Madeleine Dean: “The United States is recovering from the pandemic faster than any other industrialized nation. In fact, the World Bank…”

“The United States is recovering from the pandemic faster than any other industrialized nation. In fact, the World Bank expects the United States economy to grow significantly faster than they initially predicted, and our growth is fueling a worldwide economic recovery. Yet, prices remain stubbornly high for groceries, gas, and especially housing. Both realities are true. One culprit of this is corporate profit-taking and greed because unemployment is low, our job market is strong, and inflation is cooling. Yet, prices are still up almost 19 percent since 2021. Historically, in the years leading up to the pandemic, corporate profits were responsible for approximately 11 percent of price increases. Contrast that with the second and third quarters of 2023. Corporate profits were responsible for more than 50 percent of price increases. In the latest quarter of 2023, American corporate profits reached an all-time high of $2.8 trillion. President Biden and congressional Democrats are working to address this manipulation head on, while my colleagues on the other side of the aisle propose tax cuts for the very corporations taking advantage. Mr. Speaker, it is time to hear real solutions from the so-called leaders of the House. ____________________”