Biden going after companies for "skrinkflation," think this is good for the economy?

This is America....government does not get to set prices.  
I as a business owner get to set my sales price and my customers will let me know if it is ok by either buying or not buying at that price. I had a higher net last year as well, with a lower gross.  Because I saw the economy and adjusted my budget as needed. I am sure larger businesses do the same thing on a larger scale. If you don't you go out of business. 

So, we should get rid of all the anti trust laws?  Garden statues aren't a necessity, BTW. It's easy for a customer to take a pass if your price is too high. But food and medicine are different and you should understand that. 
 

No one is accusing the businesses of violating anti-trust laws....Biden is blaming them for Bidenflation.  
And there is competition in food,  people can choose where to shop. Gov has no business trying to regulate prices, we are not a communist country.  Large business make adjustments based on their economic forecasts, they cut costs, via labor, not buying slower sellers, etc....but if their costs increase they are going to increase the sale price...that is how it works...whether food or garden statues. 

Grocery stores average 10-20% markup on their products.   
So a $10 cost item will sell for $11.00-$12.00
(Profit $1.00-$2.00)
If that cost increases to $15 will sell for $16.50-$18.00
(Profit $1.50-$3.00)

So yes, if the cost increases so does the profit...this is how it works in most businesses. They more you invest the more you get in return for your risk. This post was edited by my2cents at March 6, 2024 6:10 AM MST

It is not the grocery stores at fault here. It is the handful of food companies who supply the grocery stores. I will post this link for those who care to understand more, but I have no illusion that includes you. High food and drug prices are a major concern for most Americans and it doesn't have to be that way.

https://time.com/6269366/food-company-profits-make-groceries-expensive/

It works the same for the companies making the food products....their costs also increased so yes their wholesale price increased....that is how it works in any business. 

(Your original link did not complain about the wholesalers....it was complaining about the retail food stores and their owners.) This post was edited by my2cents at March 6, 2024 8:12 AM MST

My original link did talk about food suppliers. It also talked about some major grocery retailers like Kroger and Walmart. My point is still that profits have increased way more than is justified by cost increases. And the cause of some cost increases is the same issue, too few companies competing for business. This is the point of anti trust laws; it protects the consumers. That is what Biden wants to investigate, and shrinkflation is a part of how corporations increase profits. 

Large retailers are allowed to make money.  And large or small if your costs go up...the price you sale for goes up. And that is normally a percentage and larger the number will result in a larger dollar amount with the same percentage markup.  The only one who can eat the cost and remain in business is the government...the rest up us have to run a profit or we go out of business.   
If the gov is worried about the few companies controlling the vast majority of food products then, go after them for monopolies but don't blame inflation on them. They are reacting to it not causing it. This post was edited by my2cents at March 6, 2024 10:00 AM MST

 'If the gov is worried about the few companies controlling the vast majority of food products, then go after them for monopolies'. That is exactly what Biden is doing and what you objected to.While inflation is improving, food prices are a big reason it isn't as good as it could be. So, yes, I believe that Biden is doing the right thing. 

No he is not....he is not using monopoly laws at all.  He is claiming price gouging via greed.  Not proposing to break up the food giants.  

If he wants to propose breaking them up under monopoly laws, yes I would support that.  But that is NOT what he is proposing.

Here is Biden's antitrust agenda in his own words, for anyone who is interested. Price gouging exists because of lack of fair competition. I doubt you can grasp that, and I'm not going to keep explaining. It's like nailing jello to a tree.

https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/07/09/remarks-by-president-biden-at-signing-of-an-executive-order-promoting-competition-in-the-american-economy/ This post was edited by Jane S at March 7, 2024 8:38 AM MST

He has been going on about it for years but yet no food manufacturers monopolies have been broken up. 

Breaking up monopolies is not the only way to enforce anti trust laws. Here is the government report on anti trust enforcement for 2023. Many of the actions were against food corporations.

https://www.justice.gov/atr/press-releases