Some Economists Say Companies Are Using 'Cover of Inflation' to Excessively Hike Prices
By early fall, inflation had spread beyond physical goods to the service sector, which includes everything from health care and airline tickets to auto repairs and hotel rates.
And it's not just the cost of everyday life that's rising, corporate profits and CEO pay are also surging to an all time high this year.
During a recent House oversight subcommittee hearing, Rep. Katie Porter, D-Calif., pointed to data from an Economic Policy Institute report which found that more than half of the increased prices people are paying are coming from increases in corporate profits, and not from higher overhead costs associated with operation and labor.
Mike Konczal, director of Macroeconomic Analysis at the Roosevelt Institute, a progressive economic think tank, testified at the hearing that his organization conducted its own analysis of corporate balance sheets and other federal data, and concluded similar results.
https://www.nbcmiami.com/news/national-international/some-economists-say-corporate-greed-is-the-real-culprit-even-as-companies-blame-inflation-for-higher-costs/2902326/
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