$2.30…$3.65…$4.23…$5.83. Have you ever been to the store and seen that the price of your favorite was higher than it was last month? For the last five years, companies such as Tysons Food and Pepsi C.O. have been raising their prices more than is considered fair. This is called price gouging, a prominent issue in our society. Companies that price gouge provide everyday necessities for children, elders, and adults. Anyone affected by price gouging should encourage Congress to pass a law making it illegal for companies to increase their prices by 10% in fewer than five years. By passing this law, families will have more access to everyday necessities such as food without having trepidation about being able to access them.
Price gouging makes customers need to spend more than they are able to. According to Common Dreams, a non-profit that serves progressive causes, “Kimberly-Clark, PepsiCo, General Mills, Tyson Foods, and other major U.S. companies” that people rely on for things such as food participate in price gouging. People continue to make tough decisions every day, like whether to put food on the table or pay rent, while corporations continue hiking up prices to pad their own pockets. U.S. citizens in certain states are struggling to buy food because the prices are exceeding their rightful amount. Common Dreams notes, “According to a recent report, corporate profits accounted for over half of inflation during last year’s second and third quarters”–all this at a time when food stamps are going down. My family is among those people who think price gouging affects people negatively. This is a serious problem in the food industry, yet it is flying over Congress’ heads.
People who have trouble dealing with price gouging should contact Congress asking them to create penalties for it and ban it in the United States. According to Public Citizen, “Several price gouging bills have been introduced in the House and Senate in response to the COVID-19 pandemic.” The article also states that Congress should “Establish significant civil penalties enforceable by the Federal Trade Commission (FTC) and State Attorneys General (AGs).” When there is a punishment involved, companies will not want to participate in that crime if it means penalization.
Price gouging affects people everywhere, especially those who are struggling financially. Even I, as a 12-year-old child, have experienced this unfortunate predicament. If this is not solved, I could imagine that homeless rates will go up, more people will be convicted of tax evasion, charity donations could go down, and people will struggle even further. This can be avoided if Congress takes action and passes a bill banning price gouging or making it illegal to raise prices by 10% in fewer than five years.
