New polling suggests that nearly two-thirds believe that corporations are taking advantage the pandemic to raise prices as large corporations report record profits.
The poll of over 1,500 likely votersData for Progress and Groundwork Collaborative conducted a survey this month to find that 63 percent of respondents believe that corporations are using the pandemic as a way to boost profits. Only 29 per cent of respondents believed that corporations have no other choice than to raise prices to pay for operational costs.
This belief is universally held, regardless of political affiliation according to the survey. Seventy-six per cent of Democratic voters believe that companies are profiting off the pandemic, as did 62 per cent of independents and 51 per percent of Republicans.
A smaller percentage of voters believe that inflation is being used by companies to unfairly raise prices. Only 50% agree and 41% say that the government is responsible. This is still a nine point advantage over believing that corporations profiteering. However, 72 percent of Democrats agree with this belief.
“It’s no secret that corporations are taking advantage of this pandemic and patterns of consumption it has accelerated,” Ethan Winter, senior polling analyst for Data for Progress, told Truthout. “Executives openly admit to doing so on quarterly earnings calls. American consumers are stuck bearing higher prices for goods on shelves and in stores.”
Evidence shows that corporationsInflation is used by corporations to raise prices more than they need to in order to cover rising production costs. Although inflation is at an all-time high of record levels, corporations are raising or planning to raise prices while simultaneously generating record profits.
Starbucks recently announced that it’s planning to raise prices, even while its profits increased by 22 percentOver a period of two years, the fourth quarter 2021. Tyson’s first quarter profitsExxonMobil saw a nearly twofold increase in meat prices by 2022, and almost doubled for 2022. marked its highest earnings in seven years in the fourth quarter of 2021 – and the list goes on.
Even corporate executives admit to having exploited inflation since the beginning of the pandemic. in earnings callsExecutives have openly stated that rising inflation is an opportunity for profit. Kroger, Albertsons, Procter & Gamble, ChipotleKraft Heinz is also available These are just a fewCompanies that have praised inflation over the past few months.
Fed Chair Jerome Powell stated in a hearing last monthThe higher prices of goods could be due to corporate price gouging. Prices could be rising because “demand is incredibly strong and [corporations are] raising prices because they can,” he said in a Senate hearing.
Though voters don’t necessarily know that corporations are doing this, likely voters surveyed by Data for Progress said that corporate pricing is making goods more expensive. Eighty-two per cent of respondents said corporate price gouging contributes to inflation.
While not all voters agree on the causes of rising prices’, the overwhelming majority believe that the government should take action against corporate profiteering as well as enforce antitrust laws. Eighty percent of likely voters, including 88 per cent of Democrats, responded accordingly.
According to polling, Democrats would be very popular if they cracked down on corporate price increases in the run-up to the fall midterm elections. Biden recently led his administration. to look intoPotential antitrust moves corporations may make.
However, his administration is stopping shortAs some economists in the administration are reluctant to support this messaging, instead of directly blaming the corporations for higher prices, Recent remarks made by an administration official before Congress excluded language that pointed the finger at corporations. The Washington PostThis was found earlier in the month.
Progressive lawmakers have been warning consumers about the impact that rising prices are having on their lives for years. Sen. Elizabeth Warren, D-Massachusetts, is an example. he prodded real estate firms, Grocers, Hertz is a car rental companyYou can also ask them for more information about rising rents and grocery prices.
In a recent tweet about Chipotle’s shares rising, Warren said, “This CEO bragged about their ‘pricing power.’ Let me translate that from economist-speak: they can raise prices and extract profit from consumers without worrying about losing too much business. Big corporations are raising prices because they can.”
