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Former Bill Clinton Labor Secretary Robert Reich thinks the price of eggs is going up because of "greed."
Egg prices are up 60%. That’s absurd. People are paying up upwards of $6 and $7 for a dozen eggs. Why? Corporate greed. Cal-Maine, the largest egg producer in the US, is raking record profits — $198 million in its latest quarter. That’s a 65% increase from a year ago. — Robert Reich (@RBReich) January 20, 2023
Egg prices are up 60%. That’s absurd. People are paying up upwards of $6 and $7 for a dozen eggs.
You would think a labor secretary might know something about basic economics.
Apparently not.
Did people JUST become greedy now, but weren't in the past?
Democrats "say 'oh, inflation is caused by greed.' Well, what a ridiculous notion. Did people just in the last two months all of the sudden decide that people are greedy and never were greedy before?" said @RandPaul on Thursday's "National Report." pic.twitter.com/cjHsAzIPug — NEWSMAX (@NEWSMAX) May 19, 2022
Democrats "say 'oh, inflation is caused by greed.' Well, what a ridiculous notion. Did people just in the last two months all of the sudden decide that people are greedy and never were greedy before?" said @RandPaul on Thursday's "National Report." pic.twitter.com/cjHsAzIPug
BASEDPolitics' Brad Polumbo explains why egg prices are really rising, "Part of this is just the overall inflation we’ve experienced, which has its roots in everything from global supply chain issues to the Federal Reserve’s loose monetary policy to excessive stimulus spending under both the Trump and Biden administrations. But the egg price increases are far too extreme to be explained by regular inflation alone...
Egg prices are insane rn, leading to some pretty funny memes. But what's actually going on? I explain here: https://t.co/M1lmfzMb1y — Brad Polumbo 🇺🇸⚽️🏳️🌈 (@brad_polumbo) January 23, 2023
Egg prices are insane rn, leading to some pretty funny memes.
The real reason for high egg prices, as is usually the case, has its roots in the basic economics of supply and demand. Unfortunately, an avian flu has wiped out more than 43 million egg-laying hens since February 2022, according to the US Department of Agriculture. That’s resulted in a 29% decrease in the US egg stock, aka the supply.
When a product becomes more scarce yet is still in high demand because it’s part of people’s routines, prices will rise."
Read the entire column.
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