How the 1890 Sherman Antitrust Act Relates to Today’s High Prices

Price gouging by corporations to raise prices is not new

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Issue #160 American History October 25, 2022

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Over the past couple of years, inflation and the prices of most things people use every day, especially gasoline and groceries, have exploded. Any gains people have received in higher wages have been all but wiped out by the higher costs of goods.

Gas prices have dropped in most of the weeks since last spring, and the inflation rate in the United States is about the lowest of all countries. However, inflation is still very high and the cost of most other things is also still high. 

President Biden and the Democrats have instituted many policies to make things better economically for everyone, but the Republicans voted against almost all of them. The Republicans have also vowed to destroy any other Biden plan that helps regular people if they regain control of Congress after the midterms.

In reality, as prices have soared, so have the corporate profits of all of the major companies. Corporations raised prices in 2021, which fueled higher inflation, while simultaneously booking pre-tax profits of 25% to $2.81 trillion. 

When large companies merge to gain access to an even larger share of the market, the merged companies also find it easier to raise prices because of reduced competition.

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