1 in every 4 retail sales in the U.S. is made by two companies, Walmart and Amazon
Democratic Congresswoman Alexandria Ocasio Cortez is grilling the CEOs of Big Corporations at a Capitol Hill hearing on price-hikes and monopolies.
Normal Demand-Supply Curve Does Not Really Set The Price
It is a MYTH that the price of everyday goods, like meat, are going up because major companies are also facing higher costs. In REALITY, there’s a lot of price gouging going on.How do companies get away with price gouging? In short, ‘market consolidation’ aka effective monopolies. 1 in every 4 retail sales in the U.S. is made by two companies, Walmart and Amazon.
https://www.facebook.com/repAOC/videos/858828065511809
In a system like this, prices aren’t being dictated by ‘supply and demand.’ They’re being dictated by CEOs. And, cruelly, this ‘market consolidation’ is happening in sectors where Americans don’t have a choice but to buy – groceries, retail, meat.This lack of competition doesn’t just hurt consumers. It also depresses wages because there’s less competition for hiring – and because the power of these huge companies makes it much harder to form a union.
Congresswoman Alexandria Ocasio-Cortez (D-NY15)
