Corporate greed increasingly seen as 'major cause' of inflation: Poll

[ck4829]

A new poll found 3 in 5 Americans now say corporate greed is a “major cause” of inflation.

That’s a 15 percent jump to 59 percent from 44 percent in January 2022, according to a new poll from Navigator Research. The left-leaning polling and opinion research group surveyed 1,000 registered voters from Jan. 25-29.

“After more than two years of corporations posting record profits while Americans struggle to balance their checkbooks, it’s no surprise that people increasingly see corporate greed as a problem,” said Maryann Cousens, associate of polling and analytics for Navigator Research.

Inflation hit 7.5 percent year over year in January 2022 and peaked at 9.1 percent 6 months later, as measured by the Labor Department’s consumer price index (CPI). Prices have fallen precipitously, with annual inflation clocking in at 3.1 percent in January, but it remains above the Federal Reserve’s goal of 2 percent.

https://thehill.com/business/4467484-corporate-greed-increasingly-seen-as-major-cause-of-inflation-poll/

[elleng]

1. No doubt, imo.

[Think. Again.]

2. Considering corporate profit margins are at an all time high...

...it seems pretty obvious.

[2naSalit]

3. Huh...

I've known that corporations were driven by greed since my first job when I was 14. Funny how I never forgot.

[MichMan]

4. "Prices have fallen precipitously,...."

No they haven't.

Inflation is still going up, just not as fast as it once was. That means prices (on average, not just isolated instances) are still rising, but not as fast.

[SWBTATTReg]

5. I agree. And companies are also paying among the lowest tax rates too, w/ tRUMP's foul tax cuts. Pres.

Biden tried to increase these taxes but the repugs in Congress, as usual, are on the side of corporations. When will repugs ever truly represent individual small time tax payers?

The time is now to push these increased taxes to help pay our deficits that repugs want to dump onto the rest of us. Billionaires and such have already reaped the spoils for so long, it's time to change the rules again, so the rest of us can prosper too.

[LetMyPeopleVote]

6. NEW POLL: 85% of Americans now blame corporate greed for inflation, including 90% of Americans working in service indust

Link to tweet

[DesertAuthor]

7. Op-ed on corporate greed

This is an op-ed I wrote on corporate greed. It has been published in the Arizona Daily Star and will be sent to several more major newspapers. If you have any comments my e-mail is at the end.

We hear about many reasons why prices of gas, groceries and insurance are high, but the media never mentions the one plague that costs billions. Corporate greed affects every sector of our economy, drives prices up, and the tab is picked up by—you the consumer.

Have your insurance premiums been raised? Well, they have to pay their CEOs. State Farm’s boss made $24.4 million last year. That’s $470,000 a week! Traveler’s CEO, Allan Schnitzer pulled down $20.8 million and Allstate’s Thomas Wilson had to scrape by on $18.9 million.

But the guy who really ripped off his policy holders was Tony Nicely, the Executive Chairman of GEICO. In 2020 he retired with a “golden parachute” worth, get this…$77 million. That is 1,100 times more than our teachers make.

This not capitalism, this is corporate greed!!

In December, 2022, CNN reported that Wells Fargo had been ordered to pay $3.7 billion for “a range” of illegal activity over several years. The crimes notwithstanding, in 2023, they raised CEO Charles Scharf’s salary from $24.5 to $29 million a year! While Charley is stuffing $550,000 a week into his pockets, the bank’s CDs pay a whopping 4 percent.

Oil companies might be called the Kings of Greed! As your gas prices go up, according to an August, 2023, article in Fortune magazine, we are now subsiding the fossil fuel industry $1.3 trillion dollars a year. And, in Feb 2, 2023, Shell reported a nearly $40 billion profit for last year. Chevron reported full-year 2022 earnings of $35.5 billion. Subsidizing the oil companies, to the tune of 1.3 Trillion could be the dumbest government policy in the history of the world! (CEO of Exxon/Mobil made $33 million.)

Greed hits the grocery stores too. Kroger CEO Rodney McMullen made $19 Mil. in 2022. Three Kroger vice-presidents make $6.5 million a year. The fourth VP only gets starvation wages—$5 mil. annually But according to Kroger grocery prices are up due to inflation. Yeah, right!

Corporate greed is Pfizer tripling the price of Paxlovid to $1,390 a dose while it made over $58.5 billion in profits last year. It also gave its CEO, Albert Bourla, $33 million in compensation — a 36% pay raise. Greed, pure and simple!

In 2022 CEO pay was 344 times higher than the average working stiff. In my opinion nobody earns and nobody deserves these exorbitant salaries. These overpaid prima-donnas get these salaries because, their boards of directors, who approve the salaries are waiting their turn to embrace the golden goose. Are they about to oppose these wages, and strangle the golden goose? No way, Jose!

Unfortunately, greed is not illegal, but it costs us a hell of a lot of money.

Jeff Egerton is an author from Tucson, AZ. He can be reached at [e-mail]

[ck4829]

8. Good read