• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Thursday, May 8
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025

    Senator Murphy Tries To Ban Trump’s Meme Coin With ‘MEME Act’

    May 6, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Fed Bank Quashes Biden’s Claim That Corporate Greed Is To Blame For Inflation
Business

Fed Bank Quashes Biden’s Claim That Corporate Greed Is To Blame For Inflation

May 13, 2024No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
President Biden vacations in Nantucket
Share
Facebook Twitter LinkedIn Pinterest Email

New research released Monday from the Federal Reserve Bank of San Francisco shows that Biden is incorrect when he claims that companies marking up prices are the driver of recent inflation.

While there has been an increase in the amount companies are marking up in select industries like motor vehicles, the overall markup rate has remained comparable with previous economic recoveries when huge inflationary shocks did not occur, according to the report from the San Francisco Fed. Biden has claimed several times that prices were elevated and have remained elevated because of “greedflation” or “corporate greed” instead of other factors like high-government spending. (RELATED: Soaring Inflation Sends Support For Biden’s Economic Agenda Even Lower: POLL)

“Since 2021, markups have risen substantially in a few industries such as motor vehicles and petroleum,” the report reads. “However, aggregate markups — which are more relevant for overall inflation — have generally remained flat, in line with previous economic recoveries over the past three decades. These patterns suggest that markup fluctuations have not been a main driver of the ups and downs of inflation during the post-pandemic recovery.”

Inflation, as measured through the consumer price index, peaked at 9% under Biden in June 2022 amid a national recovery from the COVID-19 pandemic. Since peaking, inflation has failed to retreat below 3%, measuring at 3.5% in March.

The federal government made large stimulus payments and issued a higher amount of unemployment benefits throughout the COVID-19 pandemic while interest rates were set low by the Federal Reserve, boosting demand for goods and services at the same time the economy was experiencing shortages and the costs of products were rising, according to the San Francisco Fed. Corporations raised prices during this time to account for higher costs and rampant shortages rather than to increase profits and squeeze consumers.

See also  KJP’s X Account Appears to Tweet Post Meant for Biden's Account

“And it’s clear we have the strongest economy in the world: nearly 15 million new jobs since I came to office,” the president said in remarks made in February. “Inflation is down. In fact, the costs have fallen from everything from a gallon of gas to a gallon of milk. We know prices are still too high because of what I call ‘greedflation’ and ‘shrinkflation.’ I’m calling on corporations to pass their savings on to consumers, for God sake.”

Pandemic-era excess savings have been fully spent. However, consumer spending in the U.S. has remained strong, raising questions about its future path. https://t.co/95uxOlulGz pic.twitter.com/RTwzVgynQ3

— San Francisco Fed (@sffed) May 3, 2024

While corporate profits did spike in the recovery of the COVID-19 pandemic, they are typically volatile and did not spike more than in any other economic recovery such as the Great Recession, according to the research. The rise in corporate profits is attributable to increased income from pandemic-era subsidies and lower business taxes.

“Moreover, the path of aggregate markups over the past three years is not unusual compared with previous recoveries,” the report reads. “Aggregate markups have stayed roughly constant throughout all four recoveries.”

Many economists blame high levels of government deficit spending for persistent inflation, starting with huge stimulus payouts made during the COVID-19 pandemic. The president has signed the $1.9 trillion American Rescue Plan and the $750 billion Inflation Reduction Act.

The national debt has increased nearly $6.8 trillion under Biden, totaling over $34.5 trillion, according to the Treasury Department.

The producer price index, which tracks inflation for businesses before it reaches consumers, has risen 18.6% since Biden took office in January 2021, around the same as consumer inflation, according to the Federal Reserve Bank of St. Louis. The prices for commodities used as inputs for manufacturing spiked in June 2021 and again in March 2022 before falling in December 2022, according to the Institute for Supply Management.

See also  Fed Governor Waller agrees the central bank can 'proceed carefully' on interest rates

Biden has also pointed to corporations engaging in “shrinkflation,” the act of reducing product size but keeping prices the same, as a way companies are charging more for less. Companies often shrink product sizes in response to rapid inflation that has increased their own costs in a way to raise prices in accordance with inflation without losing price-sensitive customers who are less sensitive to size.

The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Bank Bidens blame claim Corporate Fed Greed inflation Quashes
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025

‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

UK Condemned For Arresting Critic of Emmanuel Macron

April 26, 2023

ESPN Hosts Imply That the NFL Thinks Its Fans Are Racists Who Won’t Like Black Quarterbacks

May 3, 2023

England’s Hospital Waiting List Shows Signs Of Improvement Despite Major Challenges

March 28, 2023

Veteran Marvel Comics Writer Admits Comic Book Sales ‘Are Struggling’ as U.S. Industry Pushes Woke Content

June 8, 2023
Don't Miss

Top 10 Benefits Of Acupuncture

Lifestyle May 8, 2025

For centuries, acupuncture has served as a comprehensive therapeutic practice, addressing both physical and emotional…

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,109)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,625)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Cameron Norrie Goes to Wimbledon as Britain’s Top-Ranked Player

July 2, 2023

Dollar firmer as traders look to Jackson Hole gathering

August 22, 2023

China’s financial regulators urge support for resolving local debt risks

August 21, 2023
Popular Posts

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.