Closing Thought–08Feb22

If you have been shopping in the past year or so then you will be having ‘sticker shock’ for the prices of everything has done nothing but rise….especially food and gas….we need to eat and we need transportation so we suck it up and make the sacrifice and spend the money that we worked so hard to get.

The news is much more troubling than the prices…..

A new analysis released Tuesday ahead of a congressional hearing on pandemic-era price gouging shows that U.S. corporations in the food and energy sectors—from Tyson to Exxon Mobil—are pushing higher costs onto consumers while raking in ever-increasing revenues and handing executives massive pay packages.

Conducted by the advocacy group Food & Water Watch (FWW), the analysis spotlights the fact that skyrocketing food and energy—specifically gasoline—prices have been major contributors to the overall rise of inflation in the U.S. Between December 2019 and December 2021, the nation’s Consumer Price Index (CPI) jumped by 8.5%.

According to FWW, overall energy costs rose 20% over that period while the price per gallon of unleaded gasoline increased by 31.7%.

Meanwhile, FWW found, “the cost to feed a family of four on a ‘thrifty’ food plan has increased by 33.5%,” driven by the rising prices of ground beef (+19.2%), bacon (+31.7%), chicken breasts (+19.7%), milk (+17.4%), and eggs (+16.5%).

The analysis emphasizes that such “egregious” price increases come as leading corporations in the U.S. food and energy sectors are reporting growing revenues and huge profits. Tyson Foods—the second-largest chicken, beef, and pork processor in the world—has seen its revenue grow 11% above pre-pandemic levels.

The corporation also rewarded its top executives with higher pay in 2021 even as it raised prices for consumers, blaming supply chain issues.

https://www.commondreams.org/news/2022/02/01/data-highlights-egregious-pandemic-profiteering-us-food-and-oil-giants

At least it is good to see that CEOs and corporations did not suffer the same fate as the rest of us mere mortals.

Biden promises to address rising inflation….and if you think this will do anything to help us peasants then you have not been paying attention for the last 50 years.

There is a way to help us peasants but it is not an option for the corporations pay Congress to see that they continue to make their obscene profits while screwing the rest of us.

Turn The Page!

I Read, I Write, You Know

“lego ergo scribo”

2 thoughts on “Closing Thought–08Feb22

  1. Food here has risen by around 10%. But more worrying is fuel, which has almost doubled in price. No surprise then, to see BP (BritishPetroleum) announce profits of around £9 BILLION! Shameful in the extreme.
    Good news for their rich shareholders, but for nobody else.
    Best wishes, Pete.

    1. The same here…..for instance a year ago eggs were about $2 a dozen now they are running close to $3 and going up…..meat is the big price rise…..our gas is up and down….mostly up these days. chuq

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