Groundwork Collaborative

NEW: In response to the July Consumer Price Index showing annual inflation cooled to 2.9%, the first time it’s been below 3% since early 2021, Groundwork’s Chief Economist Rakeen Mabud released the following statement: https://lnkd.in/eth_FxSq

In Bloomberg News, Columbia's Joseph Stiglitz, and American University's Nacho González and Juan Antonio Montecino debunk conventional wisdom surrounding trickledown economics, and explain the economic and social benefits to raising the corporate tax rate — beyond the revenue raised.

"Interest rates remain unaccountably high, continuing to put pressure on the well-being of the everyday people who keep our economy going." Rakeen Mabud explains why the Fed's high rates are counterproductive — and makes the case for cutting rates now.

"What we don't want as for sellers of goods or services, to take advantage of people's desperation, to make a quick buck." With dynamic pricing schemes gouging consumers, North Carolina's law preventing gouging during severe weather is sadly necessary.

Let's be clear: Chair Powell cannot wait until September to cut interest rates. The Fed must cut rates by at least 75 basis points immediately to stop the pain high interest rates are inflicting on the everyday people who power our economy. The time to cut rates is now.

Building public power, breaking up concentrations of private power, and delivering true opportunity and prosperity for all. That's our North Star.

Workers should not have to pay the price for the Fed’s failure to follow the data. Chair Powell: The Fed must cut rates now.

NEW: Groundwork's Bilal Baydoun, MPP responds to the July jobs report, which shows the U.S. economy added 114,000 jobs last month and the unemployment rate ticking up to 4.3%: https://lnkd.in/e9eXwDWt

New from me in Otherwords: “Fundamentally, the coming tax debate is about who holds the reins in shaping our economy: megacorporations and their wealthy shareholders, or the everyday people who keep the economy humming. Next year is an opportunity for Congress to stand firm against the rich and powerful and build the economy that we want to see.” https://lnkd.in/epfmNVYg

This week, Nick and Goldy are joined by Lindsay Owens Owens, Executive Director of the Groundwork Collaborative, to discuss Groundwork’s recent reports on corporate profiteering and price gouging during and after the pandemic. Owens attributes the record increases in corporate profits over the last few years to growing corporate concentration and lack of competition. She argues that these two factors gave companies an unprecedented level of market power and, therefore, pricing power, which allowed them to exploit the supply chain crisis caused by COVID to drastically raise prices. Owens stresses the need for policy interventions to promote competition, transparency, and fair pricing in the market to ensure a more competitive and consumer-friendly economy. 🎧Listen at the following link or wherever you get your podcasts: https://lnkd.in/gN2UZVN6