Inflation Is a Hoax: The Term Is ‘Price Gouging’

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inflation
Courtesy of Dan Dvorscak (Flickr CC0)

During the 2010 Decennial Census, I was part of the management team in Reno, Nevada. Our office staff consisted of about 100 men and women, ages 18 to 90. We were all selected by our test scores and nothing else.

In the break room, we talked about everything. I was 63 years of age, and age discrimination became the topic. Dozens had tales of rejection, understanding that your social security number betrays your age.

Today, I am 75 and once again facing age discrimination. Insurance companies literally rip off their older customers.

My bride and I purchased our home in 1999. Instead of mortgage insurance, we took out life insurance policies for 100,000 dollars each. I paid into that plan for 17 years. However, when I turned 70 in 2016, my premium was raised, and my benefits were reduced. I received a schedule that informed me that this would continue each year until my death.

The same thing is happening with my auto insurance company, American Automobile Association (AAA).

As I stated, I am 75, and my wife is 70. We have been with AAA for many years and have never had a ticket, and there has never been a claim for an accident. However, our premiums continue to increase every year.

This is America: profit before people. Corporations are all evil. They gouge their customers and cheat their employees while the executives receive millions of dollars in compensation each year. The largest corporations make profits measured in the hundreds of percentiles and pay little or no tax.

Our country is suffering from inflation today. There is no reason for this, no evidence that corporations are losing profits. This is price gouging and nothing less. The truth is that at the height of the pandemic, corporate America experienced massive increases in its profit margin.

I am old enough to remember 1971. Consumers were forced to wait in long lines for gasoline, as the prices were raised almost daily. There was no shortage. At the same time, we were told that there was a shortage of coffee and sugar. The prices nearly doubled and remained that way.

inflation
Courtesy of John Loo (Flickr CC0)

Have you noticed that you have been paying the same amount or higher for products you frequently purchase, although the quantity has been reduced? Two perfect examples are bacon and ice cream.

We went to the grocery store years ago and purchased a pound of bacon and a half-gallon of ice cream. Both items are now sold in 12-ounce packages with no reduction in price.

I would love to see a national one-week boycott of every business in America demanding they cease their unfair business practices.

One serious problem in America is income inequality. You will never hear about this situation in the mainstream media or on television news; they are all millionaires. The middle class is disappearing and is proven by the gap in wealth between the working class and the wealthy.

There was a significant increase in America’s billionaires and millionaires during Trump’s four long years in office. There are now 788 billionaires in the United States. Our country has 20.27 million millionaires, 2,251,000 of which were added during the pandemic while the average American struggled to pay their monthly bills.

Two other interesting facts: 78% of America’s millionaires are white, and 43.4% of the world’s wealth is controlled by one percent of the population.

Op-ed by James Turnage

Sources:

Pew Research Center: 6 facts about economic inequality in the U.S.; by Katherine Schaeffer
SpendMeNot: 28 Millionaire Statistics: What Percentage of Americans Are Millionaires? By Darina Lynkova

Featured and Top Image Courtesy of Dan Dvorscak’s Flickr Page – Creative Commons License
Inset Image Courtesy of John Loo’s Flickr Page – Creative Commons License

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