Your Money Is Making the Rich Richer

This piece was originally published in the May 13, 2022 edition of CAP Action’s newsletter, the Progress Report. Subscribe to the Progress Report here.

“The prices Americans are paying for groceries and other essentials are at all-time highs. One of the reasons? Giant corporations are price gouging & reaping record profits. We need to put a stop to corporate gouging that drives up prices for families.” – Sen. Elizabeth Warren (D-MA)

Anyone who has gone to a grocery store or gas station, or even just shopped online, in the past few months has felt the sting of rising prices. And while there are many reasons for the recent increase in prices, including supply chain issues and the war in Ukraine, startling data shows that more than half of the price increases experienced by Americans since the start of the pandemic can be tied to increased corporate profit margins.

Close to 55 percent of the inflation the United States has experienced since the beginning of the COVID-19 pandemic has made the rich richer, at the cost of working families.

Corporations raising prices on Americans to line their own pockets is unacceptable. It’s time to tax the rich, tax big corporations, and build an economy that works for all Americans. 

Share this graphic to tell all your followers and friends about the price-gouging by these big corporations:

In the news

• Multiple “fake” GOP electors from the 2020 presidential election are cooperating with Fani Willis, the district attorney for Fulton County, Georgia, in her investigation into the potentially illegal behavior of then-President Donald Trump and his legal team in the fallout from his election loss.
• The Senate GOP led a filibuster against the Women’s Health Protection Act that caused the legislation that would enshrine abortion rights in federal law to fail.

What we’re reading

• “The ACA helped us afford our daughter’s brain surgery. We need to build on its legacy.” by William Garcia (The Wisconsin Examiner)
• “From climate to plastics, Big Oil faces a reckoning” by Richard Wiles (The Hill)
• “Wildfire near Laguna Beach destroys more than 20 homes” by Brian Dakss, Sophie Reardon, and Jordan Freiman (CBS News)
• “’Unthinkable tragedy’: U.S. COVID-19 death toll surpasses 1 million” by Arielle Mitropoulos (ABC News)
• “Overturning Roe could reverse economic gains” by Emily Peck (Axios)

This piece was originally published in the May 13, 2022 edition of CAP Action’s newsletter, the Progress Report. Subscribe to the Progress Report here.