Note: This “Moore to the Point” commentary aired on NewsTalkSTL on Saturday, June 11th. Audio included below.
We’ve heard a lot lately about “inflation” – and felt its effects all too well. On Friday, US Inflation hit 8.6 percent — worse than predicted and hand-in-hand with $5 a gallon gas.
Those of us who are old enough remember hearing about the “stagflation” of the 70s. But gird your loins, folks, we’re now facing another “flation” – shrinkflation. And no, that’s not a Seinfeld reference.
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Shrinkflation is a hidden sort of inflation – it describes the situation when producers (particularly of food and beverages) maintain their prices but reduce packaging and portion size. Thus, the Kleenex box that previously held 65 tissues now holds 60; the bag of Doritos that weighed 10 ounces now weighs 9; instead of getting 8 chicken wings with your Domino’s order, you now get 6.
You’re already paying more – and now you’re getting even less. Product sizes are now shrinking, right alongside our wallets and retirement accounts.
But that isn’t the worst of it. As our purchase power shrinks, so does our energy independence, our innovation, our ability to defend ourselves adequately, and our stature on the world stage.
We’re not leading, we’re floundering – and fast becoming the Incredible Shrinking Nation.
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