First, it was the “Putin price hike,” now Biden is blaming inflation on corporate greed, an old and tired excuse. CNBC reports:
President Joe Biden took aim at corporations Monday for charging prices he said were artificially high even though the rate of inflation has slowed and some shipping costs have fallen.
“Any corporation that has not brought their prices back down, even as inflation has come down, even as the supply chains have been rebuilt, it’s time to stop the price gouging,” Biden said at the launch of a new White House supply chain initiative. “Give the American consumer a break.”
While it’s true that the annual rate of inflation has cooled from its high last summer, this doesn’t translate directly into falling consumer prices. It only means that prices are rising at a lower rate.
Action Line: Inflation is a result of too much money chasing too few goods. Guess where all the money comes from? It’s not the corporations minting it. And guess who is holding back the supply of goods with regulations? Again, not the corporations. A money-printing, production-restraining government will cause inflation, and that’s what Americans have gotten for three years with Joe Biden in the White House. Click here to subscribe to my free monthly Survive & Thrive letter.
