Pennsylvania Sen. Casey warns Amazon, Target and Walmart over 'greedflation' pricing
What specific concerns did Sen. Bob Casey raise about retail giants?
Sen. Bob Casey raised concerns about retail giants Amazon, Target, and Walmart potentially engaging in "greedflation," or aggressive pricing strategies driven by a push for profits at the expense of everyday Americans' wallets1. Casey criticized these companies for only starting to lower prices recently, despite the cost of goods decreasing much earlier, and is seeking detailed explanations on their pricing decisions since the pandemic2.
What term does Sen. Casey use to describe profit-driven price increases?
Sen. Casey uses the term "greedflation" to describe profit-driven price increases. He argues that corporations have taken advantage of inflation and supply chain disruptions to raise prices excessively, resulting in higher profits at the expense of consumers.
How much did corporate profits in the U.S. rise from 2020 to 2022?
Between June 30, 2020, and June 30, 2022, corporate profits in the United States rose by 75%, according to Senator Bob Casey's letter. This increase was roughly five times as fast as inflation during the same period.