The Coming Antitrust Boomerang on Inflation

Gas prices at a gas station in Solana Beach, Calif., November, 9, 2021. (Mike Blake/Reuters)
The political abuse of antitrust is more likely to raise than lower prices — no matter what the administration may say.

NRPLUS MEMBER ARTICLE E conomist John Kenneth Galbraith warned that “nothing so weakens government as persistent inflation.” Inflation isn’t quite yet persistent, but it is, in the words of Federal Reserve chairman Jerome Powell, no longer “transitory.” The Pew Research Center reports that 93 percent of Americans are concerned or very concerned about inflation, which surely has much to do with the Biden administration’s enduring low approval ratings.

The connection is clear. By December, prices for the previous twelve months had risen by 6.8 percent. Remove volatile food and energy prices, and prices still rose by 4.9 percent. With inflation already at a 40-year high, the Biden administration is not

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