There are plenty of reasons to be grateful this Thanksgiving, but the high inflation during Joe Biden’s presidency isn’t one of them.
Biden might want to rethink his national turkey pardons with Americans paying almost $2 a pound for the birds.
The cost of a traditional Thanksgiving meal has spiked 37% during Biden’s presidency, including 20% since last year, according to American Farm Bureau Federation data.
Historically high inflation has seen the price of stuffing rise 69% over the past year, though cranberries have gotten 14% cheaper.
- According to Federal Reserve economists, inflation spiraled out of control last year due in large part to federal COVID-19 spending like the American Rescue Plan, passed by congressional Democrats and signed into law by Biden in March 2021.
- The USDA, echoing White House officials, has blamed Russia’s war in Ukraine and bird flu.
Christmas season has also been a little less cheery this year thanks to inflation.
- Seven in 10 U.S. consumers plan to buy fewer gifts this year than in 2021, with the average number of planned gift purchases falling from 16 to nine, per a new survey by consulting firm Deloitte.
- Another survey by Bankrate found that 79% of Americans are changing their holiday travel plans this year due to higher fuel and airfare prices, including fewer and shorter trips.