President Biden Calls on Companies to Stop “Shrinkflation” of Products
President Joe Biden took to social media on Sunday to criticize food and beverage companies for downsizing their products to compensate for higher input costs, a process known as “shrinkflation.” In a video post on X, formerly Twitter, on Super Bowl Sunday, Biden expressed his frustration with the growing trend.
As an ice cream lover, Biden specifically highlighted that ice cream cartons have shrunk in size while maintaining their prices. He referred to this practice as a “rip-off” and urged businesses to put a stop to it.
Inflation and Rising Costs
Companies in the food and beverage industry have been reducing the size of their product offerings in recent years as a response to rising costs of ingredients and other production inputs triggered by inflation in the U.S. economy. Inflation reached its peak at 9.1% in June 2022 but has since declined. As of December, inflation stood at 3.4% year-over-year, remaining above the Federal Reserve’s target rate of 2%.
Biden’s Retention of Classified Documents
Biden’s remarks come in the wake of Special Counsel Robert Hur’s report, which examined Biden’s retention of classified documents during his time as vice president and after the Obama administration. Despite his improper retention, Hur decided not to bring charges against Biden, citing the president’s sympathetic and well-meaning but elderly nature and poor memory as potential defense strategies.
Biden Defends His Memory and Mental Acuity
In response to concerns raised by the special counsel’s report, Biden addressed the nation, stating that his memory is “fine,” and asserting that he is the “most qualified person in this country to be president.” Critics have pointed to the report as evidence of age-related mental acuity challenges.
The White House counsel’s office has requested revisions to the report’s language, alleging characterizations, factual misstatements, and pejorative comments inconsistent with Department of Justice policy and norms.
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