War II, when economists argued for temporary price controls on important goods to buy time to overcome supply bottlenecks and prevent corporate profiteering. They should be considered now, for the same reasons."
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