Posted on 12/01/2023 1:20:03 AM PST by spirited irish
The term “greedflation” describes scenarios where companies use the cover of inflation to hike prices disproportionately, boosting profits at the expense of consumers. This practice has been especially prevalent during the post-pandemic recovery phase, when inflation provided a convenient pretext for such actions.
Greedflation, a term that emerged prominently during the high inflationary period of 2021 and 2022, encapsulates how some companies exploited the situation to significantly raise prices, often well beyond their increased costs. This practice wasn’t merely a reflection of market dynamics but a strategic maneuver to maximize profits under the guise of inflation.
The impact of greedflation extends beyond just numbers on a balance sheet. It directly affects families, particularly those in lower and middle-income brackets. When prices for basic necessities like food and household goods are inflated artificially, families face heightened financial strain.
(Excerpt) Read more at patriotandliberty.com ...
At least our 13 LB Thanksgiving turkey 'only' cost $27. Still unreal though.
You obviously don’t know anything about the big rig towing and road repair industry.
It is literally a ruthless gloves off dirty war between competitors. And they use whatever tool they can including weaponizing government and law enforcement against you every chance they get. They will physically harm you, your equipment, or your employees when they can. It is a constant battle to keep them from burning your business down. And it never ends.
Anyone who knows the business knows that what I state is absolute fact.
Oh,trucking.
By your earlier posts, it sounds like you were talking about ordinary retail.
Point conceded; but also, please continue about the impact of artificially inflated transportation costs, on the prices of other items.
Or maybe they could have simply not bothered to take a risk and create the Epi-Pen at all, and you'd be just as dead. But at least the rest of us wouldn't have to hear you complaining about the price.
“By your earlier posts, it sounds like you were talking about ordinary retail.”
I was. My current industry is not the only one I am experienced with. I have been diverse all my life and have had many different businesses along the way, some of them at the same time. Two gas stations with C stores, a grocery store, a truck stop with fuel, restaurant, and repair shop. Towing/wrecking both auto and truck, a tire store, and a parts store. And I did my own pricing, ordering, books, and taxes for them all.
Like I said, I have been in business all my life and understand it well. I wasn’t bullshitting.
The more hands touch something the higher the price.
If you are in business you know that.
Ham is pretty highly processed. Chicken is not.
K
Because you can bring meat chickens to market in six to eight weeks.
Egg producing chickens take about nine months which was why you had the major jump in egg prices. If your flock was destroyed you had to wait nine months for your layers to grow up.
And the cost of turkey, on sale is about 50% higher then it was last year which was higher then the year before.
Now pigs take much longer to bring to market, eight months plus. And you have the cost of processing the meat into ham, bacon, sausage. If you are going for fresh pork the price has gone up much less.
Look you may be in business but you know almost nothing about food production.
” The more hands touch something the higher the price.
If you are in business you know that.
Ham is pretty highly processed. Chicken is not.”
I am only pointing to profit markup over the cost of production, labor, and delivery. A 30% profit markup over cost is a 30% markup. A 150% profit markup over cost is 150%. No matter whether it costs a dollar to make, or a thousand dollars to make. Percentage over is percentage over.
If the production, labor, and delivery costs of chicken only rose 30% due to “across the board” national economy costs, then the production, labor, and delivery of ham only rose the same 30% due to “across the board” national economy costs.
Chicken is up 30% to offset that national 30% increase, expected and fair. But ham is up 150% to supposedly offset that same national 30% increase? See the problem here? The math doesn’t work. They tripled the markup even though their costs did not actually triple.
See #129 to understand my point. Percentage over cost is percentage over cost no matter what the cost to produce and deliver are.
Grocery stores are going low volume high price retail model. I’ll bet most food is thrown away. If they sell 2 at a really high price and row away 8 then they are still ahead. Less work.
We should soon see a vibrant black market for food if margins are that high.
Always steal 10% at self check out. They expect you to do it. It is built in.
Gas could be 10 cents a gallon food prices would hardly be affected.
When was the last grocery store chain to go out of business. Not that many do. Business is good.
“Grocery stores are going low volume high price retail model. I’ll bet most food is thrown away. If they sell 2 at a really high price and row away 8 then they are still ahead. Less work.”
Excellent observation. Absolutely what I have been suspecting myself. The worst part is, they still do not have a loss because they can also write the spoilage off.
Perhaps they are merely following Biden’s example. Who has been more greedy than the American political class…the Biden’s and Romneys and Obamas and Clintons and McConnells and Grahams who have sold out their country to the lobbyists and the Chinese and the Ukrainians and the Muslims? The corporatists see this and simply want to get in on the action before it all collapses into rubble.
While the greed may be in a lot of places…the standard is set in the government. A fascist government acts like fascists. Price gouging from other quarters might not be so prevalent if graft was not currency of Washington D.C. if perhaps that was not the standard of economic morality there.
So yeah, this is on Biden…all of it…because this is the standard he - and his political class brethren - have established. This is his kleptocracy.
The price of energy effects the production and delivery of everything.
That is no rationalization for price gouging like happened with the Epi-Pens.
They were making a fine profit and could not justify raising the price 500%. That was greed pure and simple and while legal, is still wrong.
Justifying holding people hostage to your price increases because if they choose not to buy the medicine they die is wrong and the fact that you are OK with it tells me all I need to know about you.
”Acknowledged and exposed” is fine until it leads to government intervention.
The Invisible Hand knows best.
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