ICYMI: The Biden-Harris Agenda is Taking on Corporate Price Gougers to Lower Costs for Hardworking Families

FOR IMMEDIATE RELEASE: May 30, 2024

ICYMI: The Biden-Harris Agenda is Taking on Corporate Price Gougers to Lower Costs for Hardworking Families

WASHINGTON, D.C. — Since taking office, President Biden’s Investing in America agenda has led one of the fastest post-pandemic recoveries in the world — delivering record low unemployment, creating more than 15 million jobs and bringing supply chains back from the brink. But profit-hungry corporations and their greedy CEOs continue to manufacture inflation by themselves — taking advantage of hardworking families with unfair, unwarranted price hikes. To combat this, the Biden-Harris Administration has taken on price gougers across industries to lower costs and create breathing room for middle class families and their bottom lines.

As part of this effort, President Biden has taken aim at eliminating costly junk fees that continue to burden the American people, as well as the big corporations that have seen record-high profits from their own steep price markups. In March, President Biden launched the Strike Force on Unfair and Illegal Pricing to address the epidemic of corporate price gouging Americans are facing and the inflation that those corporate profiteers cause.

As a result of pressure from the Biden-Harris Administration, in just the past few weeks, major U.S. airlines and retailers have announced measures to cut costs for consumers on many goods and services they need.

See below for coverage of how President Biden’s Investing in America agenda is cutting costs for hardworking families:

CNBC: Biden takes credit for Target grocery price cuts: ‘They’re answering the call’

President Joe Biden took a victory lap after Target announced it was lowering prices on groceries and other items — and hopes voters will give him the credit. “President Biden called on grocery chains making record profits to lower prices for consumers — and they’re answering the call,” the White House wrote in a social media post Monday evening in response to a headline about Target’s price cuts.

Earlier on Monday, Target announced it would lower prices on roughly 5,000 items, including food items such as bread, fruit, vegetables, milk and meat. The company said cuts on 1,500 items had already taken effect and thousands more would come over the summer. It is timely news for Biden, who has spent the past several years mounting a corporate pressure campaign across various government agencies.

Washington Post: Budget airlines are dropping notorious fees. What changed?

Budget airlines have become infamous for setting low fares and charging passengers for everything from picking a seat to ordering a soft drink. But two leaders of that model, Frontier and Spirit, have launched a different tactic: eliminating flight-change and cancellation fees for some or all customers.

The changes come as the Biden administration has cracked down on what it calls “junk fees” charged by businesses, including airlines. A new Department of Transportation rule that was recently announced will force carriers to disclose certain fees up front, including those for changes and cancellations.

Washington Post: Grocers are finally lowering prices as consumers pull back

In recent weeks, Target and Aldi have broadcast price cuts on thousands of items, while Walmart unveiled a new private label lineup of quality “chef-inspired food” mostly in the $5-and-under range. The shift comes as U.S. consumers have been signaling their discontent with more subdued spending — threatening retailers’ bottom lines.

The White House — which has been pressing retailers to lower prices — took credit for the rollbacks, posting on X: “President Biden called on grocery chains making record profits to lower prices for consumers — and they’re answering the call.”

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