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Dear John,
It’s a paradox: The rate of inflation is slowing, but prices are still high. How can this be?
Because corporations have enough power and face so little competition that they can keep them high at your expense.
Check out our new video to see our latest take on the inflation situation! Then pass it along to your friends to alert them to the struggle -- and its solution!
Case in point: the PepsiCo / Coca-Cola duopoly.
When PepsiCo cited “higher costs” as an excuse to raise prices on its soft drinks and snacks in 2021, Coca-Cola followed suit. The companies made billions of dollars in profits and weren’t undercut by more savvy competitors.
Why not? Because the two behemoths own most of the companies that would otherwise be their competitors!
Then, when production costs fell in 2023, did PepsiCo and Coca-Cola pass along their savings to consumers? Hardly! PepsiCo announced double-digit price hikes, and Coca-Cola said they had “earned the right” to keep prices high due to being so “popular!”
That’s enough to make me fizz.
And this kind of corporate price-gouging goes way beyond the grocery store. In 75% of American industries, fewer companies control more of their markets than they did 20 years ago. The result? Your wallet keeps getting lighter while their profits reach the stratosphere.
The good news: The Biden administration is fighting these trends with the strongest antitrust actions in decades.
Check out our video to learn more about the steps President Biden is taking to save you money.
And thank you for helping spread the truth by sharing this video!
Robert Reich
Inequality Media Civic Action
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