Feb. 18—Since fall 2023, U.S. Sen. Bob Casey has produced four reports detailing his investigations into excessive price increases, reduction in product quantity, and hidden junk fees — all motivated by "corporate greed."
According to government data compiled in Casey's "greedflation" series, from July 2020 through July 2022, inflation rose by 14%, while corporate profits rose by more than 74%.
Casey, D-Scranton, said Federal Reserve research found corporate profits accounted for all of inflation from July 2020 through July 2021 and 41% of all inflation from July 2020 through July 2022.
"The American people should not have to tolerate corporate executives squeezing them for every last nickel and dime," Casey said.
Casey, Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Subcommittee on Children & Families, Elizabeth Warren (D-MA), and Tammy Baldwin (D-WI) and U.S. Rep. Jan Schakowsky (D-IL) this week introduced the Price Gouging Prevention Act, which would crack down on corporate price gouging and protect American families from "greedflation."
The bill would create a new a federal ban on grossly excessive price increases, and authorize the Federal Trade Commission (FTC) and state attorneys general to enforce the ban. Since November 2023, Casey has been investigating corporate price gouging and other actions by big corporations that have squeezed the budgets of American families and contributed to the increase in inflation.
"Corporations are raising the prices of everyday household items to rake in record profits at the expense of Pennsylvania families," Casey said. "Our bill will crack down on greedflation by finally prohibiting price gouging and holding corporations accountable for raising costs excessively. It is long past time we take on big corporations and lower costs for families."
"Giant corporations are squeezing American families for fatter profits. It's time to give the Biden administration stronger tools," said Sen. Warren. "Senate Democrats and I are renewing our push for a new law to crack down on corporate price gouging."
Rep. Schakowsky said as large grocery chains continue to rake in record profits, there are many families struggling to put food on the table.
"The cost of basic groceries has jumped by 25% over the past four years," Schakowsky said. "Price gouging is harming consumers and is fueling the elevated profit margins among greedy corporations. We live in the richest country in the world at the richest moment in history. Yet, many Americans are unable to feel the full magnitude of our wealth."
Kobie Christian, Spokesperson, Unrig Our Economy, said during the COVID-19 pandemic, working families suffered as big corporations hiked costs for no other reason than to line their own pockets and pad their bottom line.
"Unfortunately, price gouging is just business as usual for big corporations in an economy rigged by corporate greed and against the American people," Christian said.
Casey believes more must be done to hold corporations accountable for taking advantage of American workers and their families and has a plan to lower costs for working families by following four overall goals: put more money in the pockets of working families; make big corporations pay their fair share; fight unfair corporate price gouging; and take on corporate monopolies to increase competition and lower costs.
Rep. Meuser supports legislation aimed to reverse pause on LNG exports
U.S. Rep. Dan Meuser, R-Dallas, this week voted in favor of H.R.7176 — the Unlocking Domestic LNG Potential Act — which reverses the Biden Administration's misguided policy decision to "pause" approvals of liquefied natural gas (LNG) exports.
Meuser said the economic importance of natural gas for America is immense, with the industry supporting over 10 million jobs and contributing nearly $1.8 trillion to U.S. GDP.
In Pennsylvania alone, Meuser said the natural gas industry supports 123,000 jobs and contributes $25 billion a year to the Commonwealth's GDP.
Meuser said fostering a robust natural gas industry drives investment, boosts domestic manufacturing, and creates well-paying jobs across various sectors.
However, he said the Biden Administration's decision will hinder these benefits, disrupting long-term LNG infrastructure initiatives and impeding industry growth, production, and exports, all while undermining America's position as a global leader in natural gas.
"In his crusade against the natural gas industry, Joe Biden is harming consumers and producers and undermining America's ability to reclaim the energy dominance achieved under President Trump," Meuser said. "To ensure our energy security and economic prosperity, we must adopt an all-of-the-above and all-of-the-below energy approach, and the pausing of U.S. LNG exports hinders our ability to do that. It's clear that the only beneficiaries of Biden's anti-American energy policies are our adversaries abroad. If our allies cannot get natural gas from the United States, they will turn to countries like Russia.
"We cannot allow Joe Biden to choose Moscow over communities in our District like Montrose. Therefore, to ensure our economic and national security, as well as to support Pennsylvania's workforce, I was happy to vote in favor of H.R. 7176 to reverse Joe Biden's inexplicable decision to pause American LNG exports."
H.R. 7176 passed the House of Representatives 224-200 and was referred to the Senate for further consideration.
Cabell invites seniors to 'Scam Seminar' in Dallas
In his continuing effort to educate older residents about the latest financial fraud schemes and how to protect themselves, Rep. Mike Cabell, R-Butler Township, will host a scam seminar on Thursday, March 14, in Dallas.
The free event will begin at 11 a.m. at the Meadows Nursing and Rehabilitation Center, 4 E. Center Hill Road. The doors will open at 10:30 a.m.
"Seniors are frequent targets of these unscrupulous scammers, who seem to come up with new ways to steal their hard-earned money every day," Cabell said. "Area seniors are encouraged to attend and learn how to avoid being scammed."
The seminar will be led by David Shallcross, director of senior protection with the Pennsylvania Office of Attorney General.
Topics to be covered include what to do if one becomes a victim of identity theft, tips on how to protect personal information online and in everyday interactions, and guidelines on how to spot scams intended to steal one's identity.
Reservations are required and can be made by calling Cabell's Dallas office at 570-675-6000.
Watro's legislation would require cursive handwriting to be taught in Pa. schools
Seeking to ensure that all Pennsylvania school students learn how to write and read cursive, Rep. Dane Watro, R-Kline Township, is the prime sponsor of legislation that would require cursive handwriting to be taught in the classroom.
"In our increasingly digital world, cursive has fallen by the wayside," Watro said. "However, there are many compelling reasons for students to have at least a basic grasp of cursive writing. Our nation's founding documents, such as the Constitution and Declaration of Independence, are written in cursive. Many people sign their names in cursive, and it's often needed to complete a business document."
House Bill 1934 would mandate instruction in cursive handwriting or joined italics, as it is sometimes called, to be taught in the appropriate grade levels.
Should the legislation become law, Pennsylvania would become the 19th state in the nation to legislate a requirement for basic instruction in cursive handwriting.
Watro also noted that recent studies indicate learning cursive has many developmental benefits including increased hand-eye coordination, critical thinking and self-confidence.
House Bill 1934 has been referred to the House Education Committee for consideration.
AG Henry, colleagues urge Congress to stabilize funding to support victims of crime
Attorney General Michelle Henry joined a bipartisan coalition of 41 Attorneys General in urging the U.S. Senate and House of Representatives to authorize much-needed 2024 bridge funding for the federal Crime Victims Fund (the "VOCA Fund"), which provides crime victims a network of care and resources.
According to the U.S. Department of Justice's Office for Victims of Crime, funding for victim services grants will be significantly cut in 2024 — by an estimated $700 million from last year.
"Our judicial process is based on doing all we can to make victims whole again, and the VOCA Fund is essential to achieving that goal," AG Henry said. "This fund takes money from offenders who caused the harm and puts it toward resources and services that can immediately help crime victims. I have spent my entire career advocating for victims who become survivors when they are supported and empowered by our system."
These programs provide a variety of vital resources for victims and survivors of crime in the Commonwealth, including individual counseling, emergency shelter and safe housing, notification of criminal justice events, crisis intervention, hotlines and crisis line counseling, and emergency justice-related assistance.
Reach Bill O'Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.
