We must crack down on this profiteering by boosting competition.
Competition is central to capitalism. Without competition, prices go up, wages drop, and innovation stalls.
Right now, big corporations are taking advantage of uncertainty around the globe and raising prices beyond the rate of inflation to line their own pockets. One way to crack down on this profiteering is by boosting competition.
In 2021, corporations saw the largest annual increase in profits since 1976.
As corporate profits soar, I’ve been proud to stand up to mergers that result in high prices for Americans and have introduced legislation to end taxpayer subsidies for Big Oil companies and stop Big Pharma from price gouging.
More than ever, we need to lower costs for families. But, John, the midterm elections are just six months away. If Republicans take control of Congress, their policies will mean higher taxes for working people and rising healthcare, college, and housing costs for families—while corporate profits continue to skyrocket.
My race is one of the few that will determine whether Democrats or Republicans control the House. If you can, consider pitching in today.
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Thanks so much!
Katie Porter
