Robert Reich, former Secretary of Labor through the Clinton administration and a distinguished progressive tutorial, was criticized for blaming elevated egg prices on corporate greed on Friday.
The value of eggs have been up 60% in December from a yr prior after practically 58 million birds have been affected by the Avian flu virus in 2022 and shoppers have observed. In the search for solutions, Reich supplied his personal principle.
“Egg prices are up 60%. That’s absurd. People are paying up upwards of $6 and $7 for a dozen eggs. Why? Corporate greed. Cal-Maine, the most important egg producer within the US, is raking file income — $198 million in its newest quarter. That’s a 65% improve from a yr in the past,” Reich tweeted.
Reich’s feedback have been met with disagreement by many on the proper.
“I’ve observed for Bob, that ‘corporate greed’ explains every part. And giving individuals like Bob extra energy fixes every part,” Nick Freitas, a member of the Virginia House of Delegates, tweeted.
Geoffry Miller, a psychology professor on the University of New Mexico, tweeted, “So, egg producers have been one way or the other much less greedy a yr in the past and immediately turned greedy? That is senseless in any respect, and you already know it.”
“Crazy how firms and universities randomly determine to get greedy. Is there an inventory someplace the place we will simply see who’s subsequent? Would save everybody a variety of time, to not point out make the research of economics moot. It’s all simply corporate greed, in any case,” tweeted the Libertarian Party of California.
Soho Forum director Gene Epstein replied to Reich’s tweet with numbers, “This chart tracks the rolling 12-month % change in egg prices within the Consumer Price Index, Jan 2000-Dec 2022. If we credit score RBR’s warped view of value inflation, then egg producers’ ‘greed’ is sort of cyclical. As lately as April 2021, they accepted an 8.9% value decline!”
Brian Wesbury, chief economist at First Trust Portfolios LP, agreed and slammed Reich.
“He’s not an economist anymore…and will by no means, ever run a enterprise. Sad,” he tweeted.
Minnesota State Representative Walter Hudson tweeted, “Hey, Bob. Why weren’t they greedy last yr?”
Prices elevated throughout all product classes last yr as a consequence of excessive inflation. Some specialists suppose inflation has peaked, however others worry the Federal Reserve must push the economy into a recession to convey down prices.