Your Thanksgiving Day meal is going to cost about 8% more, nearly twice the increase inÂ average weekly earningsÂ since a year ago.
For a family gathering of 10, expect to spend about $85 during President Joe Bidenâ€™s first Thanksgiving as president, roughly $6 more than last November, when Donald Trump was president.
Ironically, the Biden administrationÂ boasted just months agoÂ that a Fourth of July barbecue would run 16 cents less than it did in 2020. Unfortunately, your Thanksgiving feast will eat through those saved pennies.
The cost of turkey this Thanksgiving appears to be closing the gap with the price of filet mignon last year,Â jumping 21%Â since last Thanksgiving.
Some families may forgo the traditional meal altogetherâ€”due to shortages rather than price. Earlier this month,Â more than 60% of storesÂ didnâ€™t even have turkeys in stock.
But itâ€™s not just turkey that is going up in price. Butter for those rollsÂ costs 7% moreÂ than last year, as does ham, while eggs used in an assortment of baked goods soared a whopping 27%.
Fueling up the minivan to travel over the river and through the woods to grandmotherâ€™s house will cost 63% more this year, withÂ gas jumping from $2.02Â per gallon on average to $3.29 per gallonâ€”costing you another $10 for a 200-mile round trip.
Misguided policies from President Joe Bidenâ€™s administration are largely to blame for these woes.
Outsize unemployment benefits, vaccine mandates, and public school closures have resulted in a labor shortage, as evidenced by a record number of job openings. In fact, job openings exceed the total number of Americans officially unemployed.
In part because employers must offer wages that are competitive with government welfare spending, the price of labor is increasing.
The extensive bottlenecks this yearâ€”including ensuring delivery of that turkey from the farm to your tableâ€”are caused by COVID-19 vaccine mandates, tightening environmental regulations on the trucking industry, andÂ onerous distancing and capacity restrictionsÂ on processing plants.
Unfortunately, the spending proposed by Congressâ€”including the â€œbipartisanâ€ infrastructure package just signed into lawâ€”adds to the risk of higher inflation to come. The Federal Reserve likely will create trillions of dollars more of fiat currencyâ€”currency not backed by a commodity or financial assetâ€”to purchase government bonds, financing the gusher of government spending.
As more dollars chase limited economic resources, the price of those resources is more likely to increase.
In addition to the cost of living rising, government-induced inflation also siphons wealth from those who save to the federal government, as the real worth of accumulated savings declines.
As economistÂ Henry Hazlitt explainedÂ 45 years ago: â€œ[Inflation] unbalances, reduces, and misdirects production. It leads to unemployment and to malemployment.â€
When government gobbles up more of the economy, less wealth and decision-making power remains in the hands of Americans.
Inflation is political. The Biden administration is now working hand in hand with the central bank to allow the government to spend enormous quantities of money without, right now, raising taxes outright.
Families that experienced a rise in the cost of living exceeding their income this past year will continue to feel the consequences of this so-called transitory inflation for years to come.
All of the left-wing spending proposals risk more of the same. Happy Thanksgiving.
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The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions. You can help us beat Big Tech by following us on GETTR , Telegram, and Rumble.