In what could quickly become a feature of this column, here is another scene from “how we know it's an election year and the incumbent is in trouble.”
Once again, our star is President Joe Biden, who we last saw plying voters in the Northeast with the release of cheap (he hopes) gasoline from a federal reserve. This time, we find Mr. Biden trying to claim credit for something he genuinely doesn't seem to understand: price competition.
The action centers on a move from Target to lower prices on 5,000 “everyday” items. Behind the company's move is the hard realization that its customers are pinching pennies – and in some cases, taking their business elsewhere. As NPR reported:
The price cuts are part of an effort to keep consumers visiting stores and restaurants. More families have been tightening their budgets after years of inflation. Companies especially note that lower-income families have pulled back, prioritizing necessities.
Yes, inflation does take a bite. As a result, shoppers look to spend a little more wisely on necessities. For Target, that means they are entering a price war with one of their major competitors for groceries and household goods: Walmart.
For its part, Walmart notes that people are, indeed, watching their spending. But that includes a whole new class of Walmart customer who is looking for bargains:
“We are seeing customers trade into Walmart,” CFO John Rainey said recently, indicating that even shoppers who make $100,00 or more annually are opting for Walmart thanks to its wider range of variety and quality.
“We're seeing higher engagement across income cohorts, with upper-income households continuing to account for the majority of the share gains,” Rainey added.
The reason isn't hard to fathom: who doesn't like a bargain? Especially on basics like food and household goods. Therefore, the major retailers of such products will begin to compete even more fiercely on price and selection.
All to the benefit of their customers. If any of this competition results in lower prices elsewhere in the economy – to the extent that official inflation numbers decline – so much the better.
Enter Joe Biden, who may not know much about price competition but does have a practiced politician's understanding of the need to claim credit for other people's work:
President Joe Biden took a victory lap after Target announced it was lowering prices on groceries and other items — and hopes voters will give him the credit.
“President Biden called on grocery chains making record profits to lower prices for consumers — and they're answering the call,” the White House wrote in a social media post Monday evening in response to a headline about Target's price cuts.
How nice.
Though Biden's “victory lap” has nothing to do with Target's actions, it does add to the idea that Team Biden knows it's in trouble. Look for much more of ‘Claim Jumper Joe” in the months ahead.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
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