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Once again the Federal Reserve is bailing out big corporations at the expense of working class Americans. They blame inflation on higher wages and ignore the vicious corporate price gouging that has led to record profits.
Congress must pass the Ending Corporate Greed Act.
By raising interest rights to fight inflation the Fed is relying on archaic logic and outdated methods that will only hurt hard-working Americans and not even lower prices. How do we know? They said it.
On Wednesday June 22nd, during a Senate Banking Committee hearing, Senator Elizabeth Warren asked Chair of the Federal Reserve Jerome Powell a simple question: If the Fed raises interest rates, will it lower the price of gas?
His answer: NO
Warren then offered a follow up question: Would raising interest rates lower the price of groceries?
Again, Powell’s answer: NO
So what is the Fed trying to accomplish? Once again Chair Powell provides an answer. At a May 4th press conference, he said the quiet part out loud, the goal is to “get wages down.”1
Solely relying on the Fed to address inflation is a BIG MISTAKE. They only have one tool for fighting inflation and it serves to hurt working Americans. Congress can and must take other measures to fight inflation by tackling corporate price gouging. And they can do this TODAY by passing the Ending Corporate Greed Act.
Passing the Ending Corporate Greed Act will prevent companies from extracting excess profits at the expense of workers and consumers.
Thanks for taking action,
Miguel and the team at Demand Progress
Sources:
1. CNN, “Elizabeth Warren to Fed chair Jerome Powell: Don't 'drive this economy off a cliff,” June 22, 2022.
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