President Donald Trump has announced a series of price cuts coordinated between his administration and supermarket chain Giant Eagle in hopes of making life more affordable for Americans.
The president praised the company via social media platform Truth Social on July 19, writing, “Wonderful news! I have just been informed that Giant Eagle, a GREAT American Grocery Company, will be lowering Prices, by a lot, across more than 300 products this Summer, through Labor Day, to help hardworking American families.”
He then mentioned these efforts — along with others by chains like Walmart — while blasting former President Joe Biden, invoking Bidenflation for Americans’ economic troubles.
“Giant Eagle, like Walmart, is stepping up in a big and bold way to answer my call to lower costs for working families,” Trump said.
“We will continue to bring Prices DOWN, just like Oil, Gas, Eggs, and Prescription Drugs, all of which are dropping FAST after the disaster we inherited from Sleepy Joe Biden.”
The president concluded with another jab at Biden while encouraging other businesses to do their part.
“Other Grocery Chains must immediately follow the lead of these absolute Patriots at Giant Eagle and Walmart.”
Who is more responsible for high prices in America today — Donald Trump or Joe Biden?
“Together, we will make America stronger and more affordable than ever before, and get rid of the stench and Inflation perpetrated on us by the Dumocrats and the Sleepy Joe Biden Administration!”
Fox Business reported on Trump’s remarks the following day, specifying Giant Eagle is enacting 10 percent price cuts through Labor Day on items like summer snacks.
While Giant Eagle will discount 300 items, Fox Business said Walmart did this with thousands of items. FinanceBuzz listed Coca-Cola, Pepsi, Lay’s Potato Chips, Great Value brand ice cream, and paper plates among them.
Finance Buzz noted Sam’s Club had a list of 250 products for which they would cut prices, including beef, chicken wings, and ribs.
Both chains made their announcements in early July.
The president is walking a tight rope, trying to make progress where he can.
Inflation was rampant under Biden. FactCheck.org noted that consumer prices rose 21.5 percent and gas prices by 31 percent.
Private sector average earnings per week went down 4 percent after adjusting for inflation.
Inflation and unemployment have a seesaw relationship.
Low unemployment usually means high inflation. Low inflation means high unemployment.
As CGAA.org explains, “When unemployment is low, the demand for workers exceeds the number available, and consumers have more discretionary income to purchase goods, leading to higher prices. Workers can also bargain for higher wages, which are passed on to consumers in the form of higher prices.”
“In times of high unemployment, wages typically remain stagnant, and wage inflation is nonexistent. This is because there are more people looking for work than jobs available, so employers don’t need to pay higher wages to attract employees.”
Combatting this issue through temporary price cuts alleviates some of the burden, but a long-term solution may be more painful.
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