DELISH! Chef Andrew Gruel DROPS Dishonest, Deceitful Robert Reich for Accusing Kroger of Price Gouging
http://twitchy.com/samj/2024/08/26/chef-andrew-gruel-robert-reich-n2400138
Okay, first of all, let's review Robert Reich's background ...
* Attorney
* University professor of social and economic policy
* U.S. Secretary of Labor (Clinton administration)
* Member of Obama's Economic Transition Advisory Board
* All mouth, no brain
You know, if Robert Reich is pushing the price gouging (aka corporate greed) argument, then it's REALLY, REALLY, REALLY not true. Imagine knowing the real reason we're suffering crazy inflation is because the government has been printing and spending money like crazy and still going after grocery stores, like Kroger.
Only a real a-hole would do such a thing.
Case in point.
Robert Reich (@RBReich) ~ Kroger:
- Had gross profit margins above 20% over the last 5 years
- Is using “dynamic pricing“ to gouge us further
- Paid its CEO $15 million, 502x a typical Kroger employee
- Wants to acquire Albertsons so you have nowhere else to shop
Corporate greed at its absolute worst.
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Community Notes
Readers' Added Context:
Kroger's net profit margin was 1.43% for the quarter ending April 30, 2024. This is in line with the industry average 1.6%.
The gross profit margin figure stated here does not include operating expenses.
http://www.alphaspread.com/security/nyse/kr/profitability/ratio/net-margin
http://www.macrotrends.net/stocks/charts/KR/kroger/net-profit-margin
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Robert Reich is a physical pygmy (4' 11" tall) and a mental pygmy. Either this professor of social and economic policy, former Secretary of Labor, and member of Obama's Economic Transition Advisory Board is too ignorant to know how to read a financial statement, OR ... he's a sleazy liar. I'm thinking we should embrace the word "both" in this case.
If you rolled your eyes back in your head reading this post from Reich, you are hardly alone. And man, Socialists really get worked up over CEOs being successful. They also get really worked up when their city tries building affordable housing in their very rich, old California neighborhood, but THAT'S another story.
Enter Chef Andrew Gruel with the TKO:
Chef Andrew Gruel (@ChefGruel) ~ This is dishonest and deceitful. He is using the term Gross Profit because it sounds like a lot to someone who doesn't understand a P&L. Gross Profit doesn't include rent, utilities, salaries, insurance, marketing, etc. Kroger's actual NET profit was around 2%. That means they make $.02 on every dollar they bring in. This is just more propaganda to trick people who don't understand business. As for the CEO pay, sure, it's probably excessive, but even if you removed the CEO altogether, their net profit would probably change .0000001%.
Kroger is the largest supermarket operator by revenue in the U.S. and the country's fifth-largest retailer with over 2,700 stores across the country. $15 million is chump change for a company this size.
Well of COURSE Reich and others on the Left are trying to trick dummies who don't understand business. Free market, corporations, and yes, business are the antithesis of the Democratic movement. They're about big government, small people.
Guy Nohra (@GuyNohra) ~ If he had any knowledge of business accounting, he wouldn’t be talking about 20% gross margins. What a tool.
Reich is a pathetic, lying piece-o'-sh!t ... just like a whole lotta Democrats.
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