Two U.S. lawmakers are criticizing Coca-Cola, PepsiCo, and General Mills for what they call shrinkflation—where companies reduce product sizes without cutting prices—and for allegedly overcharging consumers while avoiding taxes.

In correspondence dated October 6 addressed to the CEOs of these companies, Senator Elizabeth Warren from Massachusetts and Representative Madeleine Dean from Pennsylvania expressed their worries about the trend of “profiteering off consumers through ‘shrinkflation’ and dodging taxes on those excessive profits.”

The representatives shared specific instances, such as PepsiCo substituting 32-ounce Gatorade bottles with 28-ounce versions, which have a new shape but are priced similarly.

Health insurance prices are increasing

While costs for groceries and cars have stabilized, the situation is different for healthcare, as reported by Ken Alltucker.

The average cost for a family health insurance plan provided by employers has risen by 7% this year to $25,572, according to a survey by KFF, a nonprofit organization that studies health policy. For individuals, insurance costs have jumped by 6% to $8,951 this year.

What is causing these rate increases?

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For the first time, Gen X workers have surpassed baby boomers in terms of 401(k) balances, according to data from Fidelity.

According to Fidelity’s analysis of over 22 million accounts in the early months of the year, average 401(k) balances for Gen X workers who have been saving for 15 years reached $543,400, exceeding baby boomers by $200. This report was released this summer. Gen X, consisting of individuals born between 1965 and 1980, is set to retire following the baby boomers, who were born from 1946 to 1964 and are retiring currently.

Often labeled the “forgotten generation,” Gen X is caught between the larger and more influential baby boomer and millennial generations. They are also the first group to begin work as 401(k) plans replaced traditional pension plans. Studies indicate that many in this group are unprepared for retirement, yet Fidelity’s findings offer a glimmer of hope.

About The Daily Money

Every weekday, The Daily Money brings you the latest consumer and financial news from YSL News, simplifying complex topics, providing quick summaries, and showing how changes such as Fed rate alterations and bankruptcies affect you.