Corporations don't seem to be minding the inflation
The biggest companies aren't experiencing inflation in the same way as their customers.
The biggest companies aren't experiencing inflation in the same way as their customers.
www.huffpost.com
Don't you guys argue that these corporations shouldn't pay taxes?
While consumer sentiment has cratered, corporate profits have
soared as businesses reap the rewards of their customersā continued willingness to pay more.
The top 30 companies in the major industry categories of the consumer price index have raised prices while collectively boosting their profits by $151 billion,
according to the liberal watchdog group Accountable.US, which compared the firmsā latest yearly and quarterly earnings reports with the previous yearās filings.
The companies also bought back an additional $28 billion of their own shares, a strategy to boost the stock price, which also happens to boost executive compensation.
āThese companies would have consumers believe they marked up prices just to keep up with outside costs, but the tens of billions in extra profits and generous giveaways to investors last year show otherwise,ā Accountable.US President Kyle Herrig said in a statement.
People hate seeing prices go up, and as a result, inflation has overshadowed low unemployment and high job growth as the biggest political economy story, tanking President Joe Bidenās approval rating and threatening Democratsā control of Congress in this yearās midterm elections.