Joe Biden Battling Inflation By Cracking Down On Shipping Cartels

Biden's presidency is plagued by rising inflation. What is causing it and what is he doing about it? One thing that's driving up prices is greedy shipping cartels that are reaping massive profits while jacking up prices.

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Image Credit, Gage Skidmore
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Image has been cropped and color has been altered.

David: One announcement that he did make that I should mention even though it's wonky but it might have a real impact on your life. is that they announced this ability to beef up these investigations into the ocean shipping cartel. So there are these three companies, three alliances that are made up of a bunch of different companies but they're cartels. There are three alliances of ocean shipping that control about 80 percent of all cargo. 95% of the east-west trading between Asia and the u.s.. and they've their profits are ridiculous. in 2021 they made 190 billion dollars. in all of 2010 to 2020 these alliances made one-fifth of that. in ten years they made a fifth of that. they made 190 billion dollars in 2020. and that affects the cost of every good that's transported anywhere.
Sam: Let's just be clear on what 100 190 billion dollars is equivalent to. it is larger than the annual spending that was proposed in the 1.75 trillion dollar bill. that the government that was the big that was the last iteration of Build Back Better called for 175 billion dollars worth of spending annually. and these guys made 100 billion. okay and so what now where are these American companies?
David: They are all foreign companies. They are all foreign-owned companies.