All the people complaining about inflation—and blaming President Joe Biden—might consider a new study about the profiteering by corporations because conservatives support unfettered capitalism with no regulations. Two London-based think tanks show that much of the recent inflation in several countries came from corporate profits as big business, such as major oil and gas companies, boosted them during the pandemic and Russia’s attack on Ukraine. These profits, not limited to the commodities sector, rose at least 30 percent last year from 2019 while people suffered from soaring fuel, food, and housing costs. Some corporate executives admitted the high inflation was good for their business, also covering their hiked prices, because economists paid primary attention to the labor market.
In an analysis of 1,350 companies listed on stock markets, the study found profits rose 33 percent in U.S. companies—energy, mining, food, technology, telecommunications, banking, etc. ExxonMobil profits went from $18.9 billion pre-pandemic to $66.6 billion; Kraft Heinz from $333 million to $2.3 billion. The largest four food manufacturing firms had among the largest increases in profits. Only four companies—Archer-Daniels-Midland (ADM), Cargill, Bunge, and Dreyfus—control an estimated 70-90 percent of the world grain market and had “a dramatic rise in profits during 2021–2022” with their 255 percent increase in 2021. The DOJ has initiated a lawsuit indicating that almost the entire chicken, turkey, and pork industry is engaged in price-fixing.
In another attack on the Biden administration, the media has repeatedly published articles about the horrific shoplifting, but the National Retail Federation (NRF), top lobbying group for retail corporations, admits that its data about “organized retail crime” causing huge losses is wrong. Instead of 50 percent of the $94.5 billion in 2021 store merchandise losses, the loss is about 5 percent. Walgreens blamed its 2021 closure of five stores in the San Francisco on organized shoplifting when the shrink rate from shoplifting, theft, and fraud was 2.5 percent in the year’s first quarter. Attorney Alec Karakatsanis said that media outlets failed to critically examine retailers’ claims about shoplifting, and were “used as a tool by certain vested interests to gin up a lot of fear about this issue.”
If Republicans their way, taxpayers will be paying the oil and gas industry billions instead of reaping benefits themselves. Led by Rep. Lauren Boebert (R-CO), GOP members of the House Natural Resources Committee voted to advance a bill to force taxpayers to fund the cost of cleaning up oil and gas wells on federal lands instead of requiring the companies to clean up their own disasters. Her bill removes the mandate that corporations drilling on federal land post a bond covering abandonment of an exploration site, toxic chemicals leaks into the air and water, bankruptcies, or failure to securely plug wells. Passage of the bill would cost taxpayers between $2.9 billion and $17.7 billion; supporters on the committee have received at least $3.8 million in campaign contributions from the oil and gas industry. Just one bill supporter, Garret Graves (R-LA), has been gifted with $850,945. In Boebert’s district, gas projects are taking millions of gallons of water.
So-called deficit hawks in the Senate who want to take benefits from taxpayers by reducing the U.S. debt are demanding more tax cuts for the rich and large corporations that have already added $10 trillion to the national debt. Sen. Sheldon Whitehouse (D-RI) told them:
“If not for the Bush tax cuts, their extensions, and then the Trump tax cuts, the U.S. debt-to-GDP ratio would be declining indefinitely.”
George W. Bush’s fruitless wars in the Middle East also increased the national debt by $8 trillion. The GOP solution to pay for the costs of existing and new tax cuts for the wealthy and the unnecessary preemptive wars is cutting Social Security and Medicare plus eliminating Medicaid. Whitehouse pointed out that “some billion-dollar corporations pay no income taxes at all.” Criticized for his concern about climate, he declared that “the next fiscal emergencies will be climate-related, and similarly disastrous for the federal budget, with cascading economy-wide ‘systemic risks.'” This year, the U.S. has suffered at least 23 extreme weathers disasters costing over $1 billion.
