Democrats peg inflation to corporate greed on campaign trail

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U.S. nonfinancial corporate profits soared to $2 trillion for the first time in the second quarter of 2022, while corporate profit margins as a share of the economy rose to the highest level in over seven decades, according to Bureau of Economic Analysis data released Thursday.

Following President Biden’s lead, Democrats are taking aim at energy giants and meatpacking companies that recently notched record-shattering earnings on the back of higher prices.

“As families struggle, oil companies are earning record profits. When corporations take advantage of a crisis, that’s price gouging, and it’s wrong,” Sen. Mark Kelly (D-Ariz.), whose race could decide control of the Senate, told viewers in a campaign ad this month.

Shortly before pulling off an upset win in a New York special House election Tuesday, Democrat Pat Ryan ran ads touting his efforts as county executive to take on the region’s top utility, which he accused of ripping off consumers.

https://thehill.com/business-a-lobbying/3617597-democrats-peg-inflation-to-corporate-greed-on-campaign-trail/