When it comes to the American economy, the story isn’t over until the fat lady sings.
The song, in fact is Auld Lang Syne, and it’s always sung about a week after Christmas – the largest consumer holiday in existence. This is when the American lower classes pump money back into the companies and corporation who’ve been paying them all year, in order to give gifts to their family and friends.
When Americans are broke, this season of spending dwindles, and it sets us back for the quiet consumer period in the first quarter of the next year, where we’re abstaining from booze, and ice cream, and excessive spending.
So, when Thanksgiving eats up more of our wallet, Christmas often suffers. This is why Biden-flation could be such a bother.
Thanksgiving dinner will be pricier than last year, according to economists, who say it might actually be cheaper to eat out. The cost of a turkey is expected to rise 23% compared to the fourth quarter of 2021, according to a report from Wells Fargo analysts Courtney Schmidt and Brad Rubin. However, the New York Times recently reported turkey prices could double over last year as a result of avian flu outbreaks, drought, and higher costs of feed, fuel, and labor. In the week of Oct. 21, the average retail price for a frozen turkey was $1.99 per pound, up 73% from 2021. And “more limited” supplies mean you won’t necessarily get your pick of the bunch, per Fox Business.
There were other inflated ingredients as well…
The cost of eggs, butter, flour, and fruits and vegetables are already up 32.5%, 25.8%, 17.1%, and 7.3% respectively year over year, according to the report.
If Pennsylvania Avenue can’t give Main Street a break before Turkey Day, you had better believe that Wall Street is going to start panicking.