Senator Bob Casey Unveils Report on Corporate Greedflation, Advocates for Accountability and Relief for American Families

US Senator Bob CaseyImage via the Office of US Senator Bob Casey

U.S. Senator Bob Casey (D-PA), Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Subcommittee on Children & Families, has released a report that sheds light on how large corporations are exploiting inflation to increase prices, thereby driving up their profits at the expense of middle-class American families. The report uses the everyday routine of a typical Pennsylvania mother as an example to demonstrate the rising cost of daily essentials.

From toothpaste and toilet paper to Ben & Jerry’s ice cream and Diet Coke, Pennsylvanians are spending more on everyday items. This price surge is happening while corporate executives boast about escalating costs and record-breaking profits. The report also outlines Senator Casey’s strategy to hold these corporations accountable and provide financial relief to American families.

“Corporations are raising prices at the expense of Pennsylvania families because they think they can get away with it,” said Senator Casey. “From diapers to groceries, this greedflation is making everyday household items more expensive and squeezing families. I’m taking steps to fight back so we can make corporations pay their fair share and put more money in the pockets of working families.”

The report revealed that from July 2020 through July 2022, inflation rose by 14 percent, while corporate profits soared by more than 74 percent during the same period. Research conducted by the Federal Reserve found that corporate profits contributed significantly to inflation in the first year of the pandemic, accounting for all the inflation from July 2020 through July 2021 and 41 percent of all inflation from July 2020 through July 2022.

READ:  Bipartisan Senators Urge Panama to Tighten Controls on Iranian Oil Exports

Senator Casey is advocating for more action to hold corporations accountable for exploiting American workers and their families. He has outlined a plan to reduce costs for working families guided by four primary goals: boosting the income of working families, ensuring big corporations pay their fair share, combating unfair corporate price gouging, and challenging corporate monopolies to increase competition and reduce costs.

This report not only underscores the detrimental impact of corporate greedflation on American families but also presents a clear vision for change. Senator Casey’s plan aims to shift the balance of power from corporations back to consumers, ensuring that hard-working Americans are not unduly burdened by the escalating cost of daily essentials. This initiative represents a significant step towards enhancing economic fairness and security for middle-class families across Pennsylvania and the United States.

Read the full report on “Greedflation: How Corporations Are Making Record Profits on the Backs of American Families” here.

For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.