[Congressional Record Volume 170, Number 101 (Friday, June 14, 2024)]
[House]
[Page H4066]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           RECOVERING ECONOMY

  (Ms. DEAN of Pennsylvania asked and was given permission to address 
the House for 1 minute and to revise and extend her remarks.)
  Ms. DEAN of Pennsylvania. Mr. Speaker, the United States is 
recovering from the pandemic faster than any other industrialized 
nation. In fact, the World Bank expects the United States economy to 
grow significantly faster than they initially predicted, and our growth 
is fueling a worldwide economic recovery. Yet, prices remain stubbornly 
high for groceries, gas, and especially housing. Both realities are 
true.
  One culprit of this is corporate profit-taking and greed because 
unemployment is low, our job market is strong, and inflation is 
cooling. Yet, prices are still up almost 19 percent since 2021.
  Historically, in the years leading up to the pandemic, corporate 
profits were responsible for approximately 11 percent of price 
increases. Contrast that with the second and third quarters of 2023. 
Corporate profits were responsible for more than 50 percent of price 
increases. In the latest quarter of 2023, American corporate profits 
reached an all-time high of $2.8 trillion.
  President Biden and congressional Democrats are working to address 
this manipulation head on, while my colleagues on the other side of the 
aisle propose tax cuts for the very corporations taking advantage.
  Mr. Speaker, it is time to hear real solutions from the so-called 
leaders of the House.

                          ____________________