To the editor:
Wake up folks. The simple truth about inflation is that reports now show that big companies have amassed huge profits in the last few years. As they gleefully raised prices, we were left struggling to buy food, fuel, and other necessities.
That’s right, it seems good old corporate greed may be driving inflation. We’re not talking about small struggling businesses (or government), but big opportunistic corporate piggies.
Economists and researchers report that Canadian corporate profits between 2019 and 2023 rose a shocking 54%. Economist Stanford says Canadian food retail profits doubled after covid, and that data are showing a strong correlation between inflation and “unusual trends in corporate profits”.
As you empty your wallet to fill your gas tank, tallies show that big oil companies are “raking in outrageous sums in record-breaking profits”. Apparently, Canadian oil companies realized over $38 billion in profits in 2022 alone.
In 2021 and 2022 the reported average pay for the top 100 Canadian CEOs rose to a record high of over $14 million. Our current profiteering system may work for billionaires but I think the public is tired of being taken advantage of.
And know that Poillievre’s website describes him as the “champion of a free market”, while his wealthy supporters operate or sit on the boards of big companies raking in billions while we suffer. And Bernie Saunder’s 2024 New Year address on billionaire wealth, is very telling (See below.)
Have corporate profits become dangerously unbalanced? While international events and climate disasters account for some inflation, the profit numbers don’t lie. This is surely unethical Greedflation. Shouldn’t we be holding greedy corporations accountable for our financial stress?
Karen Hodgson
Qualicum Beach, BC
