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A recent report from Groundwork Collaborative, a progressive advocacy group, argues that corporate profits drove 53% of inflation during the second and third quarters of 2023 and 34% since the start of the pandemic.
The price of food items such as eggs, lettuce, and tomatoes decreased, while prices for beef, sugar, and citrus fruit increased, according to a report by Groundwork Collaborative. Amid high gas and housing costs, food prices are hitting Americans the hardest.
Groundwork Collaborative, a progressive economic policy research group, along with Public Citizen, a non-profit consumer rights advocacy group, have both endorsed Casey’s bill. The bill has seven Democratic co-sponsors including Sens. Tammy Baldwin of Wisconsin, Elizabeth Warren of Massachusetts, Jacky Rosen of Nevada, Cory Booker of New Jersey, Sheldon Whitehouse of Rhode Island, Sherrod Brown of Ohio and Patty Murray of Washington as well Sen. Bernie Sanders, I-Vt.
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."