Why is everything so f-ing expensive? Spoiler alert: it’s corporate price gouging.
Is corporate price gouging illegal?
Yes, corporate price gouging is illegal, but the explanation for what it is and proving it is extremely unclear. Benefitting corporations.
It’s also not federally enforced but rather enforced at a state level.
To prove price gouging, you must show that businesses use a state of emergency to raise their prices beyond what is fair.
Now, here’s where the real issue comes into play.
COVID gave businesses the perfect excuse to price gouge. For us as consumers to prove beyond a reasonable doubt that these businesses are price gouging would be almost impossible.
Businesses can continue to blame these price changes on supply chain issues, increased demand, you name it.
They can also blame it on higher input costs, tariff changes, and trade disputes.
Because this is enforced at a state-by-state level, what constitutes price gouging dynamically changes.
Then, you need to demonstrate through market dynamics that these companies are charging what would be considered beyond a reasonable price.
You would also need access to their books, which I assume would be cooked.
But without the receipts, we can’t do anything about this. We also have to prove that they had intent.
However, we live in a system that essentially rewards criminals. So, all of these people are very adept at covering their trucks.
But here’s the truth that we all know. Corporate profits reached an all-time high during the pandemic in the United States. In the third quarter of 2022, the United States hit $2,542 billion in profits.
In any case, here’s your reminder that Joe Biden can’t do anything about this. Neither can any of the future presidents unless these laws are changed.