“Astronomical corporate profits confirm what corporate executives have been telling us on earning calls over and over again: They’re making a lot of money by charging people more.”
By Jake Johnson
Aug 30, 2022
Federal data published Aug. 25 show that nonfinancial corporate profits in the U.S. surged to an all-time record of $2 trillion in the second quarter of 2022 as companies continued jacking up prices, pushing inflation to a 40-year high to the detriment of workers and consumers.
According to figuresreleasedby the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA), corporate profit margins over the past three months were the widest they’ve been since the 1950s as ongoingprice hikespad the bottom lines of large businesses — and eat into thepaychecks of employees.
“We can argue until the cows come home about the cause of inflation,” Chris Becker, senior…
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