Robert Reich: Record Corporate Profits From Your Thinning Wallets – OpEd
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Corporate profits reached a record high in the fourth quarter of last year. Inflation is still present, with prices rising 0.3 percent month-to-month in February. The easiest explanation for both phenomena is that corporations have enough monopoly power to keep prices high. The American public is not crediting Biden with a great economy because of this. Antitrust laws must be enforced and big corporations must not be allowed to use their power to gouge consumers. The Biden administration has taken action against alleged price fixing in the meat industry, sued Amazon and Apple for anti-monopoly practices, and blocked the merger of JetBlue and Spirit Airlines. Senator Elizabeth Warren has introduced the Price Gouging Prevention Act to stop companies from charging "grossly excessive" prices. The record profits of large corporations are coming out of the paychecks of average Americans. Biden and the Democrats must address this issue and take action to stop corporate monopolies and price gouging.
#CorporateProfits #Inflation #MonopolyPower #AntitrustEnforcement #PriceGouging