President Joe Biden has recently used the term “shrinkflation” to criticize businesses and counter Republican economic management criticism.
Shrinkflation refers to companies reducing the size or quantity of goods without raising the price.
“While you were Super Bowl shopping, did you notice smaller-than-usual products where the price stays the same?” Biden wrote on X. “Folks are calling it Shrinkflation and it means companies are giving you less for every dollar you spend. I’m calling on the big consumer brands to put a stop to it.”
Biden’s focus on basic grocery store staples aims to connect with voters’ frustrations, acknowledging the impact of inflation on everyday purchases.
This messaging aligns with the Left’s argument that inflation results from corporate greed.
“American public is tired of being played for suckers,” Biden said.
“The economy is getting better, but people don’t experience the economy. They buy groceries,” George Washington University School of Media and Public Affairs director Peter Loge said. “I think what the president is trying to do is to tell voters, ‘You know, I’m with you on this. I know how this feels and I can’t change the law, but maybe together, we can call out these companies for trying to take advantage of you.’”
“When I’m at the grocery store, I’m not thinking, ‘Well, thank goodness for macroeconomic trends,’” Loge said.
“You ever go for the last chip in the Dorito bag and suddenly say, ‘Whoa, there should have been more chips in here?’” Sen. Elizabeth Warren asked. “You would be right. From Doritos to Oreos to even toilet paper, these big corporations are shrinking how much they give us, but they are charging the same amount or sometimes even more.”
“Shrinkflation is real, but it’s not a partisan issue. Shrinkflation is part of the great COVID inflation,” economist Ryan Young said.
“If the Biden administration wants to stop shrinkflation, it has to get inflation under control. That means spending less. The Federal Reserve also needs to restrain itself the next time there is a downturn,” Young said. “The economy is in good shape, and Biden’s remarks risk scaring voters into thinking it’s not.”
However, Republicans dismiss Biden’s attacks on shrinkflation, attributing inflation to excessive government spending and Federal Reserve policies.
Biden has called on corporations to pass their savings on to consumers, addressing concerns about rising prices.
“We get that prices are still kind of hurting Americans, but what we’ve seen is that prices have gone down for eggs, for milk, for seafood, and that’s important — they are lower where they were a year ago, and we know that’s not enough,” White House press secretary Karine Jean-Pierre said.
While you were Super Bowl shopping, did you notice smaller-than-usual products where the price stays the same?
Folks are calling it Shrinkflation and it means companies are giving you less for every dollar you spend.
I’m calling on the big consumer brands to put a stop to it. pic.twitter.com/wL1NsEh78F
— President Biden (@POTUS) February 11, 2024
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