Biden vows to tackle inflation by promoting competition

January 21, 2022


Biden vows to tackle inflation by promoting competition

21 January 2022

Capitalism without competition is just exploitation, he said

In a White House press conference yesterday, US President Biden promised to tackle inflation with a three-part plan that includes fixing the supply chain, addressing every day costs for working Americans, and promoting competition. 

Again, he specifically honed in one meat processors and shipping, as well as other areas where anti-competition affects prices. 

“In too many industries, a handful of giant companies dominate the market in sectors like meat processing, railroads, shipping, and other areas,” he said.

Biden recognised that the problem is not new. Over time, he said, reduced competition has “squeezed out small businesses and farmers, ranchers and increased the price for consumers.”

“We end up with an industry like the meat-processing industry where four big companies dominate the markets, pay ranchers less for their cattle they grow, charge consumers more for beef — hamburger meat, whatever they’re buying,” he said. “Prices are up.”

Biden has signed an executive order to address inflationary prices in uncompetitive sectors, promising to continue to enforce it. 

“Look, I’m a capitalist,” he concluded. “But capitalism without competition is not capitalism, it’s exploitation.”