HARRISBURG, Pa. (AP) — Democratic Sen. Bob Casey of Pennsylvania leaned into the podium, almost past the microphone, to make his point to the union crowd...
of Pennsylvania leaned into the podium, almost past the microphone, to make his point to the union crowd about how mad corporate leaders are at him.
McCormick, a former hedge fund CEO, calls Casey’s contentions “nonsense” and blamed federal spending under Biden and rising energy prices. “A lot of these companies said, ‘Oh, well, consumers can just decide not to buy a certain product,’” Casey said in an interview. “It’s like when you go to the grocery store, you got to get food every week. You got to get household items every week or every other week. You don’t have the choice to, you know, defer purchases for six months. It’s not like buying a new television set.
Some economists say companies can be less restrained by the usual competition in the midst of inflationary price hikes — and take advantage of temporary market power to pad profits. Besides, even if corporations raised prices more than costs justified, that's their job, said Z. John Zhang, director of the Penn Wharton China Center at the University of Pennsylvania. Instead of blaming the companies, he said, people should blame the decisions that led to inflation.
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