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November 22, 2023 | Research
Economy

This Year’s Unwelcome Thanksgiving Guest: Bidenflation

Research

Thanks To Bidenomics, Americans Can Expect Another Expensive Thanksgiving

THANKSGIVING PRICE SHOCK

  • Hosting a Thanksgiving dinner has become much more expensive for American families thanks to Bidenflation.
  • According to the Farm Bureau’s annual Thanksgiving survey, the cost of a Thanksgiving meal is up 25 percent since 2019, making this the second most expensive Thanksgiving meal in the survey’s 38-year history.
    • The centerpiece turkey costs nearly 32 percent more than it did in 2019.
    • Other staples have also skyrocketed in price when compared to 2019, including rolls (up 54 percent), stuffing (up 41 percent), pumpkin pie mix (up 34 percent), pie shells (up 39 percent), green beans (up 32 percent), and russet potatoes (up 30 percent).
  • According to a Wells Fargo report, retail prices for ham are near an all-time high and russet potatoes are at an all-time high.
  • According to a survey by the University of Tennessee, a typical Thanksgiving meal will be about 14 percent more expensive than last year.
    • In addition to inflation, UT also blames the increased meal cost on “shrinkflation” – which is when a product’s size is reduced while the price remains the same, forcing consumers to buy more while getting less.
  • 58 percent of those hosting Thanksgiving are planning to accumulate some credit card debt in order to cover costs.
  • 60 percent of Americans say Bidenflation is impacting their Thanksgiving plans or budget in some way.
  • While preparing a homemade meal for family and friends has only gotten more expensive, experts warn that dining out is not a great option either due to higher restaurant menu prices.

TRAVEL IS MORE EXPENSIVE

  • Americans are feeling the pinch in more than just food prices this Thanksgiving.
  • As millions of Americans plan to hit the road over the holiday, gas prices remain nearly $1 per gallon higher than when Biden took office.
  • AAA is warning that air travel will cost more this holiday season, with average booking prices for November and December up 5 percent from the same time last year.
  • Hotel rooms are more expensive, with room rates up 4 percent from the same time last year.

BIDEN CELEBRATES LAVISHLY WHILE AMERICANS STRUGGLE

  • This year, Biden plans to again celebrate Thanksgiving in Nantucket, where the average home price is $5 million.
  • Meanwhile, American families are being hammered by inflation, with 60 percent of Americans living paycheck to paycheck heading into the holidays.
  • Food insecurity has risen by over 45 percent since August 2021, now up to 26 million Americans who do not have enough to eat.
  • Food banks are getting pushed to the brink, saying they are seeing the “worst rate of hunger” in years.
    • San Antonio Food Bank CEO Eric Cooper says, this Thanksgiving will be the most expensive his team has experienced in years, meaning they won’t be able to provide as many families with a Thanksgiving turkey compared to last year.
    • Elk Grove Food Bank executive director Marie Jachino says, demand for their turkey drive is three times higher this year.

BIDENOMICS IS CAUSING FINANCIAL STRAIN FOR MILLIONS OF AMERICANS

  • Prices have risen by 17.6 percent since Biden took office – with Americans still reeling from the lasting effects of inflation.
  • With persistent inflation having eaten away at wage gains, more and more Americans are struggling financially.
  • Bidenomics has cost the middle class $2.4 trillion since March 2022.
    • The average middle-class household has lost over $33,000, from July 2022 to July 2023 in real wealth.
  • Low-income Americans are being hit the hardest by inflation, according to studies by the New York Fed, Dallas Fed, and the Urban Institute.
  • Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet.
  • Moody’s found that the typical American family is spending $709 more a month on the same goods and services as they were two years ago.
  • The Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years – making it harder for families to buy a home, finance a car, pay off debt, and perform various other financial transactions.