Staff Reports
In a recent statement, President Joe Biden is employing some unusual tactics to try and win over the public ahead of the upcoming general election in November. The president, in his latest attempt to address rising consumer prices, blamed companies for the issue, rather than his own economic policies. During a White House Competition Council meeting, Biden cited the beloved character, the Cookie Monster, to emphasize his point. According to the president, the Cookie Monster noticed that he was getting fewer cookies for the same price, a phenomenon commonly known as “shrinkflation”. Biden expressed shock at this revelation and announced the creation of a strike force, chaired by the Justice Department and Federal Trade Commission, to tackle unfair and illegal pricing practices.
Biden amplifies Cookie Monster complaints as he blames companies for ‘shrinkflation’ https://t.co/QYi9c3Wxis https://t.co/QYi9c3Wxis
— Washington Examiner (@dcexaminer) March 5, 2024
The president proclaimed, “We’re putting companies on notice. If you keep prices high while engaging in illegal practices that are fraudulent, unfair, deceptive, or anti-competitive, we will enforce the law, and you will be held accountable.” He also mentioned that the strike force will focus on various sectors, such as prescription drugs, healthcare, food and grocery, housing, and financial services, where corporations may be violating the law and keeping prices high. The administration’s response to the Cookie Monster’s complaint seemed to raise eyebrows, prompting the White House press secretary to defend the timeline of the strike force’s creation, insisting that it was not instigated by the Cookie Monster but rather in response to ongoing concerns.
Adding to these efforts, the president’s Council of Economic Advisers announced that the Consumer Financial Protection Bureau had finalized a rule to reduce credit card late fees and the Federal Communications Commission proposed a rule to prohibit “bulk billing” arrangements. Alongside this, the administration claimed to have eliminated over $20 billion in junk fees annually. However, despite these measures, President Biden’s economic performance, known as “Bidenomics,” is facing criticism and is expected to be a major issue in the upcoming election against former President Donald Trump. According to RealClearPolitics, Biden’s average approval rating concerning the economy is at a net negative 17 percentage points, with 40% approval and 57% disapproval.
President Biden’s efforts to address rising consumer prices have led to some rather entertaining moments in the political sphere, with the Cookie Monster making an unexpected appearance in discussions about economic policies. While the administration is taking steps to combat unfair pricing practices, critics remain skeptical, and the looming election against former President Trump is sure to keep the issue of Bidenomics in the spotlight.
