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Biden Administration Blaming Meat Prices for Inflation

food price increases
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EDITOR NOTES: Anyone who’s gone to the grocery store lately doesn’t need in-depth reports and charts to tell them that inflation is on the rise. It is easy to see based on the rising prices at the register. The Biden administration is finally admitting to inflation and rising prices, but they aren’t putting the blame on central bank monetary policy or supply chain issues or labor shortages, or even global economic or pandemic-related factors. The administration is blaming beef, pork, and poultry producers and meat prices instead. White House National Economic Council Director Brian Deese accused the industry of “pandemic profiteering” and practice that are “driving price increases.” While meat prices of all proteins are up across the board, some are accusing the government of singling these companies out for their own agenda. Famed investor Jeffery Gundlach summed it up succinctly writing, “White House Economic Advisor said today that if you take out the items that are up a lot troubling grocery inflation would be lower. Hard to argue with that one, but not exactly inspiring.”

Update (0915ET): Bond King Jeffrey Gundlach summed up the idiocy of The White House's spokesperson perfectly: "...if you take out the items that are up a lot, troubling grocery inflation would be lower."


Originally posted on ZeroHedge


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