Bored Panda works better on our iPhone app
Continue in app Continue in browser

BoredPanda Add post form topAdd Post
Tooltip close

The Bored Panda iOS app is live! Fight boredom with iPhones and iPads here.

Economist Is Disgusted By These CEOs Who Brag About Their High Prices While Blaming Inflation, Exposes Them On Twitter
966

Economist Is Disgusted By These CEOs Who Brag About Their High Prices While Blaming Inflation, Exposes Them On Twitter

ADVERTISEMENT

The January consumer price index, which measures changes in the cost of food, housing, gasoline, utilities, and other goods, rose by 7.5% over the past 12 months. It marked the largest inflation surge in 40 years. The skyrocketing prices of grocery staples, home goods, beauty products, gas, and so on are forcing more and more Americans to change their shopping habits. But low-income families are affected the most, and the increases in groceries and gas prices are the main driver of the growing inequality gap.

Recently, economics and data expert Dr. Lindsay Owens has shared an illuminating explanation on Twitter about how corporate greed affects us all. “As you read today’s inflation report, pay close attention to what the CEOs who set prices are saying. We got our hands on the latest batch of earnings reports, and it’s a doozy,” Owens wrote in a thread on February 10 that has since gone viral.

According to her, the corporate CEOs are bragging to investors on earnings calls about unnecessarily hiking up their prices in order to cash in while everyone is blaming the problem on inflation and stimulus checks.

She then shared a couple of concrete examples, citing names of companies who are doing that. Read on below for the full thread which will surely make you wonder… How are they getting away with this?

Economics and data expert Lindsay Owens shared an illuminating thread that explains how greedy CEOs are bragging about hiking prices while hiding behind inflation

Image credits: owenslindsay1

ADVERTISEMENT

Image credits: owenslindsay1

Image credits: owenslindsay1

Image credits: owenslindsay1

Image credits: owenslindsay1

Image credits: owenslindsay1

Image credits: owenslindsay1

ADVERTISEMENT

In 2021, the author of the Twitter thread, Lindsay Owens, Ph.D., was named the Groundwork Collaborative’s second executive director, becoming the first woman to lead the progressive nonprofit. The Groundwork Collaborative’s mission is to advance an economic vision for strong, broadly shared prosperity and true opportunity for all.

ADVERTISEMENT

Just four days ago, following Owens’ viral thread, Groundwork Collaborative released a press release where they explained how corporations are raising record profits. The statement said that today’s Consumer Price Index (CPI) release shows year-over-year inflation increased to 7.5%. Groundwork’s Chief Economist Rakeen Mabud responded with the following statement: “Earnings calls are littered with CEOs bragging about how they’re able to use inflation as a cover for their price hikes. These higher prices are putting more pressure on struggling families and small businesses—all while CEOs and shareholders net record profits.”

According to Mabud, “The best way to bring down prices is to get our supply chains back up and running by making smart investments now — and prevent dominant corporations from siphoning them off or using them to accumulate even more market power.”

Many people agreed with Dr. Owens’s arguments

Image credits: maximass1138

ADVERTISEMENT

Image credits: viulenny

Image credits: jkyle001

Image credits: CrazedBirdie

Image credits: suzannechowla

Image credits: P5Mom

Image credits: JRArmes

Image credits: jlooney2

ADVERTISEMENT

Image credits: KershawJesse

Image credits: sftballwife

Image credits: sqlguru1960

Image credits: CAJones0989

Image credits: staitskate

Image credits: PatrickGillam

Image credits: mark4house

Groundwork Collaborative also named quite a few poignant examples of how people are being harmed by pandemic profiteering and price gouging. “Tyson Foods shares set record as high meat prices fatten profits. Tyson Foods Inc. shares climbed more than 11% to an all-time high on Monday after the company reported that first-quarter profits nearly doubled due to soaring U.S. meat prices.”

