Pennsylvania Sen. Casey warns Amazon, Target and Walmart over 'greedflation' pricing
Pennsylvania Sen. Bob Casey has sent letters to Amazon, Target and Walmart over concerns that pricing decisions made at the retail giants since the pandemic may have been driven by aggressive push for profits at the expense of everyday Americans' wallets.
Pennsylvania Sen. Bob Casey has sent letters to Amazon, Target and Walmart over concerns that pricing decisions made at the retail giants since the pandemic may have been driven by aggressive push for profits at the expense of everyday Americans' wallets.
Casey, a three-term Democrat who is in a tight re-election battle that could tip his party's razor-thin majority in the Senate, says in the letters that between June 30, 2020, and June 30, 2022, corporate profits in the United States rose by 75%, roughly five times as fast as inflation, and that the three megaretailers were among the beneficiaries of that phenomenon, which he called "greedflation."
Amazon, Casey said, has seen its profits increase as much as 61% over that time period, while Target's profit increased 31.7% and Walmart's was up 10%, which was about 25% higher overall than they were pre-pandemic.
Meanwhile, an average Pennsylvania family has paid almost $7,000 more "toward greedflation," Casey says.
"Americans deserve to pay fair prices, and corporations must be held accountable for taking advantage of working families," he writes.
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