marvin martian
Diamond Member
A new report from progressive UK.-based think-tanks IPPR and Common Wealth says profiteering played a major role in jacking up prices far above the rise in costs, reinforcing a previous but narrower study showing such an impact. Among other things, the researchers called for a global corporation tax to curtail unrestrained profits.
The team analyzed 1,350 companies listed on stock markets in the United Kingdom, United States, Germany, Brazil, and South Africa. It found that profits rose by 30% among firms listed in the U.K., this increase being primarily driven by 11% of them garnering super profits in the post-pandemic world. In the U.S. the profits were even more excessive, but also more broadly based, involving 33% of companies.
Giant energy companies, mining companies, and monopolistic food companies all saw their profits leap ahead of inflation after the February 2022 Russian invasion of Ukraine. Technology companies, telecommunications, and banking also raised their profit margins with big price hikes.
Some examples of companies who boosted profits the most from the pre-pandemic average: ExxonMobil—profits of $18.9 billion rose to $66.6 billion; Shell—$20 billion rose to $55 billion; Archer-Daniels-Midland—$1.77 billion rose to $4 billion; and Kraft Heinz—$333 million rose to $2.3 billion.
Monopolistic market clout drove some of those higher profits. “This has caused significant harm to the economy as a whole,” according to the report. “Global GDP could be 8% higher than it is now had market power not risen.
Clapp and Howard (2023) highlight that only four companies—Archer-Daniels-Midland (ADM), Cargill, Bunge, and Dreyfus—control an estimated 70-90 per cent of the world grain market.
Profits for ADM, Bunge, Cargill and Louis Dreyfus rose 255% in 2021.
New report unsurprisingly shows that profiteers have raised prices well above the rise in costs
A new report from progressive UK.-based think-tanks IPPR and Common Wealth says profiteering played a major role in jacking up prices far above the rise in costs, reinforcing a previous but narrower study showing such an impact. Among other things, the...www.dailykos.com
The only thing thats inflated are corporate profits. This story will be highlighted in 2024, along with abortion, thanks Texas, and never ending mass shootings.
Another 12 million voters to be added to the rolls next year.
See you then.
NO ONE is buying this absurd gaslighting. We know who's responsible for Bidenflation, and the price is going to be very high.
