With inflation and high grocery prices still frustrating many voters, Vice President Kamala Harris on Friday proposed a ban on 'price gouging' by food suppliers
FILE - Vice President Kamala Harris speaks during the American Federation of Teachers' 88th national convention, July 25, 2024, in Houston. Immediately after President Joe Biden left the race a week ago, Harris began to craft her own narrative around the economy. Not once in speeches did she mention the word "inflation," the overwhelming economic challenge that has dogged Biden's administration.
Will her proposals do much to lower prices? And what even is "price gouging"? The answers to those and other questions are below:There is no strict definition that economists would agree on, but it generally refers to spikes in prices that typically follow a disruption in supply, such as after a hurricane or other natural disaster. Consumer advocates charge that gouging occurs when retailers sharply increase prices, particularly for necessities, under such circumstances.
President Joe Biden said Wednesday that inflation has been defeated after Wednesday's inflation report showed that it fell to 2.9% in July, the smallest increase in three years. "It could be that they're looking at opinion polls that show that the number one concern facing voters is inflation and that a large number of voters blame corporations for inflation," Strain said.
At the same time, several rounds of stimulus checks fattened Americans' bank accounts, and after hunkering down during the early phase of the pandemic, so-called "revenge spending" took over. The combination of stronger demand and reduced supply was a recipe for rising prices.
Inflation Grocery Prices Harris Proposal Supply Chains Economists Consumer Protection Corporate Profits
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