Ahead of Super Bowl, President Biden calls on snack companies to stop shrinkflation
President Joe Biden doesn't want corporate greed to eat into your snacks.
In a video posted Sunday to X, formerly known as Twitter, the president called on companies to put a stop to "shrinkflation."
"You might have noticed one thing, sports drink bottles are smaller, a bag of chips has fewer chips, but they're still charging you just as much," he said.
Shrinkflation is a widespread practice where businesses offer less of a product without reducing the price accordingly. It's a common cost-saving tactic during periods of inflationary pressure. While inflation has slowed down to a three-year low, prices are still punishingly high for many Americans, who have found themselves getting consistently less for their buck when shopping for essentials.
Biden has struggled to get his economic message to break through ahead of the 2024 election. Economic indicators are telling a positive story, but many Americans feel that the president's policy has made economic conditions in the country worse. A majority of Americans (55%) said in a recent CNN poll that they believe Biden's policies have worsened economic conditions in the country, while just 26% believe his policies have improved conditions.
"There is no denying that shrinkflation is real and that it is having a measurable impact on family budgets," concluded a December report published by Democratic Sen. Bob Casey of Pennsylvania.
The report found common household and grocery items noticeably decreased in size between January 2019 and October 2023, while unit prices rose more than 20%. For example, a pack of Double-Stuffed Oreos now weighs 6% less, Gatorade bottles hold 12% less liquid, and a Walmart's Great Value Ultra Strong paper towel roll has 28% fewer sheets, according to the report.
"The American public is tired of being played for suckers," said Biden in the video. He called on companies "to put a stop to this," but did not mention any actionable steps his administration would be taking.
Biden also didn't address the companies by name, although the video panned over snacks like Doritos, Wheat Thins, and Gatorade, which were mentioned in Casey's report.
With the 2024 elections less than nine months away, the economy is a top issue for voters, and their opinions on it are heavily influenced by party affiliation.
A CNN poll conducted by SSRS last month found just 26% of Americans say they feel the economy is starting to recover from the problems it faced in the past few years, up 9 points from December 2022.
The uptick is mainly driven by Democrats and independents, particularly those older than 45. Just 6% of Republicans say they see the beginnings of economic recovery beginning.
Most Americans who said the economy is still in a downturn cited inflation and the cost of living generally (50%) or the price of specific items like food (9%) or housing (7%), with many pointing to their own financial situations. Another 13% who feel the economy is still in decline cite Biden or Democratic policies.