Saturday, July 2, 2022

Play

The U.S. Supreme Court strips the EPA's power to curb pollution, California takes a big step toward universal health care, and a Florida judge will temporarily block the state's 15-week abortion ban.

Play

SCOTUS significantly limits the Clean Air Act and rules against the "Stay in Mexico" policy, Judge Ketanji Brown Jackson is sworn in to office, and President Biden endorses a filibuster carveout for abortion rights.

Play

From flying saucers to bologna: America's summer festivals kick off, rural hospitals warn they do not have the necessities to respond in the post-Roe scramble, advocates work to counter voter suppression, and campaigns encourage midterm voting in Indian Country.

Report: Corporate Profiteering Fueling Inflation

Play

Monday, April 11, 2022   

A new report confirms what it said CEOs have been telling shareholders for months: Inflation has been very good for business.

Lindsay Owens, executive director of the Groundwork Collaborative, the group behind the report, said families in Nebraska and across the U.S. are on the hook, as powerful corporations tap the pandemic's economic fallout to rake in record-breaking profits. Last year, corporate profit margins reached their highest level since 1950.

"Meanwhile, prices were soaring for American families," Owens pointed out. "CEOs and firms are not just passing on their rising costs, right? They're not just asking consumers to pay for inflation effectively. They're going for more."

In just one example uncovered by researchers of CEOs boasting during corporate earnings calls about price hikes and profits, the CEO of Constellation Brands, the parent company of popular beers Modelo and Corona, said the company planned to "take as much as [we] can" from its Hispanic customer base.

Owens noted if the playing field were level, other companies could take customers away from firms raising prices. But she emphasized virtual monopolies consolidated over past decades make it all but impossible. Tyson's CEO told shareholders it was raising prices to cover increased costs, plus a little extra.

"And that 'a little extra' is accelerating price hikes, and bringing in record profits for Tyson," Owens contended. "And because there are really only four major meatpackers, these guys are effectively all running the same pricing strategy. And there is really no one to undercut them."

Constellation Brands and Tyson have not yet responded to a request for comment. Last week Owens testified at a U.S. Senate Budget Committee hearing on price-gouging and corporate greed. She recommended the first option available to lawmakers to hold companies accountable is to make use of the tax code.

"Taxing excess and windfall profits will make profiteering less appealing to the large companies," Owens explained. "The second is thinking about enacting a federal price-gouging statute, and enforcing the laws already on the books."


get more stories like this via email
While most classrooms are empty right now, lingering concerns from the previous school year, such as the pandemic's effect on students and staff, are being dissected ahead of next year. (Adobe Stock)

Social Issues

Research is emerging about the secondary trauma school staff members face after helping students during the pandemic. As summer moves forward…


Health and Wellness

A Florida judge plans to put a hold on the state's new, 15-week abortion ban, set to take effect today. He said it is unconstitutional and will issue …

Environment

The Environmental Protection Agency now has fewer tools to fight climate change, after the U.S. Supreme Court stripped the agency of its authority to …


The only memorial to Anne Frank is located in Boise. (Kencf0618/Wikimedia Commons)

Social Issues

Three projects in Idaho have been selected to receive grants from the AARP Community Challenge. Among them is the Anne Frank Human Rights Memorial in …

Environment

Montanans get a sense of what soil health is like on farms and ranches across the state with Northern Plains Resource Council's soil crawls. The …

Medicare fraud costs taxpayers an estimated $60 billion each year. (Adobe Stock)

Social Issues

A new tool aims to help older adults in Arkansas and beyond who receive Medicare track what happens at their doctor appointments. It also can help …

Social Issues

A campaign in Maine is gathering signatures to replace the state's investor-owned energy grid with a consumer-owned utility. Central Maine Power (…

Social Issues

Another important U.S. Supreme Court ruling this month has been overshadowed by the controversy about overturning abortion rights. Legal experts say …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021