It's not just 3M -- companies have been taking advantage of the pandemic to gouge consumers with record price hikes. So no, it's not actually inflation, and it's not Joe Biden's fault. It's a combination of corporate monopolies and price gouging.
The company 3M, which produces N95 masks (and other things) crowed on its earnings call that “the team has done a marvelous job in driving price. Price has gone up from 0.1% to 1.4% to 2.6%." The CFO told investors, "We see that to be a tailwind." (3/7)
— Lindsay Owens, PhD (@owenslindsay1) February 10, 2022
Tyson, one of the big 4 meat monopolies Biden is targeting for price-fixing saw profits nearly DOUBLE after price hikes of 32% on beef and 20% on chicken which the CEO attributed to the "continued resilience of our multi-protein portfolio." (4/7) https://t.co/A5NExE94pe
— Lindsay Owens, PhD (@owenslindsay1) February 10, 2022
In its 4th quarter report, Johnson & Johnson revealed it raised prices…despite raking in billions from COVID vaccine sales. Its CEO told investors that the need for medical care & to “address suffering and death” is part of J&J's “optimism” & “opportunity” for its future. (5/7)
— Lindsay Owens, PhD (@owenslindsay1) February 10, 2022
Kimberly Clark is a mega-corporation manufacturing everything from paper towels to diapers. On its recent earnings call, CEO Mike Hsu crowed to investors about “multiple rounds” of “significant pricing actions” & admitted he plans to continue doing it throughout the year. (6/7)
— Lindsay Owens, PhD (@owenslindsay1) February 10, 2022
If you want to understand the role of corporate greed in price hikes & inflation in America today, you don't have to take the word of watchdogs or critics of corporations. CEO's are admitting it themselves in plain daylight.
And they're betting they can get away with it. (END)— Lindsay Owens, PhD (@owenslindsay1) February 10, 2022
Feels like this is a pretty telling quote from Cloudflare’s earnings call as to management’s mindset. Prince likes to talk some shit. $NET pic.twitter.com/s207c3FpHt
— Jason A. Moser (@TMFJMo) February 11, 2022
Georgians are seeing record gas PRICES, while gas and oil companies are seeing record PROFITS.
While we work to reign in corporate greed that’s raising costs for Georgia families, let's also provide them some economic relief by passing my bill to pause the federal gas tax.— Senator Reverend Raphael Warnock (@SenatorWarnock) February 10, 2022
Corporate greed is built into a supply chain that as designed cannot keep up with shifts in demand, even years later.
In 2006 you called Walmart a progressive success story due to low prices. Low prices are gone. Your success story doesn't work in the real world. It's your fault. https://t.co/a1vUrn7XGl— David Dayen (@ddayen) February 10, 2022
Every earnings call features someone saying "we raised prices beyond what was needed to cover our costs and our profits have shot up as a result" and for some reason it's unserious to say that corporate greed is contributing to higher prices. https://t.co/mBgzSeGNsL
— Dan Crawford (@dpcrawf) February 10, 2022
Seems like this would be a really good time to hold some public hearings on inflation and tell Americans the truth!
