WASHINGTON, D.C. – Ahead of today’s House Financial Services Committee’s hearing on “The Inflation Equation: Corporate Profiteering, Supply Chain Bottlenecks, and COVID-19″, government watchdog Accountable.US challenged members of the committee to be straight with the public about how corporate greed is a major driving factor in rising costs for everyday goods. For months, the watchdog has extensively documented how a broad spectrum of industries — including big meat packers, railroad, trucking, and shipping companies — are using the pandemic as an excuse to increase their wealth and line their shareholders’ pockets.
Unfortunately, conservatives in Congress have given their corporate donors a free pass to artificially inflate prices as they obstruct the President’s Build Back Better agenda that would address the supply chain crisis and bring costs down for families.
Many billion-dollar corporations pretend like they have no choice but to inflate prices at the same time they brag of enormous profits and payouts to their shareholders – and too many in Congress play along as their constituents get squeezed. If conservative lawmakers are as outraged over supply chain problems as they claim to be, they can prove it by passing the President's Build Back Better plan to rein in corporate greed and fix the supply chain. Many industries are choosing to raise prices well beyond production costs. Lawmakers too face a choice: either help bring down costs for everyday families, or continue to excuse corporate profiteering and greed, including from some of their biggest donors.”
Kyle Herrig, president of Accountable.US
- REPORT: Railroad Industry Exhibits Runaway Greed, Raises Consumer Fees Amid High Profits
- REPORT: Big Trucking Companies Profiteering Off of Supply Chain Crisis While Blaming Self-Inflicted Driver Shortage for Price Hikes
- REPORT: Despite Record Profits, Shipping Industry Is Lobbying Against Bill to Crack Down on Supply Chain Profiteering
- Big Oil Companies Net $75 Billion in Profit While Americans Struggle to Heat Homes, Fill Gas Tanks
- REPORT: Republicans in Congress Quick to Forget Their Obstruction of Supply Chain-Strengthening Bills
- Watchdog: After Repeatedly Politicizing Inflation, Toomey Blocks Federal Reserve Nominees Best Positioned To Fight Rising Costs
- Profiteering 101: Tyson Foods’ Profits Nearly Double Amid Worker Mistreatment and Consumer Price Hikes
- REPORT: Republican Blame Game on Meat Prices Ignoring Big Meatpacker’s History of Price-Fixing and Gouging