{"id":2194600,"date":"2024-03-07T04:36:02","date_gmt":"2024-03-07T09:36:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-of-the-union-2024-biden-plays-up-shrinkflation-what-to-know\/"},"modified":"2024-03-07T04:36:43","modified_gmt":"2024-03-07T09:36:43","slug":"state-of-the-union-2024-biden-plays-up-shrinkflation-what-to-know","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-of-the-union-2024-biden-plays-up-shrinkflation-what-to-know\/","title":{"rendered":"2024 State of the Union: Biden highlights &#8216;shrinkflation&#8217;\u2014essential details"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstate-of-the-union-2024-biden-plays-up-shrinkflation-what-to-know%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2194600&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Shrinkflation: The Battle\u200c Against \u2062Corporate Greed<\/h2>\n<p>&#8220;Shrinkflation&#8221; has become\u2062 the buzzword for\u200c the Biden administration as they prepare \u2062for the\u2062 president&#8217;s \u2063annual State of the Union address. This clever term, a combination of &#8220;shrink&#8221; \u200cand &#8220;inflation,&#8221; has gained popularity among liberal \u2063lawmakers in the Democratic Party who accuse corporations of cheating consumers \u200dby reducing product sizes while keeping prices the same.<\/p>\n<p>Interestingly, the Biden administration has recently\u2062 adopted this\u200d line of \u2063thinking,\u2063 possibly as a way to shift blame for the past few years \u2064of\u200c inflation onto\u200c corporations rather than their own economic\u200c policies. However, Republicans \u200bargue that excessive \u2062spending by the\u200d administration,\u200d along with Federal Reserve monetary\u2064 policy during the\u200b pandemic, is the \u200cmain culprit.<\/p>\n<p>But\u200d &#8220;shrinkflation&#8221; is not\u200d just a \u2062partisan issue.\u200d It is\u2063 a real phenomenon that is part of the broader COVID inflation,\u200d according\u2063 to Ryan Young, a\u200d senior economist at the\u2064 libertarian Competitive\u2064 Enterprise\u200b Institute. This concept\u2064 is \u2064already factored into official inflation statistics, such as the consumer price index.<\/p>\n<p>Biden himself has taken \u200da \u2062stand against shrinkflation, posting\u200c a video ad on social media calling on big consumer brands to stop this practice. \u2062The\u200b phrase has\u2064 gained\u2062 traction, with \u200bincreased \u2062Google\u2064 searches\u200b for \u2062shrinkflation and even a mention on \u2062Sesame Street.<\/p>\n<p>During an event \u200dat \u200bthe White\u2064 House, Biden discussed shrinkflation \u2063in terms of \u200bSesame Street, highlighting how even Cookie Monster noticed his cookies getting smaller while the \u200bprice remained \u2063the\u2062 same. This unexpected connection between a popular children&#8217;s show\u200d and U.S. economic policy sparked controversy \u2062and criticism.<\/p>\n<p>As Biden faces a tough reelection challenge, his \u200bfocus on shrinkflation may be an attempt to deflect blame\u200d for\u2063 the high inflation rates that have made life\u2064 more unaffordable for consumers. Despite \u200dother positive economic \u200dtrends, such as strong output\u2064 and\u200c job growth,\u200d Biden&#8217;s approval ratings have \u200dnot\u200d seen a significant boost.<\/p>\n<p>It is likely that Biden will address corporate greed and shrinkflation \u2063during\u2064 his State of the Union address, aligning himself with more liberal Democrats like Elizabeth Warren \u200band Bernie Sanders who have \u2064been vocal about this \u2063issue. Warren, for example, released \u2062a video targeting big \u2063corporations like Doritos, Oreos, and even toilet\u2062 paper for\u200b shrinking product sizes while maintaining or increasing prices.<\/p>\n<p>As the \u2062White House team and Biden&#8217;s campaign \u2063work to highlight the positive aspects\u2064 of the economy, such as low unemployment, they hope to \u200bgain support for Biden&#8217;s economic policies, which they \u200bhave dubbed &#8220;Bidenomics.&#8221; However, recent polling shows that a majority of voters\u200b disapprove of Biden&#8217;s job \u2064performance and his \u200bhandling of \u200bthe economy.<\/p>\n<p> <\/p>\n<h2> How does shrinkflation allow corporations to increase their profits without\u2063 raising prices?