Washington, D.C. — Ahead of the Labor Department’s monthly report on the state of the consumer price index, Accountable.US called out the corporations using the pandemic to increase their wealth and line their shareholders’ pockets as they boast to their investors of record profits and healthy balance sheets. The report comes as Republicans in Congress continue to undermine progress on the Biden administration’s efforts to address global supply chain challenges. 

“Week after week, we hear CEOs of industry leaders make excuses for why they’ve had no choice but to hike prices for working families. But their earnings reports showing substantial profits and multi-million-dollar buybacks even during a pandemic tell another story. Corporations do have a choice, and many are choosing to further enrich their shareholders and executives rather than looking out for their consumers – and Republicans in Congress are giving them a free pass,” said Kyle Herrig, president of Accountable.US. “If congressional Republicans and wealthy businesses were serious about addressing inflation, they would quit obstructing the Build Back Better agenda and its targeted investments to fix supply chain issues and tackle labor shortages.”  

In November, Accountable.US released an analysis identifying 12 major corporations that have reported nearly $11 billion in profits the same quarter they announced price increases, along with over $34 billion in stock buybacks and dividends this year. The Biden administration has also been rightly criticizing the meat industry’s “‘pandemic profiteering,’” which has driven half of food price hikes as millions of Americans are struggling against a worsening hunger crisis.  

 

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