Thursday, August 11, 2022

Play

A new report says Georgia should step up for mothers and infants, Oregon communities force a polluter to shut down, and we have an update on the FBI's probe of Trump allies, including Rep. Scott Perry, R-Pa.

Play

Inflation could be at a turning point, House members debate the expansion of the IRS, and former President Donald Trump invokes the Fifth Amendment in a deposition over his business practices.

Play

Infrastructure funding is on its way, ranchers anticipate money from the Inflation Reduction Act, and rural America is becoming more diverse, but you wouldn't know it by looking at the leadership.

Report: Impact of Wage Growth on Inflation Dwarfed by Corporate Profiteering

Play

Monday, June 20, 2022   

President Joe Biden is calling on oil and gas companies to start steering record profits away from shareholder pockets to give Americans some relief at the pump.

A new economic analysis suggests the approach could be key to lowering prices across the board.

Josh Bivens, research director for the Economic Policy Institute, recently deconstructed each major component impacting prices over the past year, including wages, corporate profits and supply-chain issues.

"It's overwhelmingly profits, it's not wages," Bivens reported. "Normally profits are about 11% to 12% of the final price of any good. But they contributed more than 50% to price growth over the 2020-21 period."

Normally, wages contribute about 60% to the price of goods, but last year labor came in at just under 8%. Supply-chain disruptions accounted for 38% of rising costs. Calls for a windfall profits tax have been largely absent in debates on how to tackle inflation, with some economists noting the drive to increase corporate profits is just business as usual.

Analysis by the group Accountable.US found top corporations producing food, energy, commodities, health care and housing delivered more than $140 billion to shareholders after raising prices.

Bivens argued a temporary tax on profits could help counterbalance the pricing power companies currently have over consumers.

"If the policy recommendation is to just ask them politely not to raise prices, that would be silly," Bivens contended. "But it really does put some policy options on the table, like an excess profits tax. You reduce the incentive to raise prices, you're not harming the economy's ability to move resources around in the long run."

Recent polling by Global Strategy Group suggests Americans are not buying the argument inflation is being driven by aggregate demand racing ahead of supply.

Seven in 10 Republicans, eight in 10 Independents, and nine in 10 Democrats blame corporate greed for rapidly rising prices.


get more stories like this via email
Pictured in the center is Francine "Fran" Pace, one of 11 graduates of this summer's Youth Leadership Academy for Iowans with disabilities. (Photo courtesy of DD Council).

Health and Wellness

Nearly a dozen Iowa youths with disabilities are taking newly developed leadership skills out into the world. A summer academy wrapped up this month…


Environment

A coalition of community organizations teamed up in Oregon to force a chronic polluter out of business, and bring environmental justice to a nearby …

Health and Wellness

During National Health Center Week, health-care advocates are highlighting the work Community Health Centers are doing to improve access to care …


The Inflation Reduction Act would cap the price of insulin at $35 a month for people on Medicare. (Sherry Young/Adobestock)

Health and Wellness

Health advocates are hailing the new Inflation Reduction Act, saying it would be the biggest health-care reform since the Affordable Care Act…

Social Issues

As parts of Southern California suffer with triple-digit temperatures, state lawmakers are set to vote today on two bills to study and mitigate heat …

Nearly half of Hispanic or Latina women of reproductive age in Georgia are uninsured. (Adobe Stock)

Social Issues

While abortion care is in the headlines, a new report says accessing other health-care services is a challenge for many women in Georgia. Data from …

Environment

Hunters, landowners and wildlife managers are gathering in Montana to discuss the need for novel approaches to elk management. The 2022 Elk …

Environment

Next week, North Dakota landowners will get a chance to hear updates on a proposed underground pipeline for transporting and sequestering carbon …

 

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