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Individuals within the bottom of quintile of people spend on average 25% of their earnings on meals, in comparison with the highest quintile, which spends lower than 4% of theirs, in line with Groundwork Collaborative, an economic think tank.
Rakeen Mabud, the chief economist at the left-leaning group Groundwork Collaborative, put a finer point on it, saying the target "codifies the fact that inflation is just more important to the Fed than unemployment is."
“Why we’re seeing it now is because shrinkflation is late-stage ‘greedflation’ — when you’ve gone as far as you can go in increasing prices and consumers can’t take another increase,” said Linsday Owens, executive director of the Groundwork Collaborative. “It’s much more deceptive than a list price hike.”
"Last night, President Biden detailed a clear, decisive plan to take on corporate greed in order to reduce costs and to reestablish a progressive tax system where the wealthy and corporations pay their fair share," said Lindsay Owens, executive director of Groundwork Collaborative and the author of a report on shrinkflation that was published this week.
Lindsay Owens, the executive director of the progressive think tank Groundwork Collaborative, told me that the government could more strongly enforce existing laws about deceptive selling practices and work to further prohibit misleading tactics, including with stricter labeling rules. Owens, who supported Casey’s bill, argues that the onus of dealing with shrinkflation should fall on policy makers rather than on consumers.
“Last night, President Biden detailed a clear, decisive plan to take on corporate greed in order to reduce costs and to reestablish a progressive tax system where the wealthy and corporations pay their fair share."
“President Biden is absolutely right to lay out his plans to make housing more affordable,” said Lindsay Owens, executive director of the Groundwork Collaborative, a left-leaning think tank. “Housing costs are top of mind for Americans, and this is an important piece of unfinished business for the president.”
“The stuff that matters most to Americans is still often unaffordable, or insofar as it’s affordable, taking up a disproportionate share of their budget and crowding out other spending,” said Lindsay Owens, executive director of Groundwork Collaborative, a progressive research nonprofit.
A study last year by two progressive think tanks in Britain, reported in Fortune, found that corporate profits increased at a faster rate than costs did. Another study reported in Fortune, from the American think tank Groundwork Collaborative, found that profits drove 53% of inflation during the second and third quarters of 2023, and more than one-third overall since the start of the COVID-19 pandemic, and caused inflation to be 1 to 3 points higher than otherwise might’ve occurred.