Hi,
Once again the Federal Reserve is bailing out big corporations at the
expense of working class Americans. They blame inflation on higher wages
and ignore the vicious corporate price gouging that has led to record
profits.
Congress must pass the Ending Corporate Greed Act.
[ [link removed] ]Sign the petition: Price gouging corporations should pay for inflation,
not working class Americans. Pass the Ending Corporate Greed Act!
ADD YOUR NAME
By raising interest rights to fight inflation the Fed is relying on
archaic logic and outdated methods that will only hurt hard-working
Americans and not even lower prices. How do we know? They said it.
On Wednesday June 22nd, during a Senate Banking Committee hearing, Senator
Elizabeth Warren asked Chair of the Federal Reserve Jerome Powell a simple
question: If the Fed raises interest rates, will it lower the price of
gas?
His answer: NO
Warren then offered a follow up question: Would raising interest rates
lower the price of groceries?
Again, Powell’s answer: NO
So what is the Fed trying to accomplish? Once again Chair Powell provides
an answer. At a May 4th press conference, he said the quiet part out loud,
the goal is to “get wages down.”^1
Solely relying on the Fed to address inflation is a BIG MISTAKE. They only
have one tool for fighting inflation and it serves to hurt working
Americans. Congress can and must take other measures to fight inflation by
tackling corporate price gouging. And they can do this TODAY by passing
the Ending Corporate Greed Act.
Passing the Ending Corporate Greed Act will prevent companies from
extracting excess profits at the expense of workers and consumers.
[ [link removed] ]Sign the petition: Price gouging corporations should pay for inflation,
not working class Americans. Pass the Ending Corporate Greed Act!
Thanks for taking action,
Miguel and the team at Demand Progress
[ [link removed] ]DONATE
Sources:
1. CNN, “Elizabeth Warren to Fed chair Jerome Powell: Don't 'drive this
economy off a cliff,” [ [link removed] ]June 22, 2022.
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