Sure, there are other factors affecting the economy such as supply chain issues and restrictions due to the war in Ukraine. But more and more data show that big corporations are passing along any new costs to consumers and then some.  

Consider the price of meat. Did you know that the majority of meat processing (beef, chicken, and pork) is controlled by four giant corporations (Cargill, Tyson, JBS, National Beef Packing Co.)? When these corporations control that much of the market, they also control prices. Instead of absorbing new costs, they hike up prices and in return make more and more money for their shareholders. These four corporations reported a 120% collective jump in their gross profits since the pandemic.    

What about toilet paper? Three corporations (Proctor & Gamble, Kimberly Clark and Georgia-Pacific) produce 80% of U.S. toilet paper. These corporations reap record profits, all the while passing along costs to consumers because they can. 

If you have an Amazon Prime membership, then prepare to pay 16% more this year. Amazon says it is because of increased costs and inflation. This rationale seems pretty flimsy for a company that reported gross profits of $197.48 BILLION in 2021. That is $197,480,000,000 in profits in just one year. And it’s a 29.3% increase over profits reported for 2020.  

When is enough profit enough? Consumers are hurting. The same applies for small businesses, too. 

Huge corporations are raising prices because they can, because they have no competition. They are hurting consumers, small businesses and the U.S. economy all the while reaping higher and higher profits than ever before. Think about that the next time you pay for groceries.  

Jean Wright 

Franklin