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The John Batchelor Show

#Canada: Justin Trudeau going through a bad patch and speaking peculiarly about grocery chains and windfall profiteering. Conrad Black, National Post

The John Batchelor Show

John Batchelor

News, Arts, Books, Society & Culture

4.52.8K Ratings

🗓️ 29 September 2023

⏱️ 10 minutes

🧾️ Download transcript

Summary


#Canada: Justin Trudeau going through a bad patch and speaking peculiarly about grocery chains and windfall profiteering. Conrad Black, National Post

https://nationalpost.com/opinion/conrad-black-trudeaus-attack-on-grocers-is-absurd

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Transcript

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0:56.8

The National Post is the quote that I'm reading here is in Conrad Black's new column

1:01.7

about the Prime Minister of Canada accusing three large chains across Canada

1:08.5

of profiteering of a windfall profits during this time of general inflation around the world,

1:15.0

not only of food, but also of fuel and housing and everything else.

1:19.6

Conrad, your column is revelatory to me because I had always known that grocery chains,

1:26.3

food stores do not have big profit margins.

1:29.5

You report that the profit margin for these three chains in Canada is 3.6%.

1:36.8

How is it that the Prime Minister has decided that that's deserving of windfall profit tax?

1:45.2

Well, it's just rank political posturing as you know.

1:50.3

And as I mentioned in that column, the profit margin is comparatively low

1:56.4

by the standards of most industries.

1:58.4

But it's a huge volume low margin business and the inventory shrinkage,

2:05.0

either food going off or being removed without being paid for by employees

2:10.8

and by customers in such huge companies and huge volumes of businesses quite large.

2:17.2

But the particularly the factor that particularly makes the Prime Minister's comments absurd

...

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