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Sen. Elizabeth Warren, D-Mass., Avoided blaming Washington’s policies for rising inflation rates during an interview with CNBC.
On Wednesday at “The Exchange,” Warren spoke to Power Lunch host Tyler Mathisen on economic issues. One topic Mathisen addressed was concerns about voter inflation which, according to him, has often been attributed to the “corporate greed” of oil, software or food processing companies.
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He kept his statement but also blamed the COVID-19 pandemic.
“I think the root cause of this price increase starts with COVID. And the fact that we have nodes in the supply chain and people have shifted demand curves quickly so that the demand for services has decreased and the demand. of goods has risen. So those two prices forced up, that’s the first part, “Warren said.
He went on to explain how some industries, including the meat industry and food chains, are pricing in to expand their profits.
“What has also happened is that now that we live in America, where there is a lot more concentration in some sectors, look at the oil industry, look at the meat industry, look at food in general. What happened is that these companies said, “You know, we’re going to pass on costs, but while we’re at it and everyone’s talking about rising costs, we’re just adding a big extra dose of cost increases to expand our profits,” Warren said.
“Part one, yes, the pandemic itself. Part two, companies that recognize that because they don’t face a lot of competition, they can drive those prices up,” he told Mathisen.
Warren has often attacked major industries and corporate greed as the source of rising costs and inflation. In November, he called for an investigation into the poultry industry for anti-competitive practices that could explain the rising cost of turkey. In December, he accused grocery chains of exploiting the pandemic to raise prices and increase profits.
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Although various industries have cited supply chain problems behind the higher costs, President Biden and his administration have adopted Warren’s messages and now blame oil companies for rising gas prices.
“But, but, but, but that’s not an excuse to exert excessive price increases or increase profits or any kind of effort to exploit this situation or American consumers, exploit them. Russia’s aggression is costing us all and it’s not time. profit or price gouging, “Biden said earlier this month.
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