ADVERTISEMENT

Another case was Starbucks. Quoting the New York Times, the press release said: “Starbucks will raise prices again, citing higher costs for supplies and workers. Starbucks will increase prices this year, the coffee giant said on Tuesday, blaming supply chain disruptions and a sharp rise in labor costs. For the last three months of last year, the company’s profit soared 31 percent, to $816 million, Starbucks said in reporting its quarterly earnings on Tuesday. Revenue grew to $8.1 billion, a 19 percent jump compared with the same quarter a year ago.”

Others, however, disagreed and shared what they thought about the whole situation

Image credits: CarlNelsnow

Image credits: mattsmalling88

Image credits: ryanwhite19750

ADVERTISEMENT

Image credits: 031196Marine

Share on Facebook
Liucija Adomaite

Liucija Adomaite

Writer, Community member

Read more »

Liucija Adomaite is a creative mind with years of experience in copywriting. She has a dynamic set of experiences from advertising, academia, and journalism. This time, she has set out on a journey to investigate the ways in which we communicate ideas on a large scale. Her current mission is to find a magic formula for how to make ideas, news, and other such things spread like a virus.

Read less »
Liucija Adomaite

Liucija Adomaite

Writer, Community member

Liucija Adomaite is a creative mind with years of experience in copywriting. She has a dynamic set of experiences from advertising, academia, and journalism. This time, she has set out on a journey to investigate the ways in which we communicate ideas on a large scale. Her current mission is to find a magic formula for how to make ideas, news, and other such things spread like a virus.

Mindaugas Balčiauskas

Mindaugas Balčiauskas

Author, BoredPanda staff

Read more »

I'm a visual editor at Bored Panda. I kickstart my day with a mug of coffee bigger than my head, ready to tackle Photoshop. I navigate through the digital jungle with finesse, fueled by bamboo breaks and caffeine kicks. When the workday winds down, you might catch me devouring bamboo snacks while binging on the latest TV show, gaming or I could be out in nature, soaking up the tranquility and communing with my inner panda.

Read less »

Mindaugas Balčiauskas

Mindaugas Balčiauskas

Author, BoredPanda staff

I'm a visual editor at Bored Panda. I kickstart my day with a mug of coffee bigger than my head, ready to tackle Photoshop. I navigate through the digital jungle with finesse, fueled by bamboo breaks and caffeine kicks. When the workday winds down, you might catch me devouring bamboo snacks while binging on the latest TV show, gaming or I could be out in nature, soaking up the tranquility and communing with my inner panda.

What do you think ?
Add photo comments
POST
WilvanderHeijden
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

The only remedy against greedy companies is boycotting and shaming them. It's always funny to read how people are defending those greedy companies. They are also the ones who firmly believe that paying livable wages would ruin the economy and that people in certain professions shouldn't even be allowed to have a decent income. Imagine feeling threatened and upset about what someone else earns, but at the same time thinking that it's totally OK for companies to abuse their power by raising prices just to make more profit.

Dee on bikes
Community Member
2 years ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I honestly wouldn't have a problem if a proportional share of price hikes went to the workers for these companies

Charlie Taube
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Capitalism requires competition, we don’t have that. This is corporatism.

Load More Comments
WilvanderHeijden
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

The only remedy against greedy companies is boycotting and shaming them. It's always funny to read how people are defending those greedy companies. They are also the ones who firmly believe that paying livable wages would ruin the economy and that people in certain professions shouldn't even be allowed to have a decent income. Imagine feeling threatened and upset about what someone else earns, but at the same time thinking that it's totally OK for companies to abuse their power by raising prices just to make more profit.

Dee on bikes
Community Member
2 years ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I honestly wouldn't have a problem if a proportional share of price hikes went to the workers for these companies

Charlie Taube
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Capitalism requires competition, we don’t have that. This is corporatism.

Load More Comments
You May Like
Related on Bored Panda
Related on Bored Panda
Trending on Bored Panda
Also on Bored Panda