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John,
We’re all victims of rampant price gouging. In the midst of the COVID-19 pandemic, corporations responded to the unprecedented economic upheaval by jacking up their prices while millions were suffering.
This pandemic-era price gouging was kicked off by supply chain disruptions and temporary scarcity of products (like toilet paper); but these economic stressors are gone now, and prices have stayed high. Because corporations saw how much more money they could make.
Price gouging has put millions of Americans in difficult situations. We shouldn’t allow corporations to jack up costs during national crises — or ever. Click below to contact your senators and demand they take action now.
Senator Elizabeth Warren (D-Massachusetts) has presented her plan to eliminate “greedflation” — the Price Gouging Prevention Act.
The Price Gouging Prevention Act has several important provisions that would help to reduce or prevent price gouging:
- It will prohibit price gouging on a nationwide basis.
- It will call out corporations that took advantage of the pandemic to jack up prices unnecessarily, and keep them high.
- It will call out corporate executives who bragged to shareholders about increasing prices faster than inflationary costs.
- It will require transparency surrounding company costs and pricing strategies.
- It will increase the Federal Trade Commission’s funding to enforce these conditions.
Corporations are seeing lower costs and their profits are rising, but consumers are still paying higher prices. Overall, prices were 3.4% higher last year, while production costs increased by only 1%. Big companies are squeezing every last dollar out of consumers, and it needs to stop.
Call on your Senators now: co-sponsor the Price Gouging Prevention Act today.
Thank you for taking action!
— Democratic Values
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