Biden: Corporate greed is cause of inflation
It’s amazing how corporate greed became a problem at just the same moment that Joe Biden took office, eh? Biden and his team have tried to flog “corporate greed” as the cause of inflation since at least Thanksgiving of last year, to no avail. Six months of futile blame-shifting later, Biden returned to that theme yesterday after the awful CPI inflation rate report once again exposed his incoherence on the economy:
President Biden: “As big companies made massive profits, the prices you see at the grocery stores have gone up and the prices farmers receive have gone down. This reflects a market distorted by lack of competition.” https://t.co/eAuZqFzevD pic.twitter.com/o6I7VhdATV
— The Hill (@thehill) May 12, 2022
Washington Post columnist Catherine Rampell scornfully rebuked Biden and Elizabeth Warren at Thanksgiving for this cynical attempt to avoid responsibility for bad policy. The Post’s editorial board followed up in January in criticizing the White House’s excuse-making in general. A month ago, former Barack Obama economic adviser Jason Furman called it meaningless “political ranting,” which is a pretty good description of Biden in general.
At the time, the Post’s David Lynch debunked this claim by looking at the corporate reportin …