REPORT: Corporate Profiteering Apologists Have Taken Over $5.7 Million From Companies That Raised Prices While Their Profits Soared And Consumers Suffered
Washington D.C. – Government watchdog Accountable.US released a new report finding that 18 of Congress’ most vocal defenders of corporate price hikes have taken over $5.7 million from major corporations that saw profits soar amid rising prices. These campaign donations came from around thirty corporations that saw profits grow by $151 billion in their most recent reporting periods as inflation climbed throughout 2021, according to another recent Accountable.US report.
The group also released a new analysis revealing that seven corporate profiteering apologists, including Sens. Blunt and Toomey, and Rep. Wagner, hold up to $3 million in stock from companies that have raised costs on consumers in the past year, while also taking $95,000 in political contributions.
Corporate interests gave these conservatives in Congress millions of reasons to defend out-and-out pandemic profiteering that’s squeezing consumers – and they’re getting their money’s worth. Mitch McConnell and company want consumers to believe corporations that banked billions of dollars in extra profits and gave billions in new shareholder handouts last year only raised prices to keep up with outside costs. Fuzzy conservative math can’t distort the reality that everyday families are paying a hefty price for corporate greed.”
Kyle Herrig, president of Accountable.US
For months, Accountable.US has highlighted how major companies across the supply chain have used the pandemic as an excuse to increase their wealth and line their own pockets. Many CEOs claimed they had no choice but to hike costs on consumers, while boasting of rising profits to investors and rewarding their shareholders with stock buybacks and dividends.
- Senate Republican Leader Mitch McConnell (R-KY): Took $1.24 million and issued a press release dismissing corporate profiteering as a source of inflation as “left spin” and “gaslighting.”
- Sen. Roy Blunt (R-MO): Took $946,000 and chaired the Senate Republican Policy Committee as it issued a press release titled “A Year Of Democrats’ Inflation Fiction,” which criticized Democrats for blaming inflation on “‘corporate greed’ and consolidation.”
- Senate Banking Committee Ranking Member Pat Toomey (R-PA): Took $382,500 and said Democrats “shifted their blame to greedy corporations” for inflation as he blamed “profligate fiscal policy” for increased prices instead.
- House Financial Services Ranking Member Patrick McHenry (R-NC): Took $572,000 and said “‘profit is not synonymous with greed'” as he defended corporate America against charges of pandemic profiteering.
- House Energy & Commerce Ranking Member Cathy McMorris Rodgers (R-WA): Took $617,000 and said “it’s an issue of supply and demand” as she defended oil and gas companies from price gouging accusations.
- Rep. Neal Dunn (R-FL): Took $26,000 and claimed that inflation “has nothing to do with private price gouging.”
- Rep. Bill Posey (R-FL): Took $32,000 and said “one of the favorite boogeyman of our friends on the other side of the aisle is the ‘evil price gouging firms.'”