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The economic system stays a high problem within the minds of Individuals in 2024. As inflation charges drop throughout the nation and provide chains stabilize post-pandemic, voters are rightfully indignant that they’re persevering with to make robust choices on daily basis, like whether or not to place meals on the desk or pay lease, whereas firms proceed mountaineering up costs to pad their very own pockets.
Whereas polls recommend financial points current a bonus for Republicans, the present dynamic of financial frustration supplies Democrats an actual alternative to go on offense and maintain Republicans accountable for company worth gouging.
As a result of whereas Individuals battle with these excessive costs, corporations and CEOs brag about record-high income, and their sticker costs stay inflated.
That is by cautious design—a follow known as greedflation.
Firms are bucking the tendencies and inflating costs to spice up their income. In accordance with a current report, company income accounted for over half of inflation throughout final yr’s second and third quarters. The identical report discovered that costs for customers rose by 3.4 p.c whereas enter prices for producers elevated by simply 1 p.c.
These firms don’t care about working households and so they by no means will. The wealthy proceed to get richer whereas on a regular basis households battle to afford their fundamental requirements. And Individuals know this. In accordance with current Navigator Analysis polling, 4 in 5 Individuals blame firms being grasping and elevating costs to make report income as a reason for inflation, together with three in 5 who consider that it’s a “main” reason for inflation – a 15-point enhance since January 2022.
However firms usually are not appearing alone. Flying largely below the radar is how greedflation has been enabled by the Republican politicians in Congress who’ve been purchased and paid for by company PACs, darkish cash, and well-connected lobbyists.
For instance, oil and gasoline corporations accounted for half of all company contributions over $1 million to exterior teams within the 2020 cycle––with each contribution going to GOP tremendous PACs and darkish cash teams. And whereas oil and gasoline corporations noticed report income in 2022, they spent $124 million on lobbyists.
Throughout industries, from retail to Massive Oil, company PACs are shelling out massive {dollars} to fund Republicans—company PACs spent $150 million final election cycle alone. Not surprisingly, the company PACs doling out thousands and thousands are the identical firms intentionally counting on greedflation to maintain their income excessive and customers’ wallets tight.
Whereas Democrats have been laborious at work to fight this profiteering—from President Biden cracking down on junk charges, Senator Elizabeth Warren’s work on shrinkflation, and Senator Bob Casey holding firms accountable for greedflation—it’s time to go on offense.
Alongside democracy, the economic system continues to be a high precedence for voters. Democrats should seize this chance to reveal Republicans’ for turning their backs on Individuals in favor of defending their company donors’ pockets.
Along with working in these essential districts and states, Democrats should take motion towards bankrolled Republicans in workplace. This implies calling out their native leaders and their celebration bosses, like Minority Senate Chief Mitch McConnell and Majority Home Chief Steve Scalise, for accepting tens of thousands and thousands of {dollars} in company PAC contributions to vote towards and block laws that cracks down on greedflation and profiteering—just like the Inflation Discount Act.
The GOP has by no means seen an issue that may’t be solved by a company tax break and staunchly opposes payments to carry firms accountable and produce down prices for working households, just like the Massive Oil Windfall Earnings Tax Act and the Worth Gouging Prevention Act.
And it’s no coincidence that the primary main invoice handed by the Republican-controlled Home this Congress was a handout to the Massive Oil trade and its deregulatory agenda.
Simply in case you wanted a reminder of the place the GOP’s priorities lie: Republicans won’t ever stand towards their company donors.
To win in November, Democrats should make the distinction clear that on the economic system, it’s Republicans who’re doing the bidding of their company donors and fueling greedflation.
Solely then will we be capable of make actual change—each in our insurance policies and in our wallets
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