A U.S. Treasury report shows a 16.5 percent drop in the revenue compared to GDP with an annual deficit increase doubling from the previous year because of the GOP Bush and DDT tax cuts which cause 75 percent in the deficit and debt ratio. High interest payments on the debt, largely caused by the GOP fiscal instability, comprise half the remaining 25 percent. A Congressional Budget Office (CBO) report predicted this outcome from DDT’s 2017 tax cuts: plummeting revenues and growing annual deficits with no economic growth to make up the difference. The GOP wants to make the poorest and most vulnerable pay for the problem while extending DDT tax cuts that add another $3.5 trillion to the national debt. More analysis is here.
After Sen. Tommy Tuberville (R-AL) released his ten-month hold on all military official confirmations, permitting 421 of them to be confirmed by voice vote, other far-right senators appear to be taking over with unreasonable holds. Despite Tuberville’s failure to accomplish anything by creating chaos in the military, J.D. Vance, who is not on the Judiciary Committee, has a blanket hold on all DOJ nominees, protesting federal investigations into DDT’s handling of classified documents and attempts to overturn the 2020 election results. Sen. Dick Durbin (D-IL) gave a reason for the holds:
“[Tuberville] got nothing out of it except bad publicity and a lot of contributions…. If you want to raise money, you act out of character and scream, shout, wave your arms—do something outrageous.”
Last summer, Sen. Rand Paul (R-KY) held all State Department nominees for two months until it released documents related to Covid research conducted in Wuhan.
Tuberville may have caved on almost all his holds because of GOP pressure. At a closed-door Senate GOP lunch, Dan Sullivan (R-AK) gave a 10-minute speech to get Tuberville to release the military official hostages and said he would whip votes from Republicans to temporarily change rules, removing Tuberville’s hold.
House Republicans have become more bizarre: James Comer, chair of the Oversight Committee, Hunter Biden was indicted by Special Counsel David Weiss on nine counts of failure to pay taxes and falsely claiming business-related deductions on personal expenses as for Hunter’s own protection from Comer’s investigation. Comer continued by saying that the “whole thing has been about a cover-up.”
And Speaker MAGA Mike Johnson announced he protected faces in the footage of the January 6 insurrection to protect [criminal] participants from being charged by the DOJ.
At the December 6 GOP presidential candidate debate, Ron DeSantis showed the opinions from millions of Republicans.
Rep. Scott Perry (R-PA) is one of almost 200 people appearing on a list of potential witnesses from the Fulton County (GA) RICO case featuring DDT with 15 remaining co-defendants. Others are former VP Mike Pence, former aide to one of DDT’s chiefs of staff Mark Meadows, DDT’s ex-AG Bill Barr, DDT’s adviser Steve Bannon, and former DOJ officials Jeffrey Rosen and Richard Donoghue. The House January 6 insurrection investigative committee subpoenaed Perry because of his efforts to help DDT make Jeff Clark, an election denier, acting AG. Perry refused the subpoena, but the committee found that he tried to help DDT overturn the results of the election. This month, a document shows his part in challenging the 2020 election results in Pennsylvania and Georgia.
Election deniers weren’t always far-right. An original co-defendant in the RICO case who has pled guilty to charges, lawyer Kenneth Chesebro, may have descended into a MAGA DDT follower after a mid-life crisis, according to legal analyst Jeffrey Toobin who knew Chesebro well in law school. Chesebro was divorced in 2016, he made a fortune from crypto in 2014, and changed from being a Democrat to a right-wing activist in the year of his divorce. In 2020, he allegedly drafted a secret memo outlining how to steal the 2020 presidential election.
After four debates among their presidential candidates, the RNC is calling it quits. The 16-member internal body decided that future debates will be independently hosted by networks. ABC and CNN announced plans for debates before the Iowa caucus on January 15 and the New Hampshire primary which may be on January 23. The latter date is uncertain because the Democratic party tried to move the New Hampshire primary after the South Carolina primary on February 3.
Casey DeSantis, Ron DeSantis’ wife, decided to rig the Iowa’s election by calling on mothers and grandmothers around the U.S. to “descend upon the state of Iowa to be a part of the caucus.” She added that “you do not have to be a resident of Iowa to be able to participate in the caucus.” The state’s Republican Party, however, stated she was wrong, that out-of-state residents cannot take part in its nominating contest. Florida’s first lady later changed her position, Xeeting that “voting in the Iowa caucuses is limited to registered voters in Iowa.”