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‘Bidenflation Blame Game’ Report Challenges Dignitaries’ Claims About Corporate Price Gouging

‘Bidenflation Blame Game’ Report Challenges Dignitaries’ Claims About Corporate Price Gouging

‘Bidenflation Blame Game’ Report Challenges Dignitaries’ Claims About Corporate Price Gouging

BETHLEHEM, Pa. — Another report challenges the Democratic narrative about the relationship between corporate greed and continued inflation.

Titled “The Bidenflation Blame Game: How Big-Spending Politicians Scapegoat Business,” the report by American prosperity researchers Kurt Couchman and Ilana Blumsack says federal “policy mistakes” are most responsible for pushing the U.S. inflation rate to its highest level in last 41 years in 2022.

“Inflation has remained high since then, and overall prices have risen by 20% in just over three years,” they note.

“The wasteful spending and debt of DC politicians caused inflation,” the report opens in bold orange letters. “Now they’re trying to shift the blame.”


Federal policy mistakes are most responsible for high inflation, according to a new report.
Federal policy mistakes are most responsible for high inflation, according to a new report. Photo by MANDEL NGAN/AFP via Getty Images

President Biden himself certainly is: “There are still too many corporations in America ripping off people: price gouging, junk taxes, greed, gouging,” he said in January.

His allies, such as Sen. Bob Casey (D-Pa.), often use the strategy.

Casey spent about $7.55 million on inflation-quoting campaign ads in March — about 70 percent of his $10.86 million in total advertising spending during that period, according to researchers Keystone Renewal PAC. Many of these ads, such as “Shrinky Dink” and “Fleeced,” lay the blame for higher prices at the feet of corporate “price gougers.”

The AFP report refutes this, arguing that the high prices are caused by the federal government’s debt-financed spending and government-imposed COVID-19 restrictions, as well as other regulatory legislation such as the Inflation Reduction Act, the American Bailout and the CHIPS Act and Science. .


President Biden and other Democrats have previously blamed corporate greed for rising prices.
President Biden and other Democrats have previously blamed corporate greed for rising prices. Photo by Scott Olson/Getty Images

“Biden and allies say higher corporate profits prove they’re taking advantage of consumers,” the report said. “However, these claims are based on exaggerated data and quoted out of context to make a weak case against suppliers of goods and services who have also faced inflation.”

A study by the Federal Reserve Bank of San Francisco published in May reached a similar conclusion.

The Fed study attributed the high prices to “the combined effect of supply chain disruptions and a drop in labor supply during the post-pandemic recovery, which occurred just as consumer demand increased.”

It also says that while corporate profits have increased, post-COVID profits are not abnormally high compared to what corporations have made during previous economic crises.

“Data for the current recovery show that the rise in corporate profits is not particularly pronounced compared to previous recoveries,” the Fed study said. “Also, markups have not played much of a role in slowing inflation in the summer of 2022.”