Robert Reich

Walmart hiked prices on its Great Value food brands.

The result? Its net income spiked 93% to $10.5 billion towards the end of 2023.

Walmart rewarded shareholders with $5.9 billion in buybacks and dividends.

When I say price gouging is driving inflation, this is what I mean.

Mar 23, 2024 at 9:33pmWeb
Show threadObsoleteMar 23, 2024
@rbreich
In some cases the Great Value brand is more expensive than brand names
Show threadNerbMar 24, 2024

@SNerd @rbreich

Ran into this today. The walmart canned spinach was 20 cents more than the name brand Popeyes So I managed to save 20 cents and stuck that damn song in my head.

Show threadBarbara MonacoMar 23, 2024
@rbreich Walmart came into communities dangling the promise of very low prices. Several years ago my rural community lost two local supermarkets to competition from Walmart. These were both decades old family run businesses. Of course, after it killed the local markets Walmart raised prices.
They have repeated this pattern throughout the US.
Show threadCodieneCMar 24, 2024
@Barbramon1 @rbreich They did the same in Canada - killed local businesses then upped the prices. Same with the other large chains.
Show threadAviva GaryMar 23, 2024
@rbreich indeed 👀
Show threadMark McClellandMar 23, 2024
@rbreich If only anti-trust laws were applied more vigorously to regional markets. Enforcement is hard.
Show threadTobiWanKenobiMar 23, 2024

@rbreich

In most segments of our modern world's economical landscape, you either got monopolies or a few huge players. If those companies feel like milking the wage slaves for some cash to make their owners happy, they will just do that. It's capitalism, baby.
Everyone is playing this game. You just need to be born into the right family. Not that hard, is it? 🙃

Show threadRichard R LeeMar 23, 2024
#Profiteers engaged in #Profiteering. #WalMart.
@rbreich
Show threadSpaceLifeFormMar 23, 2024

@rbreich

Noticed gas prices in recent weeks?

There is no reason they have jumped.

Show threadgaryMar 23, 2024
@rbreich don't forget amazon
Show threadPeachMcDMar 24, 2024
@rbreich
Friends don't let friends shop #WalMart
🤮🤮🤮
Show threadReddogrunnerMar 24, 2024
@rbreich Isn't consolidation wonderful
Show threadLeslie 🇺🇸🌻🌈 🌊Mar 24, 2024
@rbreich the price of eggs went up but it's because Washington State passed a cage free eggs law so I don't mind. 💕 (The price actually came down about a dollar since last month 👍)
Show threadadacostaMar 24, 2024
@rbreich Corporations just have the government under a spell and are able to get away with this greed with no fear. It seems like the future where are heading in is we are all just losers.
Show threadJohan DiederikMar 24, 2024
@rbreich and this will never end BC shareholders are not to be disappointed
Show threadFinal Round Player 😷🇪🇺🍸Mar 24, 2024

@rbreich Profits-Prices Spiral, not Wages-Prices Spiral. Which is why inflation is now independent of interest rates, and interest rate manipulation no longer constrains inflation.

High Interest Rates are actually driven by the financial services industry wanting to get their hands on some of that windfall prices-profit spiral money. And not just sadism.

Show threadDarnell Clayton Mar 24, 2024
@rbreich @Homebrewandhacking So that's why pasta is 50% more expensive now‽ 🤔
Show threadPJ "Vote Green" CoffeyMar 24, 2024

@darnell @rbreich

Yes. Price gouging. Charge whatever the market will bear. Need windfall taxes or something to discourage this behaviour.

Show threadmekka okereke Mar 24, 2024

@darnell @rbreich @Homebrewandhacking

Great Value -> Great Shareholder Value 😀

Show threadDeborah Rose ❌👑Mar 24, 2024
@rbreich Keep an eye on Walmart in Central America.
https://corporate.walmart.com/about/international/central-america#:~:text=You%20will%20find%20stores%20across,in%20Costa%20Rica%20and%20Nicaragua
Central America

Central America
Show threadDurff, PhDMar 25, 2024
@rbreich our local Wally world tops the list!