As Thanksgiving approaches, media outlets suggest that the holiday feast will be more affordable this year. However, a closer look reveals a different story. While some specific items like turkey and travel costs may have decreased, overall consumer prices have risen significantly. The Consumer Price Index (CPI) continued to climb in October, and inflation remains elevated at 3.2%, up from 7.7% in October of the previous year. Over the past two years, costs have increased by more than 10%, and since President Biden took office, Thanksgiving dinner costs have surged by a substantial 26%.
Turkey prices, though slightly lower than last year, have risen over 30% since January 2021. Essential items such as stuffing, bread, desserts, cranberry sauce, gravy, and corn have all experienced inflation rates of 20% or more during Biden’s tenure. Potatoes remained relatively stable, with a 14% increase, while green beans saw an 8.9% inflation rate. E.J. Antoni, a research fellow at the Heritage Foundation, highlighted that after two and a half years of abnormally high price increases, Americans are facing the most expensive Thanksgiving ever.
The media’s portrayal of Bidenomics suggests success, but beneath the surface, the economic reality is different. The administration touts macroeconomic indicators, but these figures may not reflect the struggles individuals face in providing a traditional Thanksgiving meal. Job growth, another key indicator, is presented as a success story, with claims of creating 13 million new jobs. However, statistics show that the current employment rate is still slightly lower than pre-COVID levels, and the rebound under Biden has been slower than under Trump.
Similarly, while Biden hopes to highlight lower prices compared to the previous year, the inflation rate is still increasing. Prices may have risen only 3% in October, but the context is essential, considering the 7% increase in October of the previous year and over 6% the year before. The White House’s messaging on lower prices appears to rely on selective comparisons and fails to provide a complete picture. Thanksgiving dinner becomes a metaphor for Bidenomics, with surface-level claims of reduced prices unraveling upon closer scrutiny of grocery bills and economic data.
