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American Airlines is boarding flights again, and the FAA lifts its nationwide ground-stop; Santa Cruz, CA wharf collapses in storm, tossing three people into water; Toxic 'forever chemicals' taint rural CA wells. Has Ohio lost its battleground state status? Opponents of factory farms regroup after mixed election results.

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Biden commutes the sentences of most federal death row inmates, the House Ethics Committee says former Rep. Gaetz may have committed statutory rape, and the national archivist won't certify the ERA without congressional approval.

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Rural folks could soon be shut out of loans for natural disasters if Project 2025 has its way, Taos, New Mexico weighs options for its housing shortage, and the top states providing America's Christmas trees revealed.

Report: Impact of Wage Growth on Inflation Dwarfed by Corporate Profiteering

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Monday, June 20, 2022   

President Joe Biden is calling on oil and gas companies to start steering record profits away from shareholder pockets to give Americans some relief at the pump.

A new economic analysis suggests the approach could be key to lowering prices across the board.

Josh Bivens, research director for the Economic Policy Institute, recently deconstructed each major component impacting prices over the past year, including wages, corporate profits and supply-chain issues.

"It's overwhelmingly profits, it's not wages," Bivens reported. "Normally profits are about 11% to 12% of the final price of any good. But they contributed more than 50% to price growth over the 2020-21 period."

Normally, wages contribute about 60% to the price of goods, but last year labor came in at just under 8%. Supply-chain disruptions accounted for 38% of rising costs. Calls for a windfall profits tax have been largely absent in debates on how to tackle inflation, with some economists noting the drive to increase corporate profits is just business as usual.

Analysis by the group Accountable.US found top corporations producing food, energy, commodities, health care and housing delivered more than $140 billion to shareholders after raising prices.

Bivens argued a temporary tax on profits could help counterbalance the pricing power companies currently have over consumers.

"If the policy recommendation is to just ask them politely not to raise prices, that would be silly," Bivens contended. "But it really does put some policy options on the table, like an excess profits tax. You reduce the incentive to raise prices, you're not harming the economy's ability to move resources around in the long run."

Recent polling by Global Strategy Group suggests Americans are not buying the argument inflation is being driven by aggregate demand racing ahead of supply.

Seven in 10 Republicans, eight in 10 Independents, and nine in 10 Democrats blame corporate greed for rapidly rising prices.


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Juana Valle's well is one of 20 sites tested in California's San Joaquin Valley and Central Coast regions in the first round of preliminary sampling by University of California-Berkeley researchers and the Community Water Center. The results showed 96 parts per trillion of total PFAS in her water, including 32 parts per trillion of PFOS - both considered potentially hazardous amounts. (Hannah Norman/KFF Health News)

Environment

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By Hannah Norman for KFF Health News.Broadcast version by Suzanne Potter for California News Service reporting for the KFF Health News-Public News Ser…


Environment

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Animal rights organizers are regrouping after mixed results at the ballot box in November. A measure targeting factory farms passed in Berkeley but …

Environment

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Farmers in Nebraska and across the nation might not be in panic mode anymore thanks to another extension of the Farm Bill but they still want Congress…


Immigration law experts say applying for asylum status can be very lengthy, and that programs such as Temporary Protected Status can fill the void for people fleeing violence elsewhere in the world. (Adobe Stock)

Social Issues

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With 2025 almost here, organizations assisting Minnesota's Latino populations say they're laser focused on a couple of areas - mental health-care …

Social Issues

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A new report found Connecticut's fiscal controls on the state budget restrict long-term growth. The controls were introduced during the 2018 budget …

As of August, enrollment in the Kentucky Community and Technical College System had reached 66,114 students, representing an increase of 8.4%, according to state data. (Adobe Stock/AI generated image)

Social Issues

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Nearly a dozen changes could be made to the Kentucky Community and Technical College system, under Senate Joint Resolution 179, passed by lawmakers …

Social Issues

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By Jessica Scott-Reid for Sentient.Broadcast version by Nadia Ramlagan for Arkansas News Service reporting for the Sentient-Public News Service Collab…

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By Julieta Cardenas for Sentient.Broadcast version by Freda Ross for Texas News Service reporting for the Sentient-Public News Service Collaboration …

 

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