{"id":1130768,"date":"2021-12-18T14:14:36","date_gmt":"2021-12-18T19:14:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1130768"},"modified":"2021-12-18T14:14:38","modified_gmt":"2021-12-18T19:14:38","slug":"elizabeth-warren-says-corporate-greed-is-responsible-for-high-car-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-says-corporate-greed-is-responsible-for-high-car-prices\/","title":{"rendered":"Elizabeth Warren Says \u2018Corporate Greed\u2019 Is Responsible For High Car Prices"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felizabeth-warren-says-corporate-greed-is-responsible-for-high-car-prices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1130768&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Sen. Elizabeth Warren (D-MA) is arguing that \u201ccorporate greed\u201d is responsible for a surge in car prices.<\/p>\n<p>The Bureau of Labor Statistics recently <a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-skyrockets-to-6-8-higher-than-expected-fastest-rate-in-nearly-40-years\">revealed<\/a> that consumer price inflation in the United States has reached a rate of 6.8% \u2014 the largest year-over-year increase since June 1982, as well as the sixth straight month in which inflation remained above 5%. The agency\u2019s inflation report <a href=\"https:\/\/www.dailywire.com\/news\/gas-up-58-meat-up-13-inside-the-newest-record-breaking-inflation-report\">indicated<\/a> that used and new vehicles \u2014 up 31.4% and 11.1% in price, respectively \u2014 are contributing heavily to the inflationary pressures.<\/p>\n<p>As <a href=\"https:\/\/www.dailywire.com\/news\/ford-and-gm-want-to-make-computer-chips-as-foreign-semiconductor-production-stays-bottlenecked\">The Daily Wire<\/a> previously reported, economists attribute the price increases to supply chain bottlenecks, which are limiting the availability of computer chips and prompting automakers to slash production. In a letter obtained by <a href=\"https:\/\/www.cnn.com\/2021\/12\/16\/business\/elizabeth-warren-inflation-chip-shortage\/index.html\">CNN<\/a>, however, Warren told Commerce Secretary Gina Raimondo that the \u201cimmense market power\u201d of semiconductor manufacturers is to blame.<\/p>\n<p>\u201cThis market concentration has reduced competition, allowing giant corporations to deliver massive returns for shareholders,\u201d Warren wrote. \u201cBut it has harmed consumers by enabling these dominant companies to increase prices and underinvest in key capabilities, which has the effect of also reducing product innovation and product quality.\u201d<\/p>\n<p>\u201cThese semiconductor manufacturers are putting stock price, profits, and growth ahead of the needs of American consumers and workers,\u201d the lawmaker continued. \u201cAs the COVID-19 pandemic demonstrated, this behavior can lead to terrible consequences and shortages for our country.<\/p>\n<p>Warren also blamed former President Donald Trump for the chip shortage \u2014 and lauded President Joe Biden for his attempts to address the problem.<\/p>\n<p>\u201cAlthough the Trump administration did virtually nothing to stop this harmful consolidation, under President Biden the federal government is beginning to step up to challenge industry consolidation that could harm supply-chain resiliency,\u201d Warren said.<\/p>\n<p>In a statement to CNN, the Semiconductor Industry Association refuted Warren\u2019s arguments.<\/p>\n<p>\u201cSome of the Senator\u2019s other assertions are simply wide of the mark,\u201d explained John Neuffer, CEO of the trade group. \u201cThe semiconductor industry is one of the world\u2019s most fiercely competitive, innovative, and economically impactful sectors, revolutionizing entire segments of the economy and dramatically improving our way of life.\u201d<\/p>\n<p>\u201cToday\u2019s semiconductors are magical, containing tens of billions of transistors on a chip the size of a quarter,\u201d the statement said. \u201cUnmatched by any other industry, the semiconductor industry has delivered breathtaking value to consumers. Fifty years ago, transistors were a billion times more expensive than they are today.\u201d<\/p>\n<p>This is not the first time that \u201cSenator Karen\u201d \u2014 as Elon Musk recently <a href=\"https:\/\/www.dailywire.com\/news\/elon-musk-torches-elizabeth-warren-please-dont-call-the-manager-on-me-senator-karen\">named<\/a> her \u2014 recently \u201ccalled the manager\u201d over high prices.<\/p>\n<p>Warren recently <a href=\"https:\/\/www.dailywire.com\/news\/dismissing-inflation-concerns-warren-asks-the-doj-to-probe-poultry-companies-for-corporate-greed-in-raising-turkey-prices\">accused<\/a> Tyson and other poultry companies of \u201cprice fixing,\u201d \u201cexcessive consolidation,\u201d and \u201cplain-old corporate greed\u201d as meat prices reached record highs \u2014 dismissing the impact of inflationary pressures largely induced by the Democratic Party\u2019s spending agenda.