Why are prices still so high? Corporate greed, some say.
CNN
Hearing that big corporations are raking in hefty profits frustrates Nick Rosolino. As the owners of a small cleaning business in rural Maine, Rosolino and his wife are finding it increasingly difficult to break even after the prices for the products they use soared in recent years.
Hearing that big corporations are raking in hefty profits frustrates Nick Rosolino. As the owners of a small cleaning business in rural Maine, Rosolino and his wife are finding it increasingly difficult to break even after the prices for the products they use soared in recent years. While supply chain problems and high demand may have helped spur inflation early in the pandemic, Rosolino believes there’s another key reason why prices have soared and remained high: Corporate greed. “Many CEOs are stating that profits are up as a result of rising prices,” said Rosolino, 51, who lives in New Gloucester, Maine, about a half hour from Portland. “It’s definitely a driving force, greed. It’s corporate greed.” Reluctantly, he had to raise his prices by 15% earlier this year for the first time since the pandemic began, a move his customers said they understood. The increase will help him better afford the environmentally friendly products he uses, such as the 28-ounce bottle of all-purpose cleaner that now costs as much as $4.29, up from $2.49 not too long ago. Asked how they are feeling about the economy, Rosolino was among a number of CNN readers who blame companies’ drive for higher profits as a main factor for the dour mood. That has kept prices elevated and left them, and the nation, struggling, they say. President Joe Biden has also seized on the idea of corporate greed as he struggles to get his economic message to resonate with voters and to deflect blame. It was a central talking point in his State of the Union address on Thursday.
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