• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy ‘Nail in the coffin’: Grocer turned House lawmaker trashes Kamala Harris’ price control plan
Economy

‘Nail in the coffin’: Grocer turned House lawmaker trashes Kamala Harris’ price control plan

by August 24, 2024
by August 24, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

A first-term House Republican who runs a small chain of grocery stores in Ohio is worried Vice President Kamala Harris’ grocery price control proposal would hurt family-owned businesses like his.

‘We’re dealing with a lot. The net profit in grocery stores is about one and a half [percent] — if you’re doing really good, one and three quarters. Just in layman’s terms, it’s about a $1.50 for every $100 that you go through the registers. And what we’ve seen in the last three to four years has been pretty horrific,’ Rep. Michael Rulli, R-Ohio, told Fox News Digital in an exclusive interview.

‘This will be a nail in the coffin of this industry that no one can imagine.’

Rulli won a special election in June to succeed retired Rep. Bill Johnson, R-Ohio. 

Before that, he was a Republican state senator and helped run Rulli Bros., the mid-sized grocery chain his father started in 1917.

To explain what effect he argues price controls will have on his business, Rulli held up a bottle of Tide laundry detergent made by Procter & Gamble.

If the Harris administration tells Procter & Gamble, which is based in Cincinnati, that this Tide right here that I’m selling today for $4.99 has to stay $4.99 for the next four years, what will happen is that Procter & Gamble will just simply choose not to make this product,’ Rulli said. ‘And so that’s going to happen a lot.’

He pointed to the bar code, known as the stock keeping unit (SKU), denoting the individual product and said his stores, for example, carry items with 38,000 different bar codes, whereas larger grocery chains carry more.

‘Well, why would that matter to your viewers? It’s going to matter to your viewers, because this is the luxury of living in the United States of America, where the average blue-collar worker, Joe Bag of Donuts, would have an opportunity to buy some nice things in life,’ Rulli said.

‘What will happen in four years of a Harris administration is those 38,000 SKUs will go all the way down to 5,000 SKUs, and you will be living in Cuba or Venezuela.’

It comes as Harris begins rolling out her presidential platform with roughly three months until the election in November.

Part of that is a pledge to enact the first-ever ban on food ‘price gouging,’ which critics on the right have argued would stifle economic growth in the same style as authoritarian governments like the former Soviet Union and Venezuela.

Harris’ allies have pointed out that large food manufacturing companies have made record profits in recent years — Hershey has seen a 62% jump in net profits between 2019 and 2023, while companies like General Mills and Kraft Heinz both saw 48% growth, according to The Wall Street Journal.

But groups like the National Grocers Association have called the plan ‘a solution in search of a problem.’

‘Our independent grocers, already operating on extremely thin margins, are hurting from the same inflationary pressure points as their customers,’ the group said earlier this month.

When Harris unveiled the plan in North Carolina, she pledged to ‘make clear that big corporations can’t unfairly exploit consumers.’

But Rulli argued it would hurt small and mid-sized grocers, as well.

‘Many of these smaller and independent grocery stores will go out of business. You’ve already seen it happening gradually over the last 20 or 30 years, but I would say just recently within the 80-mile circumference I’m sitting in right now, there’s been five grocery stores that have gone out of business in the last two years,’ he said.

Fox News Digital reached out to the Harris campaign for comment.

This post appeared first on FOX NEWS
You Might Also Like
  • TikTok user freakout reveals awful secret owners were trying to hide
  • Biden White House rejects ICC sanctions proposed by lawmakers after Israel warrant requests
  • Top House Dem resigned from leadership after colleagues voiced ‘discomfort’ about his attacks on Biden
  • GOP moves to protect Mount Rushmore from activists looking to rename it or tear it down
Share
0
FacebookTwitterPinterestWhatsapp

previous post
2024 showdown: What happens next in the Kamala Harris-Donald Trump face-off
next post
Lila Rose: Kamala Harris, Democrats’ abortion extremism would be a human rights disaster

You may also like

FBI director warns of jihadist attack in US, similar to...

June 5, 2024

Israel warns US defense chief Iran aggression has ‘reached all-time...

August 26, 2024

Dershowitz slams GA indictment, says Trump used same tactics as...

August 15, 2023

Former Maine legislative candidate arrested on Jan. 6-related charges

July 22, 2023

Vance, Harris discuss debate in ‘brief and respectful’ first phone...

July 16, 2024

Pence says he supports an impeachment inquiry by House Republicans

September 8, 2023

Biden had post-debate ‘verbal check-in’ with his doctor: White House

July 5, 2024

Johnson warned against making ‘side deals’ with GOP rebels: Don’t...

May 8, 2024

VP Kamala Harris announces nationwide tour in support of abortion...

December 20, 2023

Bitcoin price remains below the EMA 200 on Wednesday

October 9, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,632 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Carjacking crackdown bill passes Wisconsin Legislature

    April 19, 2023

    Pentagon says there is a ‘deepening...

    August 15, 2024

    Influx of illegal Chinese migrants threatens...

    February 5, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here