Biden and Democrats resort to blaming business greed for inflation
by Zachary Halaschak, Economics Reporter |
| December 16, 2021 07:00 AM
Democrats are increasingly blaming producers of goods for high prices as rising inflation drags down President Joe Biden's approval ratings and threatens the party's prospects.
For most of this year, the messaging from the Left has been that high inflation, rather than being attributable to government spending or monetary policy, is merely a temporary phenomenon that will start decreasing. That notion has not turned out to be correct, and inflation clocked in at a 39-year high this month. Now, some Democrats are pointing their fingers at big business and corporate greed.
The biggest driver of the high inflation numbers has been energy costs, which are up more than 30% year over year. Many people are feeling pain at the pumps, especially those in the rural parts of the country who have long daily commutes. Gas prices, as a national average, are more than a dollar higher than they were in December of last year.
The higher prices prompted President Joe Biden to call upon the Federal Trade Commission to launch an investigation into oil and gas companies. He claimed their “anti-consumer” behavior is behind the inflated gasoline costs.
more
https://www.washingtonexaminer.com/policy/economy/biden-and-democrats-resort-to-blaming-business-greed-for-inflation
