PRICE GOUGING FUELS INFLATION
Inflation has many causes but many of these stem from price fixing
QUICK READ: Companies are making record profits because they are charging more, a lot more. Tyson, for example, jumped its meat prices 31.7% in one year. The sticker prices leading to eye–popping profits are set far beyond increases in the inflated cost of labor and materials.
TAKE ACTION NOW:
BACKGROUND
Consumer expectations about inflation at the grocery store and gas station are allowing businesses to raise their prices far beyond their own increased costs for labor and materials.
The difference between the cost of a product and its sales price is the profit margin. In 2020, businesses had the ”fattest” profit margins since the 1950s. These historic prices, and profits, are price gouging.
With extraordinarily high prices, companies are reporting “skyrocketing” earnings, with profits up 37% over 2020.
For example, the average price for Tyson's beef surged 31.7% in the quarter ending Jan. 1, 2022, while profit margins jumped to 19.1% from 13.2% a year earlier. Average prices for all of Tyson's products climbed by 19.6%.
Gas prices are, on average, 58.7% higher this year than last, although production costs are down 5%. All the big oil companies reported huge profits, but Exxon’s was the highest in 7 years.
Inflation is slowing and new car sales surged 6.8% in December.
Even so, Congress must support Sen. Warren’s bill on price gouging, restore the child tax credit, lower drug prices, and support Biden’s $1 billion to boost competition in the meat industry.
ACTION One: Call the Senate.
Script for Oregon Senators
SEN. MERKLEY: Portland office: 503-326-3386 | D.C. office: 202-224-3753
My name is [--] and I'm a constituent from [city], Oregon [zip code].
Congress must hold hearings on the extraordinary spike in prices of consumer goods, especially food and energy, which are resulting in both sky-high inflation and historic profits. Democrats must also explain to the American people what they are doing to lower family costs, including Sen. Warren’s bill on price gouging, the child tax credit, lower drug prices, and Biden’s $1 billion to boost competition in the meat industry.
SEN. WYDEN:
Portland office: 503-326-7525 | D.C. office: 202-224-5244
My name is [–] and I’m a constituent from [city], Oregon [zip code].
Congress must hold hearings on the extraordinary spike in prices of consumer goods, especially food and energy, which are resulting in both sky-high inflation and historic profits. Democrats must also explain to the American people what they are doing to lower family costs, including Sen. Warren’s bill on price gouging, the child tax credit, lower drug prices, and Biden’s $1 billion to boost competition in the meat industry.
Script for Republican Senators
D.C switchboard: 202-224-3121
My name is [–] and I’m a constituent from [city], [state], [zip code].
Congress must hold hearings on the extraordinary spike in prices of consumer goods, especially food and energy, which are resulting in both sky-high inflation and historic profits.
ACTION TWO: Call the House.
Script for Suzanne Bonamici (OR-01)
Oregon office: 503-469-6010 | DC office: 202-225-0855
My name is [–] and I’m a constituent from [city], Oregon [zip code].
Congress must hold hearings on the extraordinary spike in prices of consumer goods, especially food and energy, which are resulting in both sky-high inflation and historic profits. Democrats must also explain to the American people what they are doing to lower family costs, including Sen. Warren’s bill on price gouging, the child tax credit, lower drug prices, and Biden’s $1 billion to boost competition in the meat industry.
Script for Cliff Bentz (OR-02)
Medford office: 541-776-4646 | DC office: 202-225-6730
My name is [–] and I’m a constituent from [city], Oregon [zip code].
Congress must hold hearings on the extraordinary spike in prices of consumer goods, especially food and energy, which are resulting in both sky-high inflation and historic profits.
Script for Earl Blumenauer (OR-03)
Oregon office: 503-231-2300 | DC office: 202-225-4811
My name is [–] and I’m a constituent from [city], Oregon [zip code].
Congress must hold hearings on the extraordinary spike in prices of consumer goods, especially food and energy, which are resulting in both sky-high inflation and historic profits. Democrats must also explain to the American people what they are doing to lower family costs, including Sen. Warren’s bill on price gouging, the child tax credit, lower drug prices, and Biden’s $1 billion to boost competition in the meat industry.
Script for Peter DeFazio (OR-04)
Eugene office: 541-465-6732 | DC office: 202-225-6416
My name is [–] and I’m a constituent from [city], Oregon [zip code].
Congress must hold hearings on the extraordinary spike in prices of consumer goods, especially food and energy, which are resulting in both sky-high inflation and historic profits. Democrats must also explain to the American people what they are doing to lower family costs, including Sen. Warren’s bill on price gouging, the child tax credit, lower drug prices, and Biden’s $1 billion to boost competition in the meat industry.
Script for Kurt Schrader (OR-05)
Salem office: 503-588-9100 | DC office: 202-225-5711
My name is [–] and I’m a constituent from [city], Oregon [zip code].
Congress must hold hearings on the extraordinary spike in prices of consumer goods, especially food and energy, which are resulting in both sky-high inflation and historic profits. Democrats must also explain to the American people what they are doing to lower family costs, including Sen. Warren’s bill on price gouging, the child tax credit, lower drug prices, and Biden’s $1 billion to boost competition in the meat industry.
ACTION 3: “GOOD TROUBLE”
Below are opportunities to fight for our democracy. As John Lewis said, make some “good trouble.”
Join Indivisible Oregon.
Demand Justice is working to rebalance the Supreme Court. To get involved in this fight, click here.
Learn about persuasive language and communication research at the Zoom ASO Movement Briefings every second Wednesday.
Join the campaign to hold the House and Senate at GiveNoGround.org
Work to protect democracy in the House by replacing retiring US Representative Peter DeFazio with another Democrat, replacing Democrat Kurt Schrader, the “Manchin of the House,” with a progressive, and electing a Democrat in Oregon’s new Congressional District 6.
Demand your primary news source stop creating false equivalencies and just report the truth.
Check out the Poor People's Campaign Readies 'Massive, Nonviolent' Effort to Save Democracy
Outside of Portland? Check out COIN Oregon.
Center for Common Ground has a Reclaim Our Vote campaign for the Texas Primary! Make calls to Black registered voters in Texas, urging them to vote in the upcoming March 1st Primary. Register for phone banking here!
Rally inconsisent Democratic voters to vote in 2022 with Progressive Turnout Project | Feb, 2022 | Medium
TRAINING FOR DEEP CANVASSING WITH COIN: THURSDAY MAR 3, 6:30-8:00pm
DEEP CANVASSING WITH COIN: SATURDAY MAR 5, 10:00am-1:00pm
DEEP CANVAS PHONEBANKING WITH COIN: SATURDAY MAR 5, 10:00am-1:00pm
Fridays at 4 - Letter and Postcard Writing — Indivisible Oregon.
FURTHER READING:
What Does Inflation Mean for American Businesses? For Some, Bigger Profits - WSJ
Food suppliers blame inflation for price hikes. Lawmakers say they're padding the bill - NBCNews.
Economist explains record corporate profits despite rising inflation : NPR
Inflation Story Spun by CEOs Is Debunked by Fat Profit Margins - Bloomberg
The Dirty Secret of Inflation: Corporations Are Jacking Up Prices and Profits | The Nation
Is inflation really this bad, or are greedy companies profiting off the pandemic?
