Republicans have been denying corporations’ role in rising prices and instead blaming inflation on Democrats. New research has shown that the same corporations who made millions from rising inflation in 2013 also donated millions to these same Republicans.
A new report by Accountable.US findsThe 18 Republicans who have been most vocal in shielding corporations against being blamed for rising costs have received donations of over $5.7 Million from approximately 30 top companies that reported making $151 million moreThey will be 2021 more than they were in 2020.
Inflation has been blamed by Republicans in an extreme way by the Republicans. There is mounting evidenceThe current squeeze on consumers is at least partially due to corporations.
Senator Minority Leader Mitch McConnell (R.Kentucky), was the most prominent fundraiser among these Republicans. McConnell has received $1.24 million from companies such as Walmart, ExxonMobil, and Pfizer in his time in office. Earlier this year, he issued a press release saying that the Biden administration is “failing” the working class and that this administration cannot take credit for the current economic recovery.
McConnell actually went to great lengths to hurt middle- and low-income workers during the pandemic. He voted against last March’s economic stimulus, which provided a much-needed boost to working Americans’ bank accounts, and decried Democrats’ social safety net bill last year as a “liberal wish list.” Those bills contained provisions like the Credit for child tax credits expandedThey helped the poor and could have done more if they hadn’t been slashed.
Meanwhile, inflation reaches new highsTo increase their profits and pay shareholders, corporations have reached into the pockets the working class. Recent data This has been demonstrated by numerous studiesCorporate profits reached new heights in 2021 with a 25 percent increase year-over-year to reach $3 trillion. Low-income households are also being affected by price increases, particularly for essential goods. people the hardest,
Sen. Roy Blunt (Republican from Missouri), another vocal inflation critic, has received $946,000 in donations form the top-profiting companies. He criticized Democrats for claiming that corporations are responsible. Instead, he claimed that the COVID relief package was responsible for inflation. Other Republicans, including Sen. Pat Toomey of Pennsylvania and Rep. Cathy McMorris Rodgers of Washington, have made similar claims while securing hundreds of thousands of dollars of donations from top corporations.
Economic factors are important experts sayWhile they acknowledge that the relief package may not have lowered inflation, they also state that pandemic-driven uncertaintySupply chain issues, which are much more powerful drivers of inflation rates, are another. Meanwhile, corporations claim in public that inflation is what’s causing them to raise prices – when, in shareholder calls, they are bragging aboutIncrease prices above inflation costs buying back stocksAt high rates
“You don’t see any correlation between inflation and the generosity of fiscal relief. Inflation is up everywhere, regardless of whether countries were stingy or generous,” Economic Policy Institute director Josh Bivens told Salon. “You also have to think, ‘What did we get for a couple of percentage points of inflation?’ We got 6.5 million jobs created over a 13-month span – that is an incredibly fast rate of growth that just absolutely dwarfs any other recovery we’ve had before.”
Republicans are also opposed policies that would stop price gouging and reduce the burden on the working class. Last month, Sen. Bernie Sanders (I-Vermont) Introduced a bill that would levy a 95 percent tax on all excess profits for large corporations in order to ensure that companies aren’t taking advantage of crises like the pandemic and conflict abroad to price gouge.
The idea was strongly opposed by GOP lawmakers. Sen. Lindsey Graham (R-South Carolina) called the idea a “disaster,” while Sen. Chuck Grassley (R-Iowa) said – without evidence – that Democrats were “misdiagnosing the cause of inflation.”