Economy

The White House attributes inflation to the greed of corporate consortia

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President Joe Biden was unlucky to chair a period in which US companies decided to rally and raise prices for American consumers, POLITICO comments.

That, at least, is the political narrative that the White House and its political allies, especially Democrat Sen. Elizabeth Warren, want to promote.

The White House, in particular, has targeted meat-packing companies in recent days. Economists presented an analysis, accusing the companies of the industry for excessive profits, with the press secretary Jen Psaki scolding “the greed of the corporations in the field of meat processing”.

This was followed by criticism of the oil and gas industry, while even the chain of discount stores Dollar Tree was criticized for raising prices.

Warren states that the dynamics of rising prices, but also increasing the profits of corporate consortia “is not just an inevitable economic force. “It’s greed, and in some cases it is widely illegal.”

Following in the footsteps of former Labor Secretary Robert Reich, Clinton recently highlighted “large corporations that have the power to push prices” as “the real cause behind rising US inflation.”

None of the left-wing Democrats seems to deny the role of supply chain problems in raising inflation, but the focus of criticism on corporate greed is evolving into an irrational way of downgrading the general US economy.

The economic phenomenon of rising inflation has multiple causes, while the role of some corporate consortia that influence the course of prices for consumers, is not the main cause of rising prices.

The White House narrative is a fairy tale that aims to shift political responsibility for economic discontent, which acts restrictively under Biden’s presidency.

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