<\/p>\n<p>\u201cLack of competition in the poultry industry is allowing these massive companies to squeeze both American consumers and farmers to fuel record corporate profits and payouts to shareholders,\u201d she said in a letter to Assistant Attorney General Jonathan Kanter. \u201cWhen companies have monopoly power as massive suppliers, they can jack up prices of the goods they sell.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Elizabeth Warren (D-MA) is arguing that \u201ccorporate greed\u201d is responsible for a surge in car prices.The Bureau of Labor Statistics recently revealed that consumer price inflation in the United States has reached a rate of 6.8% \u2014 the largest year-over-year increase since June 1982, as well as the sixth straight month in which inflation remained above 5%. The agency\u2019s inflation report indicated that used and new vehicles \u2014 up 31.4% and 11.1% in price, respectively \u2014 are contributing heavily to the inflationary pressures.As The Daily Wire previously reported, economists attribute the price increases to supply chain bottlenecks, which are limiting the availability of computer chips and prompting automakers to slash production. In a letter obtained by CNN, however, Warren told Commerce Secretary Gina Raimondo that the \u201cimmense market power\u201d of semiconductor manufacturers is to blame.\u201cThis market concentration has reduced competition, allowing giant corporations to deliver massive returns for shareholders,\u201d Warren wrote. \u201cBut it has harmed consumers by enabling these dominant companies to increase prices and underinvest in key capabilities, which has the effect of also reducing product innovation and product quality.\u201d\u201cThese semiconductor manufacturers are putting stock price, profits, and growth ahead of the needs of American consumers and workers,\u201d the lawmaker continued. \u201cAs the COVID-19 pandemic demonstrated, this behavior can lead to terrible consequences and shortages for our country.Warren also blamed former President Donald Trump for the chip shortage \u2014 and lauded President Joe Biden for his attempts to address the problem.\u201cAlthough the Trump administration did virtually nothing to stop this harmful consolidation, under President Biden the federal government is beginning to step up to challenge industry consolidation that could harm supply-chain resiliency,\u201d Warren said.In a statement to CNN, the Semiconductor Industry Association refuted Warren\u2019s arguments.\u201cSome of the Senator\u2019s other assertions are simply wide of the mark,\u201d explained John Neuffer, CEO of the trade group. \u201cThe semiconductor industry is one of the world\u2019s most fiercely competitive, innovative, and economically impactful sectors, revolutionizing entire segments of the economy and dramatically improving our way of life.\u201d\u201cToday\u2019s semiconductors are magical, containing tens of billions of transistors on a chip the size of a quarter,\u201d the statement said. \u201cUnmatched by any other industry, the semiconductor industry has delivered breathtaking value to consumers. Fifty years ago, transistors were a billion times more expensive than they are today.\u201dThis is not the first time that \u201cSenator Karen\u201d \u2014 as Elon Musk recently named her \u2014 recently \u201ccalled the manager\u201d over high prices.Warren recently accused Tyson and other poultry companies of \u201cprice fixing,\u201d \u201cexcessive consolidation,\u201d and \u201cplain-old corporate greed\u201d as meat prices reached record highs \u2014 dismissing the impact of inflationary pressures largely induced by the Democratic Party\u2019s spending agenda.\u201cLack of competition in the poultry industry is allowing these massive companies to squeeze both American consumers and farmers to fuel record corporate profits and payouts to shareholders,\u201d she said in a letter to Assistant Attorney General Jonathan Kanter. \u201cWhen companies have monopoly power as massive suppliers, they can jack up prices of the goods they sell.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1130768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1130768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1130768"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1130768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1130768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1130768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1130768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}