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      Of Course It's Greedflation—and Here's How We Stop It

      Corporations aren’t raising prices to cover increased costs. No, big corporations are raising prices because they can.

      Robert Reich
      Jun 03, 2023

      Okay, the House has passed the debt-ceiling deal, and the Senate will follow suit. So the economic crisis is over. Right?

      Not quite, because another and more serious economic crisis is brewing: While the Fed continues to raise interest rates to counter inflation by slowing the economy, big corporations continue to raise prices. Greedflation is stalking the economy.

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      greedflation
      Boxes of General Mills' Lucky Charms cereal are displayed on a shelf at a Safeway store on April 18, 2022 in San Anselmo, California. ​

      Big Food Raking in Huge Profits From Price Hikes as US Hunger Persists: Analysis

      "It's shameful that Americans are left food insecure and have to skip meals while corporations and their wealthy shareholders enjoy the spoils of supersized profits under unjustified price hikes."

      Jessica Corbett
      May 10, 2023

      As the U.S. government on Wednesday released its latest inflation report, the watchdog Accountable.US put out a new analysis detailing how Americans face food insecurity while major food corporations are padding their profits with price hikes.

      "Big Food's staggering increase in earnings shows they did not need to raise prices so high on consumers but did so anyway to maximize record profits," said Liz Zelnick, director of Economic Security and Corporate Power at Accountable.US, in a statement.

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      U.S. Federal Reserve Chair Jerome Powell attends a press conference

      Fed Warned to Stop 'Needless Rate Hikes' as Inflation Cools for 10th Straight Month

      “The verdict is in: we don't have to choose between low prices and low unemployment. We can have both," said one economist.

      Jake Johnson
      May 10, 2023

      Progressive economists on Wednesday welcomed newly released U.S. inflation data as further evidence that price increases can be brought under control without crushing the labor market and throwing millions out of work.

      But they also warned that the still-strong job market could falter, with devastating consequences for workers, if the Federal Reserve keeps raising interest rates in the coming months.

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