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This piece was originally published in the May 9, 2022 edition of CAP Action’s newsletter, the Progress Report. Subscribe to the Progress Report here.

“There’s something fundamentally wrong about an economic system that rewards corporate greed and ignores the needs of poor and middle-class families. A growing middle class is essential to a stable democracy. Corporate greed that trumps public need is an open invitation to continued conflict and chaos.” – Brad Bannon

Wage increases, labor costs, and inflation: These are just some of the excuses the CEOs of the biggest corporations in the world have trotted out to explain their recent price increases. But the truth is that despite these excuses, many of these same corporations are pulling in record profit margins. These big corporations and their executives are taking advantage of the recent economic hardships to raise prices on working families and put the difference into their own pockets.

Inflation is real. But corporate greed is also real, and it’s taking a toll on hardworking American families trying to rebuild and get back on their feet after the economic downturn caused by the COVID-19 pandemic. Corporations making record profits off the backs of American workers is unacceptable. It’s long past time to end this and force these companies to pay their fair share of taxes.

Share the graphic below to highlight the shocking greed of America’s biggest corporations:

The image features a headline that reads: Corporate CROs are making bank while blaming workers for hiking prices. Below the headline in a descending list, from left to right, are companies, claims, and the CEO-to-Employee pay gap: Amazon, blamed higher prices on “wage increases”, and their CEO-to-Employee pay gap is 11,000%; Apple blamed higher prices on “labor costs” and their CEO-to-Employee pay gap is 464%; McDonald’s blamed their higher prices on “labor inflation” and their CEO-to-Employee pay gap is 89%; and Starbucks blamed higher prices on “labor costs” and their CEO-to-Employee pay gap is 30%. A footer reads: Isn’t it time we tax their greed? To the right of the footer is a picture of President Biden.

In the news

  • President Joe Biden, Vice President Kamala Harris, and Secretary of Labor Marty Walsh met at the White House with union organizers from public schools, Amazon warehouses, Starbucks stores, and more on May 4. The rare high-profile meeting further signals President Biden’s support for organized labor.
  • Senate Majority Leader Chuck Schumer (D-NY) vowed that the U.S. Senate will vote Wednesday on the Women’s Health Protection Act of 2021, legislation that would enshrine the right to an abortion in federal law. Although the vote is not expected to pass, it is an important step toward fighting back in the wake of the draft Supreme Court opinion that seeks to overturn Roe v. Wade and Planned Parenthood v. Casey.

What we’re reading

This piece was originally published in the May 9, 2022 edition of CAP Action’s newsletter, the Progress Report. Subscribe to the Progress Report here.

The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.

Authors

Brad Chester

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“The Progress Report” is CAP Action’s regular news email, providing policy-minded analysis of the day’s stories—and offering subscribers ways to get involved.

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