<\/h2>\n<p><span>  A broader pattern\u2064 of corporate greed that has been affecting consumers for decades. Corporations have been using\u2064 various tactics to increase \u2063their \u2063profits at the expense of consumers, and shrinkflation is just one of them.<\/p>\n<p>Shrinkflation refers\u2063 to the practice\u200c of \u2063reducing the\u200d size or quantity of a product while keeping the\u2063 price the same. This allows companies to \u200cmaintain \u200ctheir profit margins without explicitly\u200d raising prices. For example, a bag of chips\u2062 that used to \u2062contain 200 grams may \u2063now only have 180 grams, but the price remains unchanged.\u200c Consumers\u200c are effectively paying the same amount for less product.<\/p>\n<p>This deceptive\u200b tactic has become increasingly common across various industries, from food \u2063and beverages\u2062 to personal care\u200d products\u2064 and household items. It is a subtle\u2062 way for \u200ccompanies \u2062to increase their\u2062 profits without attracting \u200ctoo much attention\u2062 from \u200bconsumers.<\/p>\n<p>What makes shrinkflation particularly \u200dtroubling is that it often goes unnoticed \u200bby consumers.\u200b Most\u200c people are not meticulously\u2064 checking the weight or quantity of every product they buy, and companies take\u200c advantage of this. They bank\u2064 on the fact that\u200d consumers will assume \u200dthe price \u200bis fair, not realizing \u2064that they are getting\u200d less value for \u200ctheir\u2062 money.<\/p>\n<p>Furthermore, \u200bshrinkflation disproportionately affects low-income consumers who\u2064 are \u200cmore price-sensitive and rely on certain products\u200c for their \u200deveryday needs. When the \u2064size \u2063of essential items, \u2062such as diapers or toiletries, shrinks without a corresponding decrease in price, \u200bit \u200ccan have a\u200b significant impact on a household&#8217;s budget.<\/p>\n<p>The battle against shrinkflation requires both consumer awareness and government intervention.\u2062 As consumers, we must become more vigilant\u200d and informed about the products we purchase. By scrutinizing labels, checking weights, and comparing prices per\u2064 unit, we can \u2064hold corporations accountable and make more informed choices.<\/p>\n<p>However, individual consumer actions can only go so\u2064 far. Government regulations and \u200coversight are necessary\u200b to ensure that companies are not engaging in deceptive practices that\u2062 harm\u200d consumers. This includes enforcing clear labeling laws \u200dand monitoring price changes relative to the size or quantity of products.<\/p>\n<p>Some countries have already \u200btaken steps to combat shrinkflation.\u200c For instance, \u200bthe \u2062United Kingdom&#8217;s Office \u2062for \u2064National Statistics has\u2063 been monitoring package sizes and ensuring that consumers are not misled \u200cby\u2062 deceptive practices. Other countries should follow suit and implement similar measures to\u2063 protect consumers from corporate greed.<\/p>\n<p>Shrinkflation is \u2064more than just a catchy \u200dbuzzword. It \u2064reflects a real\u200b problem of corporate greed and deceptive practices that undermine consumer trust \u200dand \u2062affordability. By addressing shrinkflation and\u2063 holding corporations accountable, we can create \u200ca fairer marketplace that\u2062 benefits both businesses\u200c and consumers alike.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shrinkflation&#8221; is the buzzword for the Biden administration as they prepare for the president&#8217;s State of the Union speech on the economy. This term, combining &#8220;shrink&#8221; and &#8220;inflation,&#8221; is favored by liberal Democrats who accuse corporations of greed. They argue that products are shrinking in size while prices remain the same, leading to hidden inflation<\/p>\n","protected":false},"author":2683,"featured_media":2194601,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP24059700238730-2-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2194600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP24059700238730-2-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2194600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2194600"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2194600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2194601"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2194600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2194600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2194600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}