In one of several unscripted moments during last Thursday's State of the Union address, President Biden singled out the candy bar Snickers as an example of “shrinkflation,” which is part of his administration’s strategy to change voter perception of the economy. The term is used to describe consumers getting less product for the same cost and is a way to shift blame onto big corporations for higher prices, rather than on his economic policies.
“In fact, the snack companies think you won’t notice if they change the size of the bag and put a hell of a lot fewer — same — same size bag — put fewer chips in it. No, I’m not joking. It’s called shrinkflation,” Biden said.
“You probably all saw that commercial on Snickers bars. And you get — you get charged the same amount, and you got about, I don’t know, 10 percent fewer Snickers in it,” he added.
Biden complains about 'Bidenomics' at the State of the Union
— Breaking911 (@Breaking911) March 8, 2024
"Snickers bars! You get charged the same amount and you got about, I don't know, about 10% fewer Snickers in it!" pic.twitter.com/VJxedAsRTw
The only problem for Biden is that Snickers disputes his claim.
“We have not reduced the size of Snickers singles for share size in the U.S. Like many industries, we continue to face high inflation and spikes in material costs; however, we work to absorb these extra costs wherever possible to provide affordable treats and the best value,” the company said in a statement.
“Final prices are always at the discretion of the retailer, but we make every effort to minimize costs to provide a full range of delicious products,” Snickers added.
As Senate Republicans pointed out, economists for the Bureau of Labor Statistics monitor both product prices and sizes to ensure the Consumer Price Index uses the most accurate data possible. They found the impact of shrinkflation was not significant.
“The historic and persistent inflation that continues to plague the U.S. economy, and food prices in particular, is driven by trillions of dollars in federal spending championed by the president,” Republicans on the Senate Committee on Agriculture, Nutrition, & Forestry said in a statement. “Bidenomics overheated an economy recovering from COVID-19 supply chain disruptions and is chiefly responsible for the record-high food costs that continue to sap earnings from hardworking Americans.”