US economy didn't grow much in Q2, but prices and profits sure did!

Another key bit of data relased this week was the second look at GDP for Q2 2026. The GDP part wasn’t big news – real GDP was estimated at 1.5% in the first release last month, and it stayed at 1.5% here, with a slight upward increase in consumption offset by an increase in imports.

It was interesting that inflation was estimated to be even higher than what was originally reported in July.

The price index for gross domestic purchases increased 5.8 percent in the second quarter, revised up 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 5.3 percent, revised up 0.2 percentage point, and the PCE price index excluding food and energy increased 3.6 percent, also revised up 0.2 percentage point.

That 5.3% increase in the PCE price index is up for an annualized rate of 4.6% in Q1 and 2.9% in Q4 2025 (aka – the last quarter before we started dropping bombs on Iran).

But there was a first-time release in that report about something else.

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $400.9 billion in the second quarter, compared with an increase of $74.4 billion in the first quarter.

OH? As inflation jumped in Q2 in 2026, we also saw a big jump in corporate profits to another record?

But at least the US is getting more taxes from these corporations making record profits, right?

It's almost like these sorts of things might be connected, eh?

Even the Trump fluffer running for Governor in our state admits that corporations and related consolidation are part of the reason prices are higher.

GOP gubernatorial candidate Tom Tiffany broke with Donald Trump over the president’s plans to import 300,000 metric tons of ground beef and then sell it below market price….

During a stop in Hales Corners yesterday, Tiffany told reporters: “I stand with Wisconsin farmers” when asked about the president’s plans to import ground beef over the next 90 days. In exchange for easing tariffs, the exporters will provide a 25% discount on beef, according to the deal Trump announced.

Tiffany said a core issue is the beef packing industry is dominated by four producers, leaving insufficient capacity for ranchers. He vowed if elected to start a young farmer program.

Not mentioned - Tom Tiffany voted for the corporate tax cuts last year that increases the incentive for profit-hoarding.

And is Tom Tiffany demanding that the Trump Administration break up these four beef packers to drop prices and increase competition. OF COURSE NOT!

Is he getting back to his day job in DC and going to work on legislation to stop Trump's desperate and stupid moves that could depress prices and viability for producers? OF COURSE NOT!

Is he demanding that all of this foreign beef be strictly inspected to make sure they meet American standards, especially since 30,000 pounds just got recalled in Texas and Florida after slipping by inspectors? OF COURSE NOT!

He's just complaining and trying to seem like he cares about the Ag owners, while not doing anything that might cut off the real economic and health problems that may result. And Tiffany certainly won't do anything to discourage the corporate profiteering off of the higher prices that Americans are paying in the second half of 2026.