President Biden Calls for End to Shrinkflation Scam
Biden Speaks Out
U.S. President Joe Biden made a public plea on Sunday, urging snack companies to stop the practice of shrinkflation. This is when businesses reduce the sizes of products while keeping prices the same, essentially cheating consumers out of their money. Biden called the practice “a rip-off” and emphasized the frustration of the American public with these deceptive tactics. He posted a video on social media, calling out companies ahead of Super Bowl LVIII.
Industry Response
In response to Biden’s comments, the president and CEO of the Consumer Brands Association, David Chavern, acknowledged the issue of inflation and expressed a desire to work with the administration to find real solutions that benefit consumers. However, no specific solutions or policies were offered by the president in his address.
Company Accountability
Biden did not name any specific companies, but the video showed several brands, including Gatorade, Doritos, Breyers, and Tostitos. PepsiCo, Unilever, Mondelez, and Campbell Soup, among others, did not immediately respond to requests for comments.
Government Intervention
Senator Bob Casey released a report in December, highlighting the impact of smaller product sizes on various consumer goods. The report revealed significant increases in the prices of household paper products and snacks such as Oreos and Doritos, due to shrinking portions. The senator expressed his commitment to investigating the widespread nature of these practices and holding companies accountable.
Consumer Concerns
With inflation and economic stability ranking high among the concerns of Americans, the administration has been actively addressing the need for lower prices in various sectors. President Biden has taken steps to engage with industries, urging them to address issues such as high supermarket prices, inflated drug costs, excessive hotel fees, and fluctuating meat prices.
Despite the ongoing efforts to combat inflation and deceptive business practices, the American public remains vigilant, demanding transparency and fairness in the marketplace.
