On Thursday, the Pennsylvania Chamber of Business and Industry led a coalition of industry associations across the state to push back on U.S. Sen. Bob Casey’s (D-PA) claims that rising consumer prices are due to “greedflation.”
“While we share your concerns about the impact of rising costs on families, attributing inflation to ‘greedflation’ distorts a complex economic issue and inappropriately scapegoats the business community and the constituents you represent,” the coalition wrote in a letter to Casey.
Since November 2023, Casey has released four reports detailing what he says is “greedflation” where corporations are using inflation as an excuse to raise prices and bring in record profits.
“Corporations are raising prices at the expense of Pennsylvania families because they think they can get away with it,” Casey said in November. “From diapers to groceries, greedflation is making everyday household items more expensive and squeezing families. I’m taking steps to fight back so we can make corporations pay their fair share and put more money in the pockets of working families.”
In its letter, the coalition identified several factors contributing to inflation, including federal legislation, pandemic-related disruptions, labor costs, and geopolitical events, and asked Casey to refrain from targeting Pennsylvania employers with his divisive rhetoric.
“Inflation is driven by many complex factors… Ignoring these realities and perpetuating a narrative that blames the business community is misleading and inappropriately attacks the character of hardworking Pennsylvanians who create jobs, contribute to our communities, and drive our economy,” the coalition said in its letter.
The group also said there needs to be “constructive dialogue” between lawmakers and the private sector to address economic challenges.
“We urge you to embrace that approach going forward and move on from this disparaging rhetoric, which undermines our shared efforts to tackle the serious economic difficulties we face and move Pennsylvania forward,” the coalition wrote.
In addition to the Chamber, the coalition included the Pennsylvania Manufacturers’ Association, the Pennsylvania Food Merchants Association, PennAg Industries Association, the Broadband Communications Association of Pennsylvania, Pennsylvania Bankers Association, Manufacturer & Business Association, and the Pennsylvania Restaurant & Lodging Association.