{"id":1494812,"date":"2022-05-27T13:59:46","date_gmt":"2022-05-27T17:59:46","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1494812"},"modified":"2022-05-27T13:59:48","modified_gmt":"2022-05-27T17:59:48","slug":"new-yorks-democratic-ag-goes-after-price-gouging-amid-formula-shortage","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-yorks-democratic-ag-goes-after-price-gouging-amid-formula-shortage\/","title":{"rendered":"New York\u2019s Democratic AG Goes After \u2018Price Gouging\u2019 Amid Formula Shortage"},"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%2Fnew-yorks-democratic-ag-goes-after-price-gouging-amid-formula-shortage%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=1494812&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>Democratic New York Attorney General Letitia James called on baby formula retailers to \u201cstop overcharging\u201d for the scarce product Friday.<\/p>\n<p>The low supply of baby formula has been <a href=\"https:\/\/www.dailywire.com\/news\/fda-announces-when-the-baby-formula-shortage-will-likely-end\">worsening for months<\/a>, leading to multiple hospitalizations among children and elevated prices for parents.<\/p>\n<p>Though basic principles of supply and demand would imply that low availability would increase prices, James pinned the high costs on \u201cprice gouging\u201d from retailers.<\/p>\n<p>\u201cIt\u2019s unconscionable that some retailers are taking advantage of the national baby formula shortage while parents are struggling to find food for their children,\u201d she said in a <a href=\"https:\/\/ag.ny.gov\/press-release\/2022\/attorney-general-james-issues-warnings-more-30-retailers-stop-overcharging-baby\">press release<\/a>. \u201cAmid this crisis, families already have enough to worry about and should not have to worry about being price gouged. We are warning all retailers that New York will not tolerate price gouging of baby formula, and I encourage anyone who sees this to continue reporting it to my office.\u201d<\/p>\n<p>The release added that New York\u2019s price gouging laws prohibit the practice for consumers, small businesses, and government agencies \u2014 though it clarified that \u201cit is not price gouging for retailers to limit the amount of formula they sell to individual consumers.\u201d<\/p>\n<p>Indeed, the statement\u2019s admission points to the reality that <a href=\"https:\/\/fee.org\/articles\/price-controls-and-shortages\/\">price controls inevitably lead to shortages<\/a>. If sellers are unable to toggle prices in response to changing demand, they will have no choice but to force competition in other ways \u2014 such as waiting in lines or artificially restricting quantities.<\/p>\n<p>Nevertheless, Democrats have frequently pounded the price control drum amid the various economic bottlenecks of the past year.<\/p>\n<p>Ahead of Thanksgiving, Sen. Elizabeth Warren (D-MA) <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\">blamed meat and poultry producers<\/a> of \u201cprice fixing,\u201d \u201cexcessive consolidation,\u201d and \u201cplain-old corporate greed\u201d as turkey prices rose \u2014 and called for the Department of Justice to intervene.<\/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 argued. \u201cWhen companies have monopoly power as massive suppliers, they can jack up prices of the goods they sell.\u201d<\/p>\n<p>Warren, however, dismissed the possibility that firms\u2019 price increases are related to \u201cinflationary costs\u201d \u2014 even as several reports <a href=\"https:\/\/www.dailywire.com\/news\/thanksgiving-just-got-more-expensive\">indicated<\/a> that the high price of corn feed was causing a modest decline in turkey production.<\/p>\n<p>More recently, House Speaker Nancy Pelosi (D-CA) touted the \u201cConsumer Fuel Price Gouging Prevention Act\u201d \u2014 which would allow President Joe Biden to <a href=\"https:\/\/www.dailywire.com\/news\/pelosi-pushes-democratic-bill-that-would-give-biden-power-to-control-gas-prices\">control gas prices<\/a> under the guise of an \u201cenergy emergency.\u201d<\/p>\n<p>\u201cAgain and again, we see gas prices rise, sometimes when the cost of oil drops, oil prices drop, and price gouging needs to be stopped,\u201d Pelosi said. \u201cThis is a major exploitation of the consumer because this is a product that the consumer must have.\u201d<\/p>\n<p>Democrats have continued to press short-term, demand-side solutions to rising gas prices \u2014 such as <a href=\"https:\/\/www.dailywire.com\/news\/nancy-pelosi-shoots-down-gas-tax-holiday-suggests-rebates-and-gas-cards-instead\">rebate programs and gas cards<\/a>. The Biden administration has also called for oil companies to increase supply \u2014 even as officials <a href=\"https:\/\/www.dailywire.com\/news\/while-gas-hits-record-high-biden-administration-cancels-enormous-alaska-oil-and-gas-lease-sale\">canceled<\/a> an enormous oil and gas lease sale in Alaska and two sales under consideration in the Gulf of Mexico.<\/p>\n<p>During testimony to the Senate this week, FDA Commissioner Robert Califf said that he expects a \u201cgradual improvement up to probably somewhere around two months\u201d before baby formula fully returns to shelves.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democratic New York Attorney General Letitia James called on baby formula retailers to \u201cstop overcharging\u201d for the scarce product Friday. The low supply of baby formula has been worsening for months, leading to multiple hospitalizations among children and elevated prices for parents. Though basic principles of supply and demand would imply that low availability would &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1494827,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1494812","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\/1494812","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=1494812"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1494812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1494827"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1494812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1494812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1494812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}