Last month inflation hit the highest level in 4 decades and contrary to what the mainstream media reports to the American people, it’s not because of out-of-control government spending.

One of the key drivers is unchecked corporate greed and it’s still not being taken seriously.

From Big Oil to big agriculture, profits have continued to balloon quarter after quarter as corporations look to profit from consumer's inflation fears.

In fact, Exxon reported second-quarter profits of $17.9 billion, more than three times what it earned a year ago. Chevron’s profit more than tripled to $11.6 billion. It’s not just Big Oil. The four firms that maintain control over the beef, pork, and poultry markets, have worked in unison to use inflation as an excuse for price increases.

Despite all of this clear evidence of corporations being responsible for much of the price increases, the U.S. Federal Reserve is narrowly focused on raising interest rates at their most aggressive pace since the 1990s.

The U.S. Federal Reserve’s misguided approach to fighting inflation with decades-high interest rate hikes will do nothing to target the rampant corporate greed that is driving up prices for consumers. Ultimately, it will only lead to undue economic harm for working people, putting wages and jobs at risk for working-class Americans.

Instead of raising interest rates, the government must use the multiple tools they have at their disposal to do something bold to take on corporate power, including:

• Putting in place a windfall profits tax on big oil, giant sellers of consumer staples, and big ag. This would reduce their incentive to engage in price gouging.

• Push for bolder antitrust enforcement – even the threat to block mergers and break up giant companies – could keep them from raising prices.

• Pass higher taxes on the wealthy to help dampen total demand, and lower inflation.

With corporations using inflation as an excuse to get richer, the Fed cannot continue making a huge mistake by raising interest rates on working people.

Tell the Fed: Don't Raise Interest Rates on Working People. Government Must Fight Corporate Greed Instead