Democratic Michigan Rep. Rashida Tlaib claimed that corporations are to blame for increased prices in a U.S. House Committee on Financial Services hearing on inflation held Tuesday.
“The pandemic has been great for the richest Americans who have lined their pockets and doubled their wealth,” Tlaib started her hearing segment.
She then went on to blame prominent businesses for increased prices.
“Corporations have the nerve to blame inflation while consolidating their market power and raising the price of essential goods and services,” she says. “For me, this is not inflation; it’s extortion.”
.@RashidaTlaib: “Corporations have the nerve to blame inflation while consolidating their market power and raising the price of essential goods and services while working people foot the bill. For me this is not inflation, it’s extortion.” pic.twitter.com/2PAJWAke8z
— Tom Elliott (@tomselliott) March 8, 2022
She pinned the issue on these companies repurchasing stocks, claiming “when corporations funnel their record earnings into stock buybacks, that’s money that they’re not allocating towards capital investments, research, and development.”
Tlaib then mentioned former President Donald Trump, citing his tax cuts in her question to economist Rakeen Mabud.
After an exchange with economist Mark Zandi, who called her connection between increasing prices and stock buybacks “tenuous,” Tlaib shifted the conversation to concerns about corporations and the environment. (RELATED: BEHRENS: Massive Inflation Is Part Of Biden’s Green Tax)
“Today, we all know that the next crisis that will pose an existential threat to our economy is our planet,” Tlaib said. “I’m incredibly concerned that corporations will simply look at the climate crisis the same way they viewed the pandemic. Just another way to make a quick buck.”
As of January, the inflation rate stood on a nearly 40 year high, at a rate of 7.5%.