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I've got good news and bad news for Trump. The good news: you can get elected by promising to do something about the cost of living crisis, and the president actually has a lot of ways to improve people's daily costs. The bad news: everything you could do to fix working people's cost of living will make an oligarch worse off.
This is the essential conundrum of Trumpismo: to keep his base happy, he needs to make their lives better; but to make their lives better, he'll have to make oligarchs angry. The oligarchs' wealth bonanza caused the cost of living crisis. Oligarchs' pleasure causes our suffering, so alleviating our suffering will reduce their pleasure.
This means that while Trump can promise help with prices, all he can deliver is union-busting, ICE lynchings, and pointless wars, none of which have any hope of materially improving the lives of working people. Indeed, all of this stuff makes working people materially worse off, as wages fall, crops rot in the fields, and gas prices shoot through the roof.
Trump would dearly love to find an ox he can safely gore, but all the good oxen are owned by his oligarch chums. Trump can't punish Ticketmaster, because the billions Ticketmaster steals from the WWE, F1 and football fans in his base all land in the pocket of oligarchs who own stock in Ticketmaster, and Trump can't afford to upset those oligarchs:
Indeed, I can't think of a single corrupt racket that Trump can afford to do something about. Not even the only cost of living metric that can approach gas prices in the hierarchy of American electoral salience: grocery prices.
Your grocery bill went up because oligarchs price-gouge you. Eggflation was caused by Cal-Maine, the monopolist that owns every brand of eggs in your grocer's fridge, who jacked up prices because they knew they could:
Pepsi and Walmart conspired to force every retailer to jack up the prices of all Pepsi products (including Frito-Lay, Gatorade, Aquafina, etc) at every retailer's store, so that Walmart could also jack up their prices and still undersell their competition (naturally, Trump let them get away with it):
This stuff isn't exactly a secret. Grocery store owners hold earnings calls with their investors where they boast about the fact that they can raise their prices far in excess of their increased costs, and blame it on inflation:
They boast about their "personalized pricing" swindles, whereby they use surveillance data to figure out how desperate you are and jack up the prices you see in their apps:
Trump has the power to put a stop to all of this, but still, he can't, because his oligarch pals would squeal, and when they squeal, Trump jumps. In theory, Trump has lots of power, but in practice, Trump can't do anything.
Which brings me to the cost of meat. Meat inflation has raced ahead of other forms of food inflation, even as the payments to ranchers and other producers fell sharply, leading to waves of bankruptcies:
Partly, that's because meat processing is controlled by cartels, with 85% of all the beef being processed by four packers, and nearly every chicken going through one of four poultry processors. These middlemen jack up prices to grocers while colluding to push down the payments to their suppliers.
How do they rig those prices? After all, it's very illegal for these four companies to get together around a table to rig prices. Instead, they use a "price consultancy" called Agri Stats that does the price-rigging for them. Every week, the packers send a detailed list of all their costs and prices into Agri Stats, and Agri Stats "advises" them all to raise all their prices at once, and anyone who doesn't play along is pushed out of the Agri Stats cartel. Everyone wins – except families paying for groceries:
Agri Stats has been doing this since the Reagan years, but they grew steadily more brazen, until, back in 2023, Biden's DOJ brought history's most obvious, easily won antitrust case against them:
And wouldn't you know it, Trump just settled that case, in a way that will make Agri Stats much, much richer and give them far more opportunities to rig prices:
Under the terms of the settlement, Agri Stats must "allow" restaurants, farmers, and other parts of the supply chain to pay it for the data it consolidates. This will allow more parties to collude to rig prices, and provide more income to Agri Stats. As David Dayen writes in The American Prospect, they've been "sentenced to make money."
Agri Stats isn't the only "price consultancy" that is used to launder a price-fixing cartel that's driving up the cost of living for all Americans, including Trump's base, in order to make oligarchs better off. Companies like Realpage do the same thing for residential rents:
Trump can't do anything about any of these scams, not without goring some oligarch's precious ox. But, as Dayen points out, there are dozens of Democratic state Attorneys General who can kill Trump's sweetheart deal for Agri Stats using the Tunney Act, which gives them standing to sue to force a federal judge to review the settlement and determine whether it is fair.
Whether any AG will seize the moment remains to be seen, of course, but it would be very good politics to do so – after all, the path to political power in America runs through credible promises to do something about the cost of living crisis.
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It's the second such development this year, after the price of insulin was capped recently through executive-congressional actions.
Less than three months after U.S. Senator Tammy Baldwin and her colleagues launched an investigation into the four major American manufacturers of inhalers, three of the companies have relented, making commitments to cap costs for their inhalers at $35 for patients who now pay much more.
25 million Americans have asthma and 16 million Americans have chronic obstructive pulmonary disease (COPD), meaning over 40 million Americans rely on inhalers to breathe.
Inhalers have been available since the 1950s, and most of the drugs they use have been on the market for more than 25 years.
According to a statement from the Wisconsin Senator’s office, inhaler manufacturers sell the exact same products at a much lower costs in other countries. One of AstraZeneca’s inhalers, Breztri Aerosphere, costs $645 in the U.S.—but just $49 in the UK. Inhalers made by Boehringer Ingelheim, GlaxoSmithKline, and Teva have similar disparities.
Baldwin and her Democratic colleagues—New Mexico Sen. Ben Ray Luján, Massachusetts Sen. Ed Markey, and Vermont Sen. Bernie Sanders—pressured the companies to lower their prices by writing letters to GSK, Boehringer Ingelheim, Teva, and AstraZeneca requesting a variety of documents that show why such higher prices are charged in America compared to Europe.
As a ranking member of the Senate Committee on Health, Education, Labor, and Pensions, Baldwin recently announced that as a result of the letters they had secured commitments from three of the four to lower the out-of-pocket costs of inhalers to a fixed $35.00 rate.
“For the millions of Americans who rely on inhalers to breathe, this news is a major step in the right direction as we work to lower costs and hold big drug companies accountable,” said Senator Baldwin.
A full list of the inhalers and associated drugs can be viewed here.
It’s the second time in the last year that pharmaceutical companies were forced to provide reasonable prices—after the cost of insulin was similarly capped successfully at $35 per month thanks to Congressional actions led by the White House.
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The New York City mayor has been addressing affordability while also solving the city’s budget crisis.
Oliver Willis at Daily Kos:
“Reaganomics” is no match for New York City Mayor Zohran Mamdani.
During an event to launch the city’s new government-owned grocery stores, Mamdani mocked former President Ronald Reagan and right-wing economics.
The Mamdani administration plans to open five stores as part of his plan to make groceries more affordable, a key issue on which he campaigned last year.
“I cannot help but think of the words of our 40th President Ronald Reagan. He famously said, ‘The nine most terrifying words in the English language are: I’m from the government, and I’m here to help,’” Mamdani said.
He continued, “It’s a good quote. But I disagree. I think nine more terrifying words are actually ‘I worked all day and can’t feed my family.’ We are going to use the power of government to lower prices and make it easier for New Yorkers to put food on the table.”
NYC Mayor Zohran Mamdani (D) addressing the city’s affordability crisis by putting a modern and more relatable spin on Ronald Reagan’s nine words with this “I worked all day and can’t feed my family.”
