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Customers
who order at McDonald’s frequently — who don’t just go there for a
photo-op — may have started to notice something different on the menu
lately.

No, it’s not the return of the snack wrap. It’s higher prices.

Now, while McDonald’s is not the only fast food restaurant that has
increased prices significantly, as the largest fast food chain in the
United States, this has a particularly outsized impact on consumers.

And we’ve heard the same “company who cried inflation” story as to why —
McDonald’s USA President Joe Erlinger has attempted to blame the price
increases on inflationary pressures and input costs. But the data tells
another story.

Since the COVID-19 pandemic, fast food prices have consistently outpaced
inflation, and since 2020, overall inflation has increased by 20 percent,
while McDonald’s has increased its menu prices for several items
substantially more. McDonalds net annual income rose by over 79 percent —
nearly $8.5 billion, from 2020 to 2023.

While McDonald’s was raising prices, the company also spent nearly $4
billion on stock buybacks in 2022 and $3 billion in 2023. The company also
benefits from a tax loophole that favors buybacks. This prioritizes Wall
Street shareholders over investments in McDonald’s own business and
workers.

So Senators Casey, Wyden, and I called on McDonald’s President and CEO,
Chris Kempczinski, to share more information on McDonald’s increased
pricing decisions, and whether executives received bonuses or other
incentive-based compensation from 2020 to 2024 based on their ability to
increase per-customer profits.

[ [link removed] ]Fast food corporations are squeezing customers to make massive profits,
paying out billions to wealthy shareholders, and then turning around and
blaming inflation for high costs. It’s not right — and something must be
done about this. Please add your name to say you’re with me in this fight.

[ [link removed] ]ADD YOUR NAME

This is part of a major trend we’re seeing right now: Corporations are
citing inflation this, inflation that, when it comes to defending their
rising prices — all while their profits have surged over the past few
years, outrunning inflation by miles.

Price gouging certainly isn’t a new trend. But during the COVID-19
pandemic, big corporations took advantage of the crisis to prey on
consumers by price gouging, hiding behind inflation and supply chain
disruptions to do it — and we’re still paying the price.

So I’ve fought back by reintroducing my Price Gouging Prevention Act,
which would:

* Prohibit price gouging at the federal level — anytime and anywhere.
* Target dominant companies that have exploited the pandemic to boost
profits — including companies that brag about increasing prices during
periods of inflation.
* Require public companies to clearly disclose costs and pricing
strategies at certain times.
* Provide additional funding to the FTC for enforcement.

[ [link removed] ]I am frankly sick and tired of giant corporations seizing any
opportunity to raise their prices and pad their profits on the backs of
working people. Please add your name if you agree: Enough is enough.

Thanks for being a part of this,

Elizabeth







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