Stuart Varney: Biden can't afford to admit the truth about inflation
Inflation was started by Biden's ill-advised energy policy and unnecessary $1.8 trillion in spending, Varney argues
Stuart Varney: Biden can't afford to admit the truth about inflation
‘Varney & Co.’ host Stuart Varney argues Democrats are attempting to blame big food producers for the inflation they created.
During his "My Take" on Wednesday, "Varney & Co." host Stuart Varney called out Sen. Elizabeth Warren, D-Mass., for accusing big food producers of "price fixing," arguing it's an attempt by Democrats to explain inflation in an election year.
STUART VARNEY: Sen. Elizabeth Warren has declared war on Big Food.
The senator demands a task force to investigate giant grocery store chains and giant food producers which, she says, raise prices to "pad their profits."
ELIZABETH WARREN BLAMES PRICE GOUGING FROM COMPANIES FOR RISING INFLATION RATES
In a letter to the president, she writes, "78% of Americans support taking action against giant food producers that engage in price fixing."
Sen. Elizabeth Warren, D-Mass., questions witnesses during a Senate hearing in the wake of recent bank failures on Capitol Hill in Washington, D.C., on May 18, 2023. (Reuters/Evelyn Hockstein / Reuters Photos)
This is how the left explains the inflation they themselves created.
They push the notion that it's all the fault of big business, wielding monopoly power to gouge the consumer.
That's a weak argument. The four big grocery chains take only one third of the grocery market.
BIDEN CLAIMS INFLATION WAS 9% WHEN HE TOOK OFFICE — IT WAS 1.4%
That's not a monopoly. That's a competitive marketplace. There's no fixing of prices.
The market establishes the price. Supply and demand rules. The left ignores this economic reality.
So does the president. He blames inflation on "corporate greed."
Biden's $10 trillion in new spending led to skyrocketing inflation: Rep. Jason Smith
Rep. Jason Smith, R-Mo., says inflation has risen 19.4% since Biden took office on 'Cavuto: Coast to Coast.'
They have to say this. They can't afford to admit the truth.
The truth is that the inflation that's hurting us all was started by Biden's ill-advised energy policy, and Biden's unnecessary $1.8 trillion spending plan.
It didn't help that the Fed printed another couple of trillion.
HIGH INFLATION IS STILL A BURDEN TO AMERICANS, FED SURVEY SHOWS
But Sen. Warren is a politician and this is an election year.
Attacking Big Oil, Big Pharma and now Big Food, Warren is appealing to the little guy.
Jerome Powell is fearful of reigniting inflation: Thomas Hoenig
Former Kansas City Federal Reserve Bank President Thomas Hoenig reacts to Jerome Powell saying the Fed is not ready to start cutting rates on ‘Cavuto: Coast to Coast.’
It's pure politics. Sen. Warren is a socialist.
Attacking capitalism will do nothing to bring prices down and, hopefully, demagoging business will win few votes.