With inflationary costs reaching a 40-year high under the Biden-Harris administration, President Joe Biden, Vice President Kamala Harris and others in their administration have repeatedly blamed businesses, livestock producers, grocery stores, oil and natural gas companies and others for high prices.
At the same time, a record number of businesses
closed, declared bankruptcy and laid off hundreds of thousands of workers, citing high inflationary costs. In a recent report, nearly half of all small businesses said they won’t survive a second Harris term, higher costs and increased taxes, The Center Square
reported.
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in 2023, the chair of Biden's Council of Economic Advisers said grocery sector profit margins “were elevated” and needed to “pass-through” to consumers. Earlier this year, Biden again
claimed, "there are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation.”
The chamber refutes these claims, pointing to federal data, arguing that “higher grocery prices are a result of inflationary pressure across the supply chain and basic supply and demand dynamics,” explained by
Department of Agriculture and
Government Accountability Office economists.
