Senator Casey on MSNBC: “We Need More Price-Gouging Investigations and We Need the Federal Trade Commission Right Now to Do More by Going After Shrinkflation […] and Crack[ing] Down on These Corporations”
Senator Casey on NPR: “Shrinkflation is Part of a Much Broader Problem, Which is Greedflation”
PENNSYLVANIA – Senator Bob Casey highlighted his leadership in taking on corporate greed and cracking down on shrinkflation and greedflation in a new interview with Reverend Al Sharpton on MSNBC’s PoliticsNation and NPR’s Weekend Edition Sunday. Last week, Senator Casey’s efforts lowering costs for working families by fighting against shrinkflation were spotlighted during the State of the Union.
Watch the full MSNBC PoliticsNation interview HERE:
Senator Casey on Fighting Shrinkflation and Greedflation:
- “…working on lowering costs for families, whether it’s lowering the cost of insulin by by a lot way down to 35 bucks a month for seniors, or whether it’s taking on greedflation or shrinkflation that these big companies are engaged in every day of the week, and for years now, ripping families off, while they are achieving sky high profits, and jacking up the cost of groceries and other household items. […] I hear about it all the time in Pennsylvania. […] I think there are a lot of people out there saying we’ve got to take action against this corporate greed – price gouging investigations, holding corporations accountable.
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- …speaking to this reality that so many families face at the grocery store. It’s shrinkinflation. The product shrinks in size, but the price doesn’t shrink. It’s just a part of a larger rip off by these greedy corporations, especially the last couple of years. As I mentioned earlier, their profits went way up. For two years during the pandemic, and thereafter, their profits went up by 75% – 75% increase in their profits, five times the rate of inflation. So, corporate profits were driving inflation. That’s why we need price gouging investigations, and we also need the Federal Trade Commission right now to do more by going after shrinkflation […] and crack[ing]down on these corporations. We should follow it up by helping families […] and make sure that the middle class gets help, and that our families get help through the Child Tax Credit.”
Listen to the full NPR interview HERE:
Senator Casey on Tackling Shrinkflation and Lowering Costs:
- “I think for a lot of Americans, they’ve noticed this for a long time that the product shrinks, but the price doesn’t. Products are getting smaller, the contents of package are getting smaller, but the price isn’t going down, that’s just a rip off. I mean, I mean it’s just as simple as that. The evidence is irrefutable. The question is, will we take action to prevent it from happening to impose consequences on companies that engage in it or not? I think we should act and the Federal Trade Commission should be given the power to take on these deceptive practices.
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- I think that this is one example of shrinkflation is part of a much broader problem, which is greedflation. You have companies that have been jacking up their prices on household items that people need virtually every week. We know that corporate profits went up by 75% from July of 20 to July of 22, and that’s five times the rate of inflation. So, they’re jacking up their prices and there’s no consequence unless you have price gouging investigations that the Federal Trade Commission should be authorized to do. They don’t have the power currently to do the kind of price gouging investigations that I think families would expect them to do. We have to give them that power. If the Federal Trade Commission needs more personnel, and needs more help conducting these investigations from a research point of view, I’ll be the first one to help them.”
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