Here’s how to hold them accountable.
By Sarah Baron
With vaccination rates on the rise, Americans are hoping for a return to some semblance of normalcy this holiday season. Unfortunately, as people start traveling more and buying holiday gifts, we’re facing supply chain disruptions and rising costs, from gas to groceries.
Recent
polling shows that
92 percent of Americans across party lines are concerned about rising
inflation, especially when it comes to groceries and gas prices. The top concern for
89 percent of those surveyed is the rising cost of groceries, where it’s harder
for families to cut costs.
It
would be easy to blame President Biden, but that’s just not the case. In fact,
wages have increased more
in the last three months than they have in the past 20 years, and millions of
Americans are back to work due to his administration’s successes.
The
truth is big corporations and their ultra-rich CEOs are exploiting consumers.
Big corporations have been making record profits during the pandemic. And in a year when the majority of people struggled to get by, CEOs have only gotten richer. They’ve taken every opportunity to further pad their own pockets.
The
chief executives of major grocers like Kroger claim that
inflation “is always good in our business.” But good for whom?
Last
year, Kroger raked in $132 billion in
revenue, and the average salaries for their top executives increased — while
pay for the median employee fell by 8 percent.
In
February 2021, Kroger announced it
would close two stores in California rather than temporarily pay some employees
$4 more an hour in “hazard pay.” When greedy corporations are able to take
advantage of economic hardship, it’s workers and families who pay the price.
Conservative
media and politicians are clinging to the narrative that
inflation is the fault of President Biden and the American Rescue Plan as they
try to take advantage of this situation to persuade voters.
But
it’s clear that corporate profiteering is forcing workers and families to make
unnecessary sacrifices so that wealthy executives can make themselves richer.
It’s up to our lawmakers to hold these wealthy CEOs accountable.
President
Biden is already moving in this direction by instructing the
Federal Trade Commission to investigate anti-consumer behavior by oil
companies. And Democrats are trying to get the Build Back Better Act passed to
lower health care costs, prescription drugs costs, child care costs, and more
by finally making big corporations pay their fair share of taxes and play by
the rules.
But
Republicans are unanimously opposed to holding big corporations accountable —
and are even cheering on
inflation. Inflation “is a gold mine for us,” said Florida
Republican Senator Rick Scott.
Leading
economists have affirmed that
the investments in the Build Back Better Act will ease inflation.
But that won’t stop Republicans from continuing to lay the blame of inflation
on Democrats while simultaneously fighting tooth and nail to kill the bill —
and let big corporations continue to take advantage of us.
Democrats
must make two things clear to the American people. First, despite record
profits, it’s corporate greed that’s to blame for the rising costs we’re
currently experiencing. Second, the Build Back Better Act will make many of
these same corporations pay their fair share and play by the rules.
Sarah Baron is the
Campaign Director at Tax March. This op-ed was developed by Inequality.org and
distributed for syndication by OtherWords.org.