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Dems Blaming Price Gouging Is Undermined by Data, But They Will Enrich Bureaucrats

On Thursday’s CNBC broadcast of “Last Call,” host Brian Sullivan challenged Democrats who are trying to blame inflation on price gouging by pointing out that Procter & Gamble and Coca-Cola’s margins were higher than they were before the pandemic. Some Senate Democrats are giving huge financial benefits to bureaucrats, pointing out that the state has declined from the level of

Sullivan begins by saying, “There are some people in Congress who want to challenge shrinkflation, including Democratic Sens. Elizabeth Warren (Massachusetts), Tammy Baldwin (Wisconsin), and Bob Casey.” (Pennsylvania), and other members of Congress. Price Gouging Prevention Act. It was originally introduced in the House two years ago. Companies claim they raised prices to increase profits, citing inflation and supply chain problems. Democrats also criticize shrinkflation, where companies reduce the size of packages while charging the same amount. You may have seen President Biden weighing in on this before the Super Bowl. ”

After showing a portion of Biden’s video on the subject, Sullivan said: Well, listen, it’s — frankly, it’s impossible to know the whole thing. While there are hundreds of thousands of companies, large and small, across the United States, we focused on his two companies, which are the largest publicly traded companies in their respective fields. One is Procter & Gamble, which makes all kinds of household products, and the other is Coca-Cola. Soda and things like that. We compared fiscal year 2019, or pre-pandemic, gross profit to his fiscal year 2023 profit. PG&E margin actually I refused a bit.coca cola did the same compared to 2019. Of course, these are just a few examples…and just to be clear, there are definitely a lot of big bad guys out there. But the bill seeks to discourage this practice by giving the FTC and states the power to enforce prohibitions on grossly excessive price gouging, regardless of a seller’s position in the supply chain. There is also one small detail added to the bill. It would give the Federal Trade Commission an additional $1 billion in funding to combat rising prices. If you’ve ever wondered why half of America’s wealthiest countries are around Washington, D.C., that’s probably part of it. ”

to follow Ian Hanchett’s Twitter @Ian Hanchett

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