Authored by Michael Maharrey via SchiffGold.com,
Are “greedy” corporations driving inflation? Could taxing billionaires solve the federal government’s fiscal problems?
According to President Joe Biden, the answer to both questions is yes.
And the correct answer is no.
So, Biden is either economically ignorant or a liar. Or maybe both.
Biden put his economic ignorance on full display with a couple of comments last week.
Greedy Corporations Are Causing Inflation!
Biden made the first comment in a speech during the launch of a new White House supply chain initiative. It had to do with price inflation.
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.”
The general public eats this stuff. Blaming greedy corporations for rising prices plays to the president’s base.
The truth is that corporations don’t create price inflation. One simply has to reason through the claim to uncover the absurdity of the idea. If corporations can willy-nilly raise prices and enjoy “excessive” profits, why don’t they do it all the…
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