There is a lot of misinformation and disinformation going around in this political season about the main causes of the price inflation that we have been dealing with.

Let’s be clear. First, it is a global problem happening in many countries all over the world because we are in a global economy. There have been international supply chain disruptions due to the pandemic, and the Ukraine War has worsened the situation due to its effects on world oil and grain supplies.

But here at home there are two other major causes. One is corporate consolidation where a small number of companies control huge amounts of an industry so they can more easily set the prices they want without much competition. The other is corporate profiteering where big oil, big pharma, big food companies, etc., are raking in astronomical profits right now that are way above and beyond what they need to pay their expenses. It has been shown that about half of the inflation rates we are seeing at the gas pumps and at the stores are due to this obscene profiteering.

And what to do about it? Continue to do all we can to loosen supply chains and continue to support Ukraine. Go right after price fixing by strictly enforcing the anti-trust laws. And go after corporate price gouging in any way possible including the consideration of a windfall profits tax to fund rebates back to consumers.

Make no mistake. The big corporations, their rich executives, and their wealthy shareholders are making out like bandits while we pay way more than necessary for gas and groceries.

We’re being fleeced. It is disgusting, and everyone should be outraged.

 

Ron Bilancia

Brewer

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