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The Indicator from Planet Money

Corporate greed or just pandemic pricing?

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 10 March 2022

⏱️ 10 minutes

🧾️ Download transcript

Summary

Some House Democrats continued to blame high inflation on greedy corporations this week. Today, we'll fact-check that claim.

Transcript

Click on a timestamp to play from that location

0:00.0

NPR.

0:12.0

This is the indicator from Planet Money I'm Darym Woods.

0:14.8

There is a well-known saying that you don't want to see how the sausage gets made.

0:19.4

And this is particularly true in the world of capitalism, it can be a pretty messy place.

0:25.3

Doctors are jacking up prices everywhere from gas stations to supermarkets and we're seeing

0:30.0

especially big jumps in the price of meat.

0:32.7

So we thought what better place to learn about the current state of price rises than

0:36.7

a visit to a literal sausage factory?

0:38.7

So we've got beef, pork, combined spices.

0:43.6

Sean Smith is the director of sales and marketing at WA Bean & Sons.

0:47.8

That's a meat purveyor based in Bangalore, Maine.

0:50.0

There you go, let's go turn into more of a batter.

0:52.8

It'll come to McRind and go right into the linker.

0:56.0

The reason we wanted to speak to Sean is because prices are rising super fast.

1:00.4

Inflation in the US is a vertigo-inducing 7.9% according to today's consumer price index.

1:07.4

And over the last few months, Democratic politicians have been fueling a narrative, blaming

1:11.5

high inflation, partly on greedy businesses in uncompetitive markets.

1:16.1

In fact, President Joe Biden used the example of the meat industry and his state of the

1:20.0

union speech earlier this month.

1:22.8

You got four basic meat packing facilities.

1:26.4

That's it.

1:27.4

You play with them, you don't get to play at all.

...

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