Joe Biden idiotically has said that if companies didn't lower the prices of their goods (now that the rate of inflation is slowing), they will be targeted by federal authorities for price-gouging.
According to the Washington Post:
President Biden blasted corporate “price gouging” more forcefully this week than ever before, reflecting a renewed administration effort to respond to widespread voter discontent over the economy as next year’s election looms.
It really takes an economic illiterate to not understand that if inflation still exists, prices are not going down.
Here is what real price gouging looks like:
The IRS has increased late payment penalties by 167% over the last two years even though its costs haven't risen nearly that much.
Americans who fail to keep up with their tax payments may soon feel a sting in the pocketbook, thanks to the Internal Revenue Service (IRS).
According to the Wall Street Journal, the IRS is charging eight percent interest when it comes to estimated tax underpayments, noting the move went into effect October 1.
Two years ago it was three percent, and “the increase is one of the many effects of rising interest rates.
By way of contrast, Social Security recipients have only received an increase of around 12% which is what the government says covers their cost increases. So why does the IRS think they deserve 167%?
Biden also is trying to target companies for what he says are junk fees, but not once have I seen him suggest that the government lower its massive fees or taxes.
You see, for Democrats the government can never confiscate enough. They are special!
The problem with Biden is not his age, it's his policies and no matter who you replace him with on the Democrat side, you essentially get the same radical, destructive policies.
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