Biden has slammed large grocery corporations for “ripping off” America, urging them to share their savings with consumers in a bid to lower the rising inflation.
Biden’s Grocery Price Pressure
President Biden compelled major grocery chains to cut food prices, accusing them of gaining excessive profits and exploiting consumers across the country.
Allegations of Corporate Exploitation
Biden accused corporations of engaging in practices such as “price gouging, junk fees, greedflation, shrinkflation,” in a fiery statement that didn’t stop there.
Biden’s Accusation
In his speech in South Carolina, Biden accused the grocery stores of “ripping people off” while inflation rises in the U.S.
Political Impact of Inflation
As inflation, although moderating, continues to evoke public anger, and Biden knows this will affect his approval rating ahead of the 2024 Presidential Election.
Biden’s Reminder
Biden acknowledged that inflation was slowing but still urged the stores to do more, “Inflation is coming down. It’s now lower in America than any other major economy in the world,”
Essential Prices On Decline
Biden understands that Americans measure inflation mainly on items that they buy more often, such as eggs and milk.
Eggs, Milk, and Chicken Coming Down
“The cost of eggs, milk, chicken, gas, and so many other essential items have come down,” he said to the crowd at the First in the Nation Dinner in Columbia, South Carolina.
Rapid Rise In Inflation
Items like these saw an 11% increase in 2022, contributing to the rapid inflation Americans have seen recently.
Moderating but Persistent Inflation
While the rate of increase is slowing, prices for at-home food consumption were still up by just over 1% in December despite reductions in some key items.
Biden’s Bash at Corporations
“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off,” Biden noted at the dinner.
Other Reasons for Inflation
Other factors that contributed to inflation over the years are the many disruptions to the food supply chain, including weather events and diseases to animals and plants.
Ukraine a Concerning Factor
Another costly factor is the war in Ukraine, which has drastically affected the supply of wheat, sunflower oil, and fertilizer across the globe.
Pandemic Slow Down
During the pandemic, many drivers became sick, narrowing food availability while the production of meat slowed down dramatically.
Biden Doing All He Can
A former aide to Biden questioned what else the administration could do to stop the price rise.
Questioning What Else Could Be Done
“When you have something that is driven in part by supply disruptions, what can you actually do to put downward pressure on prices?” asked former aide Bharat Ramamurti.
Americans Being “Played”
President Biden made a passionate argument, saying, “Well, it’s going to stop. Americans, we’re tired of being played for suckers,” that was met with cheers from the crowd.
Grocery Retailers’ Profit Margins
Analysts proposed that large grocery retailers’ increased profit margins by 2 percentage points since the pandemic’s onset may contribute to sustained high food prices.
Biden’s Call for Corporations to Pass Savings
President Biden has urged the larger corporations to share their savings with that of the American people in a bid to lower inflation rates.
White House Statement
“President Biden has made clear that as input prices fall, corporations should pass those savings on to consumers,” a White House spokesperson said in a statement.
Work to be Done
While inflation is slowing down, it’s still on the rise, and the post-pandemic prices combined with current contributing factors mean that millions of American families are struggling to balance paying housing, energy, and food bills.
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