‘We’re Dealing With Inflation, Shrinkflation And Sh*tflation’ — Public Voices Frustration Over Rising Costs Amid Claims Of Great Economy

A post from The New York Times shared on Reddit highlighted the divergence between the current economic indicators and Americans’ perception of the economy. Despite an ostensibly healthy economy, marked by strong consumer spending and the creation of 13 million jobs since President Joe Biden took office, public sentiment remains overwhelmingly negative.

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This discrepancy has been attributed to a “vibecession,” where the public’s negative economic outlook is influenced more by media narratives than by personal financial realities. Many Americans report their financial situations as satisfactory yet believe others are faring poorly, suggesting a significant gap between perception and reality.

Online reactions to this analysis reveal the frustration among users. One common grievance is the steep increase in living costs, with one user writing, “Amazingly, when nearly everything I purchase is 20% more expensive than it was a year or two ago, I feel like I am getting ripped off. I don’t care if I can afford it, it still feels awful.”

The discussion also touched on the phenomenon of “shrinkflation” and “greedflation,” with another user remarking, “Not to mention, products are also smaller and lower quality. We’re dealing with inflation, shrinkflation and sh*tflation.”

Another person addressed the pervasive influence of large corporations. “But the big companies are rolling in the dough.” McDonald’s was a prime example of this trend. It reported a 63% increase in profits last year, likely because of customers tolerating higher menu prices.

In addition, users pointed out the deceptive practices becoming more commonplace in retail, like misleading packaging changes. “After a while it just gets insulting. At Walmart, they used to sell a four-pack of paper towels. … Now these two-pack rolls are smaller than regular rolls in size. … They just shrink the products down hugely and lie to your face: ‘equal to four rolls.’”

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Critiques also emerged about the broader economic landscape, particularly the impact of deregulation and antitrust enforcement (or lack thereof) on market competition. One user observed the paradox in current economic policies. “Deregulation and antitrust enforcement. ‘Less government intervention and also more government intervention.’” This comment touches on the delicate balance needed between fostering market competition and protecting consumer interests.

These discussions on Reddit offer a raw and unfiltered glimpse into the public’s frustration with the current economic conditions.

In ongoing discussions about inflation, shrinkflation and the ever-inventive array of “flations” challenging the economy, a practical piece of advice stands out: the importance of consulting with a financial adviser. In today’s complex economic environment, where various factors can diminish purchasing power and savings, professional financial guidance is vital.

Regardless of the economic climate, preparing adequately for retirement necessitates a strategic approach. Financial advisers play a critical role in this process. They offer valuable insights and strategies to protect retirement savings from such uncertainties, ensuring you remain well-positioned for a secure future.

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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Jeannine Mancini has written about personal finance and investment for the past 13 years in a variety of publications including Zacks, The Nest and eHow. She is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Mancini believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.

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This article ‘We’re Dealing With Inflation, Shrinkflation And Sh*tflation’ — Public Voices Frustration Over Rising Costs Amid Claims Of Great Economy originally appeared on Benzinga.com

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