Trump caused inflationWhen Trump was president we were in a historic recession where people litterally stopped driving to work, oil inventory was being sold at NEGATIVE prices and cars were piling up at dealer lots.
And you are seriously suggesting we ought to compare that to something?
In 2017, Republicans slashed the corporate tax rate from 35 percent to 21 percent, giving massive corporations their biggest tax windfall since Ronald Reagan was president. A few years later, as Americans emerged from a global pandemic, these same corporations drove up prices for families.
While inflation hamstrung workers and families, it didn’t make a dent in corporate profits. In fact, as many CEOs boasted themselves, it’s been a boon. Companies simply passed rising costs along to consumers — and then some, bringing in record profits as a result.
All told, corporate profit margins skyrocketed to 70 year-highs. And by the end of 2023, when Americans were beyond fed up, after-tax corporate profits hit an all-time record high of $2.8 trillion. Groundwork Collaborative, recently found that corporate profits drove over 50 percent of inflation in the second and third quarters of last year.
