Warren picks up Biden's call to crack down on 'shrinkflation'
Source: ABC News
March 13, 2024, 7:03 PM
As polls show rising inflation weighing on American families, President Joe Biden has slammed companies for engaging in "shrinkflation," allegedly decreasing the size or servings of a product while keeping the price the same. During his State of the Union address Thursday, he criticized "shrinkflation," calling on Congress to pass legislation that would discourage the practice.
On ABC's "GMA3" on Wednesday, Massachusetts Democratic Sen. Elizabeth Warren touted a Senate bill that she is co-sponsoring with fellow Democrat Bob Casey of Pennsylvania. Warren said the bill would empower the Federal Trade Commission to go after companies involved in "shrinkflation" -- as it does with other forms of deceptive pricing.
"I understand if companies' prices have gone up and they pass it on, some of that pricing, to the consumer, I totally get that. But that's not what we're talking about. We're talking about price gouging," she said. Warren also praised Biden and said he created a task force to target deceptive pricing. "He's going after these big corporations that aren't passing along price increases to themselves but are using inflation as a cover to keep those prices high," Warren said.
Asked if she were worried how the issues of inflation and the economy could show up at the ballot box this election year, Warren said her bill is "about fairness." "If you need to raise the price of a bag of Doritos by 15 cents, then at least pay me the courtesy of telling me that's what you're doing," Warren said.
Read more: https://abcnews.go.com/Politics/warren-picks-bidens-call-crack-shrinkflation/story?id=108093054
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