The truth behind Harris’ inflation and corporate greed claims

Vice President Kamala Harris has picked up the baton from President Joe Biden on the fight against so-called greedflation – the notion that America’s inflation crisis was exacerbated by excessive corporate profit-taking that marked up goods or shrunk their sizes and padded businesses’ bottom lines.

Vice President Kamala Harris has picked up the baton from President Joe Biden on the fight against so-called greedflation – the notion that the United States’ inflation crisis was exacerbated by excessive corporate profit-taking that marked up goods or shrunk their sizes and padded businesses’ bottom lines. Is there any truth to those claims? Sure, some. “We all know that prices went up during the pandemic when the supply chains shut down and failed, but our supply chains have now improved and prices are still too high,” Harris said during a speech about the economy Friday in North Carolina. “Many of the big food companies are seeing their highest profits in two decades. And while many grocery chains pass along these savings, others still aren’t.” “I know most businesses are creating jobs, contributing to our economy, and playing by the rules, but some are not, and that’s just not right, and we need to take action when that is the case,” Harris said. But the Harris and Biden fight against greedflation and price gouging ignores three fundamental truths: Consumers play a pivotal role in the price of goods. Inflation had many causes, but corporate greed was not a primary factor. And the war on inflation has largely been won already. Make no mistake, some of the biggest food companies are raking in big fat profits. But here’s the kicker: Many reported even bigger profits when inflation was much lower.