Many economists said there was no evidence of price gouging.
Some (looking at you WSJ) lied about it being “supply chain issues.
Now Kroger admits “ Earlier this week, Kroger's Senior Director for Pricing Andy Groff testified in court that the grocery giant had raised pries for milk and eggs higher than inflation.”
Well, no fucking duh. This wasn’t Biden’s fault. It was business’ fault.
Let’s stop protecting the bastards.
https://www.newsweek.com/kroger-exec-price-gouging-comment-kamala-harris-1945982
@feloneouscat
No fucking duh indeed.
Lots of people tried to make money when supply chain issues hit, remember when people were hoarding toilet paper and trying to sell it at a profit? Anyway anyone could make money off what was happening, someone tried. And of course corporations joined in. It's what they do, try to make as much money as possible, consumers be damned.
And it makes sense that supply chains increase costs and those costs are passed on to consumers.
BUT it also shows that when things get better that CAPITALISM is not obligated to pass lower costs on to the consumer—which is what people are taught (and a lie as economists know). We are taught that capitalism results in the lowest cost to the consumer. In economics we are taught that monopolies represent the LOWEST cost (you may start laughing).
Nobel was won by pointing this out.