Flickinger: Price Gouging is "Institutional Idiocracy"
On the EVENING EDIT with David Asman, Burt Flickinger discussed the
inexcusable "Institutional Idiocracy" that is leading to two-fold price-gouging by branded companies, which combined with ongoing supply-chain problems & inflation resulted in a depressed Black Friday & the first-ever drop in Cyber Monday sales. The suspension and/or reduction of promotional prices & discount allowances by brand manufacturers while closing plants near highly populated regions, on top of shippers imposing drayage/detention charges, means consumers are paying 15-20 cents more on every dollar of sales for must-have items. President Biden should take a page from President Eisenhower in 1959 and bring today's union leaders, including the dynamic, decisive, charismatic Teamsters president Sean O'Brien, Marc Perrone of the UFCW and Todd Crosby of RWDSU, together with retailers, distributors and shippers to end this price-gouging of Consumers from the combination of fewer Promotional Discounts & Inflation from Supply Chain snafus.