It’s no secret that it’s getting harder and harder to get by, with price increases throwing many of our lives into crisis. Gas, groceries, utilities, housing and more… In the SF Bay Area, foreclosures are up 90% since last year.
Why are companies raising their prices? A big reason is because they can. A survey of over 3,000 companies found that they make an extra 72 cents for every dollar that they spent in 2021, compared to an extra 56 cents for every dollar they spent in the 2010s. And the extra money that they get from us explains why corporate profits are at record levels. For example, Shell Oil made $9 billion in the first quarter of this year, its highest profits ever.
What does all of this mean for us? From June, 2020 to June, 2021, inflation went up 9.1%. Imagine if our wages went up 9.1% in one year. We need a pay increase!
