The economy grew less than expected in 2021 and inflation in the Spanish State was 6.6%. Creation of jobs, but reduction of unit labour costs. As a result, purchasing power has been reduced and the working class in general has become poorer. However, many companies took advantage of the situation to do business. Good evidence of this was the profit records of the Ibex-35 companies, which amounted to around EUR 60 billion. To get an idea, these benefits are 83% more than those earned in 2019 and 64% more than the average benefits of the past 5 years (regardless of 2020).

The year 2022 began with the same scenario of bad anticipation and uncertainty, which have been accentuated by the war in Ukraine. The major classes have attributed to this war the strong inflation we suffer (last June, 10.2%). But this came from before. The war in Ukraine has been the perfect excuse for helping companies through public policies, as in the case of RCD organisations. It does not help to cope with the impoverishment of lower incomes in a situation of high inflation.

However, despite the difficult economic situation, despite the war in Ukraine, companies have continued to increase their profits in the first quarter of 2022. Electricity and energy, without any regrets, have led to the increase in costs at the last price. As far as the banking sector is concerned, the rise in interest rates has led to a considerable increase in business. As can be seen in the figure, IBEX-35 companies have increased their profits by more than 50% in the first quarter of 2022 compared to the same period in the previous year. Companies such as Kutxabank, CAF, Dominion or Tubacex have also significantly increased their profits. Meanwhile, the working class, which devotes most of the income to consumption, sees commodity, electricity or gas prices rising, moving towards poverty.

There does not seem to be any change this year. According to Bloomberg, a specialized business medium, Ibex index companies will have a new record, surpassing the net profit of 2021, an unprecedented number since the 2008 bubble burst. Moreover, in view of the first quarter ' s profits, these forecasts have not been eroded by inflation and the war in Ukraine, but have increased by 5 per cent. According to other forecasts, this percentage may rise to 12 per cent.

Crises are used to reorganize and reproduce capital. At the moment, the attack on the adaptation of wages to the CPI is clear, with speeches such as the inflationary spiral that can lead to an increase in wages. Little is said about the record profits of companies. The IMF itself has pointed out that one of the causes of inflation is the high profits companies are making, not wage increases.

Once again, the limits of this system are highlighted. Cow's milk (oil, fossil energies) is running out and is not coming for everyone. For this reason, ELA considers it necessary to change the economic and social model. A tax policy that makes those who earn the most pay more, increases corporate tax to at least 25% of profits, without exception, and taxes the excessive profits that many companies are getting from this difficult situation. Wages should also be at least proportionate to the CPI. It is unacceptable that many companies are making profits at the expense of the impoverishment of the working class and that the institutions do nothing to reverse this situation.