Kroger Reports Massive Profits While Exposing Their Price Gouging

Grocery giant Kroger admitted recently that they have raised the prices on some of their groceries well above the rate of inflation. And that move paid off for the company as they just announced that they’ve made over a billion dollars in profits this year. Mike Papantonio & Farron Cousins discuss more.

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

Grocery giant Kroger admitted recently that they've raised the prices on some of their groceries, well above the rate of inflation, and that move paid off big time. They have made billions of dollars at the cost of consumers by gouging consumers on things like basic milk and eggs that's 20% above what it ought to be, 20% above the inflation level, as a matter of fact. Let's talk about this story.

Yeah. This is truly sick here because Kroger, who is currently trying to merge with Albertsons, we've talked about that story. The government, to their credit, is trying to stop them because they know that this is gonna reduce competition and raise prices for consumers. But even without the merger, Kroger's already out there literally telling us, yeah, we're raising prices on consumers because we can because nobody can stop us. And we're doing that. That is what they told the FTC late last month. Just a couple weeks ago, they're out there saying like, hey, we did it. Sure. And hey, look, we've made over a billion dollars in the first six months of this year.

It almost seems like a commercial for em. Like, we're bragging. We made a billion. Our CEOs are rolling in the dough, and in the meantime, we're paying, just take, let's take everyday items, milk and eggs. We know that the price on that is way above the inflation level. You can't blame this on inflation anymore. You can't blame it on the supply chain that fell apart because of covid. You have to own up to what you're doing. You're gouging prices, as you say, because you can. And now Kroger wants to get together with Albertsons. Albertsons says, wow, we really love, you're good gougers. Y'all are really great gougers, and we want to be part of your gouging process. We want to start a whole new company. It's gonna be a different company, but we're still gonna be gouging prices.

You know what gets me about this story is that before anybody had ever even heard the term supply chain, before anybody really knew about shortages of any kind of grocery, Elizabeth Warren was sitting in the Senate giving floor speeches telling us grocery stores are screwing over Americans. She singled out Kroger and Albertsons and several others, and she said, we have to have hearings. We have to have legislation. We have to address this issue. That was four years ago.

Why isn't she running for President for the Democrats?

That really disappointed me.

Why don't we have somebody like an Elizabeth Warren who stands for something? Who all the time is on the side of consumers, always attacking corporations when they do wrong, which is all the time, its Elizabeth Warren. But they ignored Elizabeth Warren as a potential really good candidate to run in this election.

She is brilliant. She is one of the best friends the consumers in America have.

Oh, totally.

And she does get overlooked and that is incredibly disappointing.

I don't understand it. She's a great speaker. She has, everything about her has been pro consumer. She's the closest thing to Bernie Sanders you can get, really, and she has good ideas that actually move this. And she actually can be interviewed. She can speak in an interview and finish whole sentences in an interview. She would've been a great candidate. Just the consummate candidate to me.

If we could have had a real primary this year on the Democratic side, maybe avoided the Biden fiasco altogether, if we had a real primary where we actually had debates and whatnot, then we could be looking at a different story. So it is what it is.

After her, give me females that you would say would be such great candidates.

On those same lines, Katie Porter.

Katie Porter. I was gonna say Katie Porter.

And unfortunately, Katie Porter's out at the end of this year.

Yeah, I know.

Losing thats Senate, so angry about that. Barbara Lee, same thing, same area.