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.
The net profit in grocery stores is about one and a half [percent] — if you’re doing really good, one and three quarters.
“This will be a nail in the coffin of this industry that no one can imagine.”
ECONOMIC COMMENTATOR WARNS HARRIS’ PRICE CONTROL PLAN ALREADY TRIED IN ‘VENEZUELA, ARGENTINA, SOVIET UNION’ Rulli won a special election in June to succeed retired Rep. Bill Johnson, R-Ohio.
‘BAR RESCUE’S’ JON TAFFER SHREDS KAMALA HARRIS’ PRICE CONTROL PROPOSAL: ‘IT’S A NIGHTMARE’ “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.”
CLICK HERE TO GET THE FOX NEWS APP 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.
A first-term Republican member of the House of Representatives who oversees a modest chain of grocery stores in Ohio is concerned that Vice President Kamala Harris’ proposal to regulate grocery prices would harm family-run companies similar to his.
We’ve got a lot on our plate. In grocery stores, the net profit is approximately 1.5 [percent] or, if business is booming, 1 and 3 quarters. To put it simply, you get roughly $1.50 for every $100 that you swipe through the registers. And the last three to four years have seen some pretty horrific developments,” Rep. In an exclusive interview, Ohio Representative Michael Rulli said Fox News Digital.
“Nobody can predict the final nail in this industry’s coffin, but it will happen. “.”.
HARRIS’ PRICE CONTROL PLAN IS ALREADY TRIED IN “VENEZUELA, ARGENTINA, SOVIET UNION,” WARNS ECONOMIC COMMENTATOR.
Rulli was elected in June in a special election to replace retiring Rep. Bill Johnson, an Ohio Republican.
He had previously served as Rulli Bros.’s administrator and as a Republican state senator. the medium-sized supermarket chain that his father founded in 1917.
Rulli raised a bottle of Procter and Gamble’s Tide laundry detergent to illustrate the impact he believes price controls will have on his company.
“What will happen is that Procter & Gamble will just simply choose not to make this product,” Rulli stated, “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.”. Consequently, that will occur frequently. “.
Dave Ramsey explains why Kamala Harris’ price control plan isn’t sustainable and won’t stop inflation.
Using the stock keeping unit (SKU) as an example, he pointed to the bar code and said that while larger grocery chains carry more, his stores only carry 38,000 different SKUs for each item.
“Now, why would that matter to your viewers? It will matter to your viewers because this is the American luxury, where Joe Bag of Donuts, the typical blue-collar worker, would be able to purchase some nice things in life,” Rulli remarked.
“Those 38,000 SKUs will drop to 5,000 SKUs during a four-year Harris administration, and you’ll be living in either Venezuela or Cuba.”. ****.
With just three months until the election in November, Harris is launching her presidential platform at this time.
As part of that, he has promised to implement the first-ever ban on food “price gouging,” a move that right-wing critics claim would stunt economic growth in a manner akin to authoritarian regimes in Venezuela and the former Soviet Union.
Large food manufacturers have seen record profits recently, as noted by Harris’ allies. According to The Wall Street Journal, Hershey’s net profits increased by 62 percent between 2019 and 2023, while those of General Mills and Kraft Heinz both increased by 48 percent during the same period.
However the plan has been referred to as “a solution in search of a problem” by organizations like the National Grocers Association. “. .
“IT’S A NIGHTMARE,” says Jon Taylor of “BAR RESCUE,” tearing apart Kamala Harris’s proposal for price control.
The group said earlier this month that “our independent grocers, already operating on extremely thin margins, are hurting from the same inflationary pressure points as their customers.”.
During the plan’s announcement in North Carolina, Harris promised to “make clear that big corporations can’t unfairly exploit consumers.”. “. .
Nonetheless, Rulli contended that it would also harm medium-sized and small grocery stores.
“A large number of these independent, smaller grocery stores will close. Although it has been happening gradually over the past 20 or 30 years, he said that five grocery stores have closed in the last two years alone within the 80-mile radius he is currently sitting in.
The Harris campaign was contacted for comment by Fox News Digital.
