For a more detailed accounting, the Guardian recently covered this topic, Revealed: top US corp
For a more detailed accounting, the Guardian recently covered this topic, Revealed: top US corporations raising prices on Americans even as profits surge Two notable factors involved here are 1) consolidation among corporations, which leads to 2) concentration of control over supply chains, (which involves things like eliminating “low cost” consumer goods options and artificially restricting supply to inflate prices, etc.)From the article:“One widely accepted narrative holds that companies and consumers are sharing in inflationary pain, but a Guardian analysis of top corporations’ financials and earnings calls reveals most are enjoying profit increases even as they pass on costs to customers, many of whom are struggling to afford gas, food, clothing, housing and other basics.The analysis of Securities and Exchange Commission filings for 100 US corporations found net profits up by a median of 49%, and in one case by as much as 111,000%. Those increases came as companies saddled customers with higher prices and all but ten executed massive stock buyback programs or bumped dividends to enrich investors.In earnings calls, executives detailed how even as demand and profits rose post-vaccine, they passed on most or all inflationary costs to customers via price increases, and some took the opportunity to add more on top. Margins – the share of sales converted into profits – also improved for the majority of the companies analyzed by the Guardian.Economists who reviewed the data say it’s more evidence of a clear reality: Consumers are taking a financial hit as companies and shareholders profit or are largely shielded.“It’s obvious that corporations are trying to pass on any form of short-term pain they might be feeling … and that’s serving the top, wealthiest class instead of those in need of fair wages or products that are affordable,” said Krista Brown, a policy analyst with the American Economic Liberties Project.”….“The Guardian’s data….objectively shows a massive “transfer of wealth” from consumers, who pay higher prices, to shareholders and investment firms that reap the benefits.” -- source link
#the guardian#inflation#price gouging#profiteering#neoliberal capitalism#political cartoons#modern monopolies#wealth inequality