Posted on 11/27/2023 2:53:18 PM PST by thegagline
Biden acknowledged Monday that prices are still “too high” and argued that companies should lower them after an 18% jump in consumer costs since he took office.
“We know that prices are still too high for too many things — that times are still too tough for too many families,” *** “We’ve made progress, but we have more work to do,” “Let me be clear to any corporation has not brought their prices back down, even as inflation has come down, even supply chains have been rebuilt: It’s time to stop the price gouging and give the American consumer a break.”
The prices of some goods, such as food products, are expected to decline in the coming months, but periods of general deflation are rare in US history. Biden previously used his bully pulpit to try to pressure oil companies to take action to lower gas prices last year.
The president also attacked Republicans Monday, saying that they “want to go back to the bad old days when corporations looked around the world to find the cheapest labor they could find, just to send the jobs overseas and then import the products back to the United States” — despite opposition to outsourcing being a signature issue for former President Donald Trump.
“Now we’re building the products here and exporting products overseas,” Biden continued. “We’re not importing [sic] jobs. Folks, we’re not importing anything other than what we make.”***
Annual inflation has cooled this year due to aggressive interest rate hikes, though it remained an elevated 3.2% in October and interest hikes caused fresh consumer pain, sending average credit card rates to 27.81% — roughly double the 14.6% APR when Biden took office — and average 30-year home mortgage rates have soared from 2.65% to between 7 and 8% this year.
(Excerpt) Read more at nypost.com ...
Sell more to make up the margin.
How stupid is this man?
Shrinkflation: exhibit A
How about government lowers all the crap they tax me for by 18% !
18%????
Gas is up over 100%
“Wage and Price controls”
Jimmy Carter is back but far more stupid.
The greatest economy in the world is being run by a complete dolt of a figurehead and pure evil grifters and leftists behind the curtain. It’s shocking that we let this happen on our watch.
Prints all that money and wants sellers to reduce prices. What the hell do you think they paid for the stuff they’re selling? And calls it gouging? Total moron.
I know this, because I work with one of them.
18 percent inflation?!?!?
Try 100% inflation, at least for most of the necessities.
I’d believe the 18% number if they meant that it was DOWN 18% from the peak.
International reality check.
Fresh eggs are a mostly local/regional product. Eggs are a good proxy for food costs in general, very tied to international commodity price input effects - cost of feed.
US price for a dozen eggs in California Safeway (biggest CA chain, personal price report), cheapest - $ 4.99/dozen
Spain price for a dozen eggs in Carrefour (biggest Spanish supermarket/grocery chain, online price) - E 2.09/dozen ($ 2.30)
Philippines, high end supermarket - Rustans in Makati, think US Whole Foods) - P 120/dozen ($ 2.18)
Eggs are daily staples in all three countries.
$4.99 vs 2.30 vs 2.18 - that shows just how far out of whack US consumer prices are.
Ah, price control.
What a brilliant idea.
That should work.
Brings to mind the quote attributed to Einstein about a fool is someone who keeps doing the same thing and expecting different results.
My undergrad college core course requirements included law, economics, history, English, foreign language - and a slew of mandatory STEM courses - for everyone. For those of us stupid enough to want a STEM major, we had those dumped on the core courses. As much as I bitc...er...Hillaried about those course requirements, it gave me a much better grasp on life than what appears to be over 90% of DemocRATs and the media.
Economics IQ of a doorknob.
“How stupid is this man?”
Just as stupid as the people that voted for him.
Cut federal spending by 18%!
We’ve seen this movie too many times.
The government creates inflation and then blames the corporations for raising prices.
Sorry, Joe, ain’t buying your senile accusations.
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