Allan Smith is a political reporter for NBC News.
As he seeks to address voter concerns over an issue that has weighed down members of his party across the country, Sen. Bob Casey, D-Pa., thinks he has found the winning formula: fighting “greedflation.
The core of Casey’s argument is the assertion that, from July 2020 to July 2022, corporate profits rose five times faster than overall inflation. His argument is backed by a report last year from the Federal Reserve Bank of Kansas City, which found corporate profits contributed to an outsized percentage of overall inflation during the recovery from the Covid pandemic. “It’s real,” Sen. Raphael Warnock, D-Ga.
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