More proof that a big part of recent inflation is profits

File another one under "Inflation = profiteering", with a pair of reports from the Census Bureau yesterday. Here's the first one, going over sales and profits from retailers.

Seasonally adjusted after-tax profits of U.S. retail corporations with assets of $50 million and over totaled $58.3 billion, up $11.0 (±2.4) billion from the $47.3 billion recorded in the third quarter of 2021, and up $25.2 (±1.2) billion from the $33.1 billion recorded in the fourth quarter of 2020.

Seasonally adjusted sales for the quarter totaled $974.4 billion, not statistically different from the $952.6 billion in the third quarter of 2021, but up $99.8 (±18.3) billion from the $874.6 billion recorded in the fourth quarter of 2020.

And the boost in profits in 2021 is startling compared to the numbers in the years before that.

And then take it over to manufacturers, and the story is the same.

U.S. manufacturing corporations' seasonally adjusted after-tax profits in the fourth quarter of 2021 totaled $271.2 billion, up $17.6 (±1.9) billion from the after-tax profits of $253.6 billion recorded in the third quarter of 2021, and up $137.4 (±0.9) billion from the after-tax profits of $133.8 billion recorded in the fourth quarter of 2020.

Seasonally adjusted sales for the quarter totaled $1,931.0 billion, up $112.8 (±30.5) billion from the $1,818.2 billion recorded in the third quarter of 2021, and up $318.5 (±15.2) billion from the $1,612.5 billion recorded in the fourth quarter of 2020.

The manufacturing report goes a step further and also looks at post-tax profits margins, and they jumped by more than 2/3 at the end of 2021 vs the end of 2020.

It's little surprise which manufacturers were among the biggest gainers in profits, with these industries keeping a whole lot of their added sales in added profit.

Change in sales, after-tax profits in millions, Q4 2021 vs Q4 2020
Petroleum and coal products
Change in sales $122.4 billion
Change in after-tax profits +$47.7 billion

Pharmceuticals and medicals
Change in sales $21.3 billion
Change in after-tax profits +$45.0 billion

Mining
Change in sales +$50.8 billion
Change in after-tax profits $40.6 billion

Telecommunications
Change in sales +$3.4 billion
Change in after-tax profits $25.5 billion

And you're telling me these guys can't pay a few more cents on those record profits by reversing the lower rates of the GOP Tax Scam?

With that money, we could pay for initiatives such as restoring the Child Tax Credit to its 2021 levels and restore security to the millions of Americans who were lifted out of poverty last year. And it wouldn't be at a moment too soon, as this source of income has been cut off while profits prices keep rising.