McGovern, Warren, Lawmakers to President Biden: Use Executive Authority to Lower Food Pric

McGovern, Warren, Lawmakers to President Biden: Use Executive Authority to Lower Food Prices

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Congressman James P. McGovern (D-Mass.) and Senator Elizabeth Warren (D-Mass.) are leading a group of lawmakers in a letter to President Joe Biden encouraging the Biden-Harris administration to use its executive authority to take robust actions to lower food prices for families. In the letter, the lawmakers note how corporations have been raking in record profits while families are being hit with higher costs for groceries, and they outline several executive actions that the Biden administration should take.

“The federal government should use every possible tool to lower food prices,” wrote the lawmakers. “We believe you can exercise your executive authority to take additional action to address rising food prices without congressional action.”

Americans are facing sky-high food prices, caused by excessive price gouging by food and grocery giants. A small group of players dominate those industries: four grocery retailers account for over a third of national grocery sales and four food companies control more than 60 percent of sales in most grocery categories. As a result, consumers are spending more of their income on food than they have in the past 30 years.

“These companies have raked in record profits in recent years, with CEOs bragging on earnings calls about how their price hikes exceed inflation. Between 2020 and 2021, researchers found that corporate profits accounted for more than 50% of food price increases, whereas they accounted for only 11% of increases in the four decades prior,” the lawmakers wrote.



See guys, all we have to do is to let the Democrats control everything, every aspect of our lives, and it will turn out swell.