Target announced price cuts on roughly 5,000 items, which Biden says is because of his administration’s pressure campaign.
President Joe Biden is hoping voters give him credit for the news that retailers like Target are lowering prices on groceries and other items.Biden says that his administration's pressure campaign on corporations to lower prices is at least partly to thank for companies making certain goods cheaper.
Early national polls showed that voters blamed Biden for lingering budget constraints post-pandemic. In turn, the president punted the responsibility onto large corporations, accusing them of keeping prices artificially high even as their production costs were coming down. "President Biden's top economic priorities are fighting inflation and lowering costs for the American people," White House spokesperson Andrew Bates wrote in a memo on Monday."Standing up to corporate price gouging is at the core of that fight."letter
to Biden, Democratic lawmakers alleged that grocery stores were fixing prices, urging him to take executive action to lower food prices.claimed that grocery stores took advantage of supply chain disruptions to raise prices and keep them high. The FTC has also sued against the attempted merger of grocery giantsNow, Biden is trying to attach his policies to Target's price cuts to help make the connection for voters and any economic relief they might soon feel.
Aside from the political opportunity for Biden, Target's announcement ultimately helps confirm an economic signal that the tides of corporate pricing power are starting to turn."We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," said Rick Gomez, Target executive vice president and chief food, essentials and beauty officer, in a release announcing the cuts.Trump Media stock falls 10% after posting $327.
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