After COVID came and mostly went, suddenly, prices began to rise. The cost of nearly everything soared, especially eggs, a dozen of which eventually cost more than a pound of beef.
Corporate CEOs — who in 2022 made $14.8 million a year compared to the average worker’s $58,800 salary — say it’s all because the cost of doing business, from higher interest rates to the cost of fuel, rose. Yeah, no.
“Higher interest rates haven’t stopped S&P companies, especially in the big food industry, from inflating consumer prices despite reporting billions in extra net earnings and over a trillion dollars in giveaways to wealthy investors,” Liz Zelnick, the director of economic security and corporate power at the nonprofit Accountable.US, said in a release.
The watchdog group found “many of the largest general consumer S&P 500 companies have admitted to benefiting from increased prices as their net profits increased year-over-year and they rewarded shareholders with billions in new shareholder handouts.”
For instance, Accountable.US found that Tyson Foods saw its net income increase from $3 billion in FY 2021 to more than $3.2 billion in FY 2022. The mega-company turned around and delivered $1.35 billion in handouts to shareholders — $652 million more than the previous year.
Prices will never ever drop to level they were pre-pandemic, or should I say, when Trump served his first term.
That’s how Capitalism works.
It’s called GOUGING & Not a damn thing done about it in America !!!!!