Inflation is affecting all of us. I feel it when I go to the grocery store and put back the $9.99 per pound bacon, when I budget how I’ll pay for college for my oldest and childcare for my youngest, and when I fill up my minivan with gas.
There’s a lot of finger pointing for rising costs. But I can say with confidence, big corporations are taking advantage of uncertainty to price gouge me and you.
They are not just raising prices to match rising costs. They’re increasing their prices well beyond to line their own pockets. It’s price gouging, plain and simple.
While families tighten their budgets to account for rising costs, corporations are reporting record profits—up 37% last year, the largest increase since the Fed began tracking profits 74 years ago.
The underlying causes of inflation like supply chain issues, labor shortages, and the war in Ukraine are all real factors that we need to address. But corporations are taking advantage of these factors and profiteering—making inflation so much worse.
Next week the House plans to vote on my bill to stop fossil fuel companies from price gouging. Passing this bill is an important step, but I’ll continue pushing Congress to find ways to lower costs for families. I know there’s more to be done.
Thanks for reading,
Katie Porter
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Katie is running for re-election in California’s 47th district, which includes Irvine and coastal Orange County. This purple district contains an equal number of Democrats and Republicans and is a must-win for Democrats. Consider pitching in today so we have the resources to keep Katie in Congress fighting for working people. |
