Angry Biden Tells Corporations 'Stop The Price Gouging!'

The White House launched a new "supply chain initiative" this week, and President Biden used this opportunity to demand that corporations stop the price gouging of American consumers. Inflation has gone down, but prices still remain remarkably high, and a large part of that is due to corporations using inflation as an excuse to raise their prices. But Biden has to do more than demand it - he needs to threaten investigations if corporations don't comply. Ring of Fire's Farron Cousins explains what needs to happen.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

American consumers are struggling right now. They're not seeing any difference in the prices of the goods that they're going to the store to purchase. I mean, obviously inflation has slowed, so prices have come down just a tadd, but it still hasn't come down enough. Most prices to really be making a difference for American families. And that's why on Monday while announcing a new White House supply chain initiative, president Biden got tough and called out corporations for price gouging American consumers. Here's what he had to say. Any corporation that has not brought their prices back down, even as inflation has come down, even as the supply chains have been rebuilt, it's time to stop the price gouging, give the American consumer a break.

That's the kind of tough talk. That's the kind of calling out these corporations, although he should have done it by name that we've been waiting to see because he's absolutely right. Now listen, I get, there is a lot of people on the left right now that are talking about the fact, and I've talked about this too, that the big problem President Biden has is that Americans are not seeing any difference in their financial status since he became president, right? Obviously we had the supply chain issues, which was a, you know, COVID related thing. Then we had the inflation because of the supply chain issues. Things that effectively for the most part were out of biden's control.

American consumers got hurt and they're still hurting today and they haven't seen much relief. Even though those other areas, the supply chain, the inflation, those have not been completely fixed, but they're fixed enough to where we shouldn't be seeing the prices we have today. The reason we see the prices we have today and the reason they're so much struggling with American families, it's not because of what Biden has done. It's not because of supply chain. It's not even because of Covid anymore. It's because corporations openly admitted during the period of really high inflation that they use that as cover to artificially inflate their prices. And I explained this a year and a half ago, but I'll explain it again. Here's what happens. And again, corporate leaders admitted this. Like we've done segments here on Ring of Fire talking about how they admitted to do this.

Here's what they do. When you have inflation go up, right, and prices on everything rise, you know 3%, that's a big jump for prices. So what these companies do is they say, okay, well prices are already going up. What if instead of just going up 3%, because you know the supplies, everything else went up 3%, let's just tack on another 1%, right? So instead of our prices going up 3%, they go up 4%. And then when inflation comes back down and that 3% goes away, there's still that 1% bump above where it used to be. So this,

The plus 1% now becomes the base price. And this original price down here is history gone forever. So this becomes the new standard. So then when we have more inflation come along, then they'll add another 1%, then inflation will go down. But suddenly this becomes the new floor. And this one is history as well. Gradually over time, corporations inflate their prices, keep inflating their profits, and President Biden was right to call them out. Problem is he's gotta do more than just call 'em out, right? Price gouging is illegal here in the United States.