skip to main content
skip to newscasts

Thursday, April 18, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Tribal advocates keep up legal pressure for fair political maps; 12-member jury sworn in for Trump's historic criminal trial; Healthcare decision planning important for CT residents; Debt dilemma poll: Hoosiers wrestle with college costs.

view newscast page
play newscast audioPlay

Civil Rights activists say a court ruling could end the right to protest in three southern states, a federal judge lets January 6th lawsuits proceed against former President Trump and police arrest dozens at a Columbia University Gaza protest.

view newscast page
play newscast audioPlay

Rural Wyoming needs more vocational teachers to sustain its workforce pipeline, Ohio environmental advocates fear harm from a proposal to open 40-thousand forest acres to fracking and rural communities build bike trail systems to promote nature, boost the economy.

Report: Corporate Profiteering Fueling Inflation

play audio
Play

Monday, April 11, 2022   

A new report confirms what it said CEOs have been telling shareholders for months: Inflation has been very good for business.

Lindsay Owens, executive director of the Groundwork Collaborative, the group behind the report, said families in Nebraska and across the U.S. are on the hook, as powerful corporations tap the pandemic's economic fallout to rake in record-breaking profits. Last year, corporate profit margins reached their highest level since 1950.

"Meanwhile, prices were soaring for American families," Owens pointed out. "CEOs and firms are not just passing on their rising costs, right? They're not just asking consumers to pay for inflation effectively. They're going for more."

In just one example uncovered by researchers of CEOs boasting during corporate earnings calls about price hikes and profits, the CEO of Constellation Brands, the parent company of popular beers Modelo and Corona, said the company planned to "take as much as [we] can" from its Hispanic customer base.

Owens noted if the playing field were level, other companies could take customers away from firms raising prices. But she emphasized virtual monopolies consolidated over past decades make it all but impossible. Tyson's CEO told shareholders it was raising prices to cover increased costs, plus a little extra.

"And that 'a little extra' is accelerating price hikes, and bringing in record profits for Tyson," Owens contended. "And because there are really only four major meatpackers, these guys are effectively all running the same pricing strategy. And there is really no one to undercut them."

Constellation Brands and Tyson have not yet responded to a request for comment. Last week Owens testified at a U.S. Senate Budget Committee hearing on price-gouging and corporate greed. She recommended the first option available to lawmakers to hold companies accountable is to make use of the tax code.

"Taxing excess and windfall profits will make profiteering less appealing to the large companies," Owens explained. "The second is thinking about enacting a federal price-gouging statute, and enforcing the laws already on the books."


get more stories like this via email
more stories
Environmental advocates are asking California's next state budget to prioritize climate mitigation and cut tax breaks for fossil fuel companies. (The Climate Center)

Environment

play sound

As state budget negotiations continue, groups fighting climate change are asking California lawmakers to cut subsidies for oil and gas companies …


Health and Wellness

play sound

Health disparities in Texas are not only making some people sick, but affecting the state's economy. A new study shows Texas is losing $7 billion a …

Environment

play sound

City and county governments are feeling the pinch of rising operating costs but in Wisconsin, federal incentives are driving a range of local …


Each year since 2018, there have been more than 1 million online ads for guns which could be sold without a background check. (Adobe Stock)

Social Issues

play sound

Well over three-fourths of Americans support universal background checks for gun purchases, but federal law allows unlicensed people to sell guns at …

Environment

play sound

By Max Graham for Grist.Broadcast version by Alex Gonzalez for Arizona News Connection reporting for the Solutions Journalism Network-Public News Serv…

During what is known as the Medicaid post-pandemic "unwinding" process, South Dakota saw the largest drop in children's enrollment in the country, with a 27% reduction in the first six months. (Adobe Stock)

Social Issues

play sound

Last year's Medicaid expansion in South Dakota increased eligibility to another 51,000 adults but a new report showed among people across the state wh…

Health and Wellness

play sound

There is light at the end of the tunnel for Tennesseans struggling with opioid addiction, as a bill has been passed to increase access to treatment …

Environment

play sound

The New York HEAT Act might not make the final budget. The bill reduces the state's reliance on natural gas and cuts ratepayer costs by eliminating …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021