Cut costs other ways. If you cant keep up with regular inflation and have to increase your rates an estimated 50.3% over a year, you shouldn't be in business. I called in and voiced my opinion and listened to 10 county officials including 4 town mayors PLEADING with them to not do this.
What happens when you price all your workers and others out of the market and no one can afford to go out as often. Sales revenue drops. Cities can't function because people can't go out and this providing funds. Restaurants and bars close. Quality of life suffers. Older people on fixed income have to decide between food, medicine or electricity.
Have you seen someone die of heat stroke? I have. It's not pretty. And you can't sit there and seriously tell me that with the weather like it's been, and increased frequency of heat waves; that a person on a fixed income will not have to decide between medicine or running their electricity. This will lead to higher deaths for older people. Increased stress which leads to increases in health problems. That in turn puts a strain on medicaid/medicare and costs go up. This also puts a strain on local and state government because more and more people will have to apply for subsidies to pay for things. So what it boils down to is you're giving a bunch of money to shareholders while increasing profits and the prices for consumers who then have to turn around and ask for assistance from the government. It's the same thing that Walmart does in most states. They won't get their workers 40 hours so they won't be full time and eligible for benefits. Therefore, those people have to apply for government assistance.