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Biden Should Be Clear: Corporations Are to Blame for High Prices

14 23
15.06.2024

I’ve analyzed every poll and survey over the last two months, and they all tell the same basic story:

Voters’ top issue is high prices and the cost of living—not jobs, not abortion, not immigration, not U.S. President Joe Biden’s or former President Donald Trump’s age, not even the survival of democracy.

Voters still don’t believe Biden will get prices down, but they believe Trump will. A significant number appear willing to vote for Trump and risk the future of democracy because they believe he will do better job lowering prices.

Consumers are getting shafted, as corporations tell Wall Street they expect to be able to keep their prices and profits in the stratosphere.

Which is why Biden’s approval rating on the economy is deeply underwater while perceptions of Trump’s handling of the economy when he was president (marked by low inflation but huge job losses from Covid-19) are positive.

What should Biden do?

Put blame for high prices squarely where it belongs: on big corporations with monopoly power to keep prices high.

And take those corporations on: Condemn them for price gouging. Threaten them with antitrust lawsuits, price-gouging lawsuits, even price controls. Criticize them for making huge profits and giving their top executives record pay while shafting consumers.

And name names: PepsiCo, Tyson's, Kroger and Albertsons, Exxon-Mobil, and others.

To be sure, the Biden administration has brought down the prices of prescription drugs like insulin and inhalers, reduced bank overdraft and credit card fees, and cracked down on “junk fees” levied by airlines, concert promoters, and more.

Its Department of Justice has launched a lawsuit to combat price-fixing in the meat industry. And the FTC is suing to block the Kroger/Albertsons grocery mega-merger that would send grocery bills even higher.

“We’re taking on corporate greed to bring down the price of gas, food, and rent, eliminating junk fees,” Biden told a crowd of 1,000 supporters in Philadelphia recently.

But Biden has not berated hugely profitable corporations for keeping their prices and profit margins sky high—unlike Sens. Bob Casey (D-Penn.) and Sherrod Brown (D-Ohio), who have made corporate price hikes central to their campaigns and are outrunning Biden in polls.........

© Common Dreams


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