Senator Casey: “From Diapers to Groceries, Greedflation is Making Everyday Household Items More Expensive and Squeezing Families. I’m Taking Steps to Fight Back so We Make Corporations Pay Their Fair Share and Put More Money in the Pockets of Working Families.”
PENNSYLVANIA – Senator Casey continues to fight to lower costs for Pennsylvania families and hold corporations that are raising prices for Pennsylvania families while seeing record profits accountable.
Sen. Casey has been a leader in the effort to hold corporations accountable for price-gouging and “greedflation” and to put money back in the pockets of working families across the Commonwealth.
Read What They’re Saying About Sen. Casey’s Latest Effort to Lower Prices for Pennsylvania Families:
- It is not inflation, but “greedflation” fueled by corporate price-gouging that is battering American families’ finances, according to a “special report” released Wednesday by U.S. Sen. Bob Casey.
- “From diapers to groceries, greedflation is making everyday household items more expensive and squeezing families,” said Casey, who also outlined several steps he is backing “so we can make corporations pay their fair share and put more money in the pockets of working families.”
- Casey’s report states that inflation rose by 14% between July 2020 and July 2022, but corporate profits shot up 75%. “Corporations raised prices on consumers — not to offset inflation — but to increase their own profits,” the report states.
- The report also describes efforts that Casey, who is up for re-election in 2024, supports to help families, such as Congress renewing Child Tax Credit monthly payments and raising the federal minimum wage to at least $15 per hour.
Pennsylvania Capital-Star: New report from Sen. Bob Casey outlines impact of ‘greedflation’
- U.S. Sen. Bob Casey (D-Pa.) released a new report on Wednesday that he says demonstrates how corporations have increased their profits at the expense of Pennsylvania families, using inflation as a cover to raise prices while they earn record profits.
- According to the report, corporate profits accounted for all the inflation in the first year of the pandemic recovery — roughly July 2020 to July 2021— and 41% of inflation overall in the first two years of the post-pandemic recovery period of July 2020 to July 2022.
- In the report, Casey proposes several ways Congress could act to alleviate some of the pressure corporate profits are creating for Americans’ household budgets. First, he says, Congress should reinstate the Child Tax Credit monthly payments from the American Rescue Plan. The payments, which were credited with bringing child poverty to its lowest level on record, ended in December 2021.
CBS 3 News Philadelphia: Pa. Sen Bob Casey’s “greedflation” reports exposes consumer price gouging
- Inflation is taking a bite out of the wallets of many Americans, and with rising costs as the holidays near, Pennsylvania Sen. Bob Casey is speaking out about what’s causing price gouging that in some cases outpaces inflation.
- Casey argues that while inflation may have moderated, consumers are still feeling the “pinch” because many corporations continue to raise their prices regardless.
- Casey says the average Pennsylvania family paid $3,194 in 2021 and $3,546 extra in 2022 toward “greedflation”.
- “Corporations are raising prices at the expense of Pennsylvania families because they think they can get away with it,” Casey said.
- U.S. Senator Bob Casey (D-PA), Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Subcommittee on Children & Families, released a new report on Thursday addressing what he describes as an issue of ‘greedflation’ within the food and agriculture industries.
- As the holiday season approaches, this report draws attention to the increased cost of food, which has risen more rapidly than most other goods. This surge in prices is placing pressure on family budgets and impacting holiday celebrations.
- Senator Casey states, “These higher prices are the result of greedflation—big food and agriculture businesses are gobbling up Pennsylvanians’ paychecks simply because they can.”
- He outlines his strategy for combating inflation, which includes stringent enforcement of existing consumer protection laws. The Senator also sent a letter to the Federal Trade Commission and United States Department of Agriculture, urging them to investigate possible unfair pricing practices by major chicken and pork processors in the United States.