Washington, D.C. — Following the passage of President Biden’s widely popular Inflation Reduction Act in the U.S. Senate, government watchdog Accountable.US released the following statement on behalf of its president, Kyle Herrig:
As highly profitable corporations keep inflating prices excessively on working families from the gas pump to the grocery aisle, today’s vote brings us one step closer to an economy that works for everyone – not just billionaires and greedy corporations that refuse to pay their fair share. Across industries, large companies are demanding more money for essential goods that far exceed any new cost of doing business, all while they pay relatively nothing in taxes. Corporations’ huge profit margins, CEO bonuses, and generous handouts to wealthy investors make clear that raising prices so high was a choice – and they chose greed.
It’s unfortunate that Senate conservatives voted unanimously to keep costs needlessly high for working families and seniors so their wealthy donors could keep padding their profit and evading their fair share. Now all eyes turn to the House to lower costs for consumers by curbing runaway corporate profiteering. Leveling the playing field for working people starts with ensuring wealthy corporations pay their fair share. The choice is simple: lower costs for most Americans, or keep the system rigged in favor of a wealthy few.”
Kyle Herrig, president of Accountable.US
For months, Accountable.US has been extensively documenting how blatant pandemic profiteering and corporate greed – including from the big meatpacking, shipping, retail, clothing, food, trucking and railroad companies — are making inflation and supply chain problems worse for everyday consumers. Big industries are only compounding the problem by rewarding those in Congress obstructing every commonsense measure to fight corporate greed and ensure tax fairness that comes before them, no matter how widely the public supports the initiatives.