(RightIsRight.co) – Highlighting the downward trajectory of the Biden economy, American households are grappling with the unprecedented financial burden of hosting a traditional Thanksgiving dinner.
This escalation in cost, reaching historical peaks, is attributed to the inflationary pressures that have intensified under Joe Biden, as outlined by data from the Bureau of Labor Statistics (BLS).
The surge in the overall cost of goods, a notable trend during Biden’s tenure, is linked to persistent inflation, which peaked at 9.1% in March 2022 and has since maintained an elevated status, registering at 3.2% in October. Specifically, the cost of food witnessed a 3.3% year-over-year increase in October.
E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, stated that the total inflationary impact on Thanksgiving dinners amounts to a 26% increase since Biden assumed office, culminating in the costliest Thanksgiving in history, as reported by the Daily Caller News Foundation.
Antoni’s analysis critically examines the current administration’s economic strategies. He states, “After two and a half years of abnormally high price increases, Americans are left with the most expensive Thanksgiving ever. As the White House’s mouthpieces like to say, ‘That’s Bidenomics in action!’ Today’s higher prices are the direct result of the federal government spending, borrowing, and printing trillions of dollars, all urged on by the Biden administration and facilitated by their big-spender allies in Congress (from both parties) and a complicit Federal Reserve.”
Examining specific Thanksgiving staples, the index for uncooked poultry, including turkey and excluding chicken, soared by 31.2% from January 2021 to October 2023. Conversely, sauces and gravies saw a comparatively modest increase of 14.6% in the same period.
Overall, since the inception of Biden’s presidency, there has been a staggering 17.1% rise in prices, as the Federal Reserve Bank of St. Louis reported. Concurrently, real wages have seen a decline of 2.1%.
The inflationary trend has affected various components of the traditional Thanksgiving meal. The price of bread, essential for stuffing and rolls, has escalated by 26.1% since January 2021. Potatoes, a key ingredient for dishes like mashed potatoes, have increased in cost by 14.6% over the same period.
The impact on desserts has been particularly significant. Frozen and refrigerated bakery products, including pies and turnovers, jumped 31.8% in price, while cakes, cupcakes, and cookies saw a 23.8% hike since January 2021. Vegetables, like green beans, experienced a relatively lower inflation rate of 8.9%.
Amid these soaring costs, credit card debt has reached a new zenith of $1.08 trillion in the third quarter of 2023, marking a 4.7% increase from the previous quarter. This rise in indebtedness is coupled with an 8% increase in delinquency transitions for credit cards.
Economists have scrutinized Biden’s economic agenda, termed “Bidenomics,” identifying it as a significant factor in the inflation surge, primarily due to its high-spending nature. Notable expenditures under this agenda include the American Rescue Plan, introducing $1.9 trillion in new spending, and the Inflation Reduction Act, adding another $750 billion.