During a CNBC interview, Sen. Elizabeth Warren, D-Massachusetts, avoided blaming any Washington policies for rising inflation rates.
Warren discussed economic issues with Power Lunch presenter Tyler Mathisen on Wednesday’s “The Exchange.” Mathisen addressed voter concerns about inflation, which he noticed she regularly blames on “business greed” in the oil, software, and food-processing industries.
She stood by her remark, but blamed the COVID-19 epidemic as well.
“COVID, I believe, is the fundamental reason of this round of price hikes. Also, we have supply chain kinks, and consumers have quickly switched demand curves so that demand for services has decreased while demand for commodities has increased. That’s part one of the price hikes caused by those two factors “Warren stated his opinion.
She went on to describe how certain companies, such as the meat industry and supermarket chains, control pricing in order to increase profits.
“What has also happened is that now that we live in America, there is a lot more concentration in certain areas, such as the oil industry, the meat industry, and the grocery industry.”
Warren has slammed large industries and corporate greed as the source of rising costs and inflation on numerous occasions. She asked for a probe into the poultry business in November, citing anti-competitive behavior as a possible explanation for increased turkey prices. In December, she accused supermarket chains of profiting from the outbreak by raising prices.
Despite the fact that different industries have blamed higher costs on supply-chain concerns, President Biden and his administration have recently adopted Warren’s narrative, blaming oil firms for rising gas prices.