During remarks on the House floor Friday, Rep. Madeleine Dean (D-PA) spoke about high consumer goods prices.
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NewsTranscript
00:00The United States is recovering from the pandemic faster than any other industrialized nation.
00:06In fact, the World Bank expects the United States economy to grow significantly faster
00:11than they initially predicted, and our growth is fueling a worldwide economic recovery.
00:17Yet prices remain stubbornly high, groceries, gas, and especially housing.
00:22Both realities are true, and one culprit of this is corporate profit-taking and greed.
00:29Because unemployment is low, our job market is strong, and inflation is cooling, yet prices
00:34are still up almost 19% since 2021.
00:38Historically, in the years leading up to the pandemic, corporate profits were responsible
00:44for approximately 11% of price increases.
00:47Contrast that with the second and third quarters of 2023.
00:52Corporate profits were responsible for more than 50% of price increases.
00:57And in the latest quarter of 2023, American corporate profits reached an all-time high
01:02of $2.8 trillion.
01:04President Biden and congressional Democrats are working to address this manipulation head-on,
01:09while my colleagues on the other side of the aisle propose tax cuts for the very corporations
01:13taking advantage.
01:14It's time to hear real solutions from the so-called leaders of the House.
01:19I yield back.