Sanders Announces Budget Committee Hearing on Corporate Greed and Profiteering

[Uncle Joe]

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The hearing scheduled for Tuesday will highlight a “level of corporate greed [that] has only widened the gap between the top one percent and the working class,” according to the press release. It will feature testimony from former Labor Secretary Robert Reich and Lindsay Owens, director of Groundwork Collaborative, a progressive economic advocacy group.

“The American people are sick and tired of corporate greed,” Sanders said. “They are sick and tired of being ripped-off by corporations making record-breaking profits. They are sick and tired of being forced to pay outrageously high prices for gas, rent and food while large corporations make out like bandits.”

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The hearing comes as high prices are squeezing working-class Americans, while corporate profits rise. As inflation rose by 7 percent in 2021, corporate profits increased by 25 percent to reach nearly $3 trillion – a record high. CEOs and shareholders are benefiting heavily from these profits; last year, S&P 500 firms spent more than $900 billion.

Meanwhile, prices for basic needs have also skyrocketed. Gas prices are up 38 percent, used car prices have increased by 41 percent and Tyson has increased its prices on meat products, the press release points out. Analysis from Bloomberg last week found that the average family will have to shell out an extra $5,200 this year for the same level of consumption as previous years.

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https://truthout.org/articles/sanders-announces-budget-committee-hearing-on-corporate-greed-and-profiteering/