As the air cools and the leaves begin to come down, Americans often commit themselves to their own sort of pseudo-hibernation. They gather more often with friends and family, they make heartier meals, and they boost the economy through consumer-drive holidays like Christmas and Thanksgiving.
But, thanks to President Joe Biden’s inability to wrangle our economic egress, there may be some trouble getting turkey on the table for the people of this great nation.
That turkey you’re planning for the big family get-together is going to give you a nasty peck on the pocketbook. So will the flour for the gravy and the butter for the rolls.
The latest government report on consumer prices, released Thursday, showed poultry prices are up a whopping 17% from a year ago. Flour is up 24%. Butter and margarine are up 32%.
The pain did not stop with the traditional holiday menu. Almost across the board, inflation showed few signs of slacking. And in areas central to most consumers’ everyday lives, prices are rising at faster rates than many Americans have seen in their lifetimes.
Folks are already starting to adjust:
The results could include a recession, changes in consumers’ spending patterns and standards of living, and political upheavals in next month’s pivotal national elections.
“It’s pretty insane,” said Laura Shouse, a small-business owner in Huntington Beach, referring to soaring prices, especially of the organic, grass-fed foods that she buys.
Shouse’s answer for this Thanksgiving: Buy a smaller bird than usual, have more family and friends bring side dishes, and pick a little more from her “booster garden during these times.”
While runaway grocery prices are certainly enough to cause concern for Thanksgiving, high gas prices could keep many Americans from traveling this holiday season as well, further damaging consumer confidence at a crucial point in the American economic cycle.