Sale signs hang on the long display of snacks at a Target store Oct. 4, 2023, in Sheridan, Colo. Target plans on cutting prices on thousands of consumer basics this summer, goods ranging from diapers to milk, with more Americans …You’re paying more for food because Congress refuses to control its spending. That was the testimony I recently gave before a U.S. Senate committee, but the committee chair, Sen. Elizabeth Warren, refused to believe the evidence presented.
The transfer of wealth is clandestine because it doesn’t happen all at once, and it doesn’t show up on your tax return or on a receipt. Nevertheless, every time you get sticker shock at the grocery store and pay your ever-rising food bill, you’re paying the hidden tax of inflation. about without any evidence presented that such illegal activity was taking place in the food industry.
The grocery store is paying more for the food on its shelves, so we’re paying more – it’s that simple. If these stores didn’t pass along their cost increases, they’d eventually go out of business. While corporate profits are higher today, they’re not higher after adjusting for inflation. In fact, they’re down 4.2%. That’s almost exactly the same as the 4.4% inflation-adjusted loss for the average American’s weekly paycheck.