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WASHINGTON, DC — Corporate greed’s leading role in inflation and impact on American households was in focus today during a hearing on ‘Shrinkflation’ in the Senate Committee on Banking, Housing, and Urban Affairs (see video highlights below). A statement of record submitted to the Committee today from government watchdog Accountable.US highlighted how major corporations needlessly raise prices even after reporting increased earnings and stock buybacks, bringing special attention to instances where corporate executives across industries were caught boasting about price gouging.

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From big food to corporate landlords to big pharma, CEOs across industries keep raising prices despite bragging of bigger and bigger profits and stock rewards for wealthy investors. These executives clearly didn’t need to raise prices so high, but they did it anyway because they could. Yet one by one, conservative Senate Banking Committee members today gave a free pass to their corporate megadonors and instead disingenuously blamed the Biden administration’s actions against junk fees and price-gouging that are actually working to lower costs for everyday families. They should get their priorities in check.”

Accountable.US Liz Zelnick.

HEARING HIGHLIGHTS: 

  • WATCH @SenSherrodBrown: Corporations have got it all wrong. Consumers cannot afford insane price hikes on their essentials, all so executives and wealthy shareholders can have a bigger payday. [Full Clip]
  • WATCH: Corporate greed is driving inflation more now than ever. Companies should be passing along their savings to their workers and consumers, instead they’re lining CEO pockets. [Full Clip]
  • WATCH: The cost to make the products in your grocery store aisles is going down, yet companies are charging YOU higher and higher prices. 

There’s no other explanation than corporate greed. [Full Clip]

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