While you were paying through the nose at the gas pump, Big Oil companies were using the cover of inflation to jack up prices and line their pockets.
BP’s CEO recently boasted that in 2022 his company had its “lowest production cost in 16 years.”
Hello?
This is an important graph. The share of national income going to the richest 10 percent was lowest (and share to lower 90 percent highest) when union membership was at its highest. As unions have weakened, inequality has widened. It's not about economics. It's about power.
It’s not just eggs. Since 2020:
The price of bread is up 22%
Flour up 21%
Butter is up 31%
Meanwhile, food giant Cargill saw its profit double to a record $6.7B.
Follow the money, and the story is clear: Food corporations are using inflation as cover to jack up prices.
General Mills—maker of Cheerios, Yoplait, Nature Valley, etc—said today that they're making huge profits by raising prices on consumers.
Their quarterly profits have increased 20% year-over-year. All the growth came from price hikes.
Corporate profits are driving inflation.
NO BAILOUTS FOR HOMELESS
NO BAILOUTS FOR HUNGRY
NO BAILOUTS FOR PEOPLE IN POVERTY
NO BAILOUTS FOR STUDENTS IN DEBT
NO BAILOUTS FOR PEOPLE WITHOUT HEALTHCARE
UNLIMITED BAILOUTS FOR BIG BANKS.
A handful of billionaires now have unprecedented control over banking, the food we eat, the health care we can access, and the information we receive.
Folks, this is what oligarchy looks like.