Corporate profits continue to rise, while too many families struggle to make ends meet.
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| Check out this Axios chart showing corporate profits—which just went up again, nearing another peak. Corporate profits continue to rise, while too many families continue to struggle to make ends meet. We have to get corporate power in check to build a strong, stable, and globally competitive economy that doesn’t leave workers and consumers behind. Here’s how: Pass legislation to make price gouging illegal so that the federal government can hold bad actors (like Big Oil and pharmaceutical companies) accountable when they price-gouge. In 2022, amidst record high gas prices and record high Big Oil profits, I introduced a bill to allow the President to issue an emergency provision declaring it illegal to excessively increase gas and home energy prices. This bill passed in the House in 2022 but stalled in the Senate.
Crack down on monopolies which result in higher prices. Competition is central to capitalism, and it's the simple equation you probably learned about in high school economics: You will get a better price for pasta if there are ten big companies in the game rather than the current two or three. Without competition, prices go up, wages drop, and innovation stalls.
Reduce the influence of corporate power in Washington by banning federal lobbyist donations and corporate PAC money. Too many of my colleagues are too focused on serving their corporate donors rather than their constituents, and that prevents us from enacting aggressive climate change legislation, passing Medicare for All, or raising the minimum wage.
Democrat, Republican, or independent—I’ve never met anyone who doesn’t want a strong economy and lower costs. That’s why even here in purple Orange County, I ran in 2022 on a message of taking on corporate cheaters, and won. I’ll always fight to hold corporations accountable. Katie Porter P.S. – I’m the only candidate in my US Senate race who has never taken corporate PAC money. I really rely on grassroots donations, can you pitch in? | |
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