Bidenomics: inflation ruins Thanksgiving

One in five Americans will not have enough money to cover the costs to celebrate this year, according to a survey by Personal Capital.

Published by

Verónica Silveri Pazos

23 de noviembre, 2022

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Inflation, supply chain problems and outbreaks of avian flu in poultry have caused turkey prices to soar this year. Farmers have had to pay more for their feed, maintenance and labor, according to The New York Times.

In pre-Thanksgiving preparations, the U.S. Department of Agriculture (USDA) revealed that the average price of frozen turkeys has increased approximately 73% since last year. The wholesale price has increased to $1.85 per pound, up from 90 cents per pound in 2019, according to Urner Barry.

Prices for fresh, skinless turkey breasts had already increased by 112% in 2019 as supply chain problems began to affect turkey farms after two years of the Covid-19 pandemic and restrictions.

3.6% of turkeys were killed

Natural causes have also harmed the turkey industry, including drought throughout the country. This is in addition to USDA data indicating that 3.6% of turkeys nationwide, which is more than 7 million, have died from an aggressive strain of avian flu. Death rates peaked during the summer in 42 states across the country.

Experts say that despite this year's difficulties, buyers are likely to find turkeys in time for Thanksgiving, but they may not be as high quality or as low priced as other years. Russ Whitman, senior vice president at Urner Barry, told the NYT:

You will find some kind of turkey. It may not be as nice as 10 pounds. It's essentially a 'you'll take what you get and feel good' situation.

1 out of 5 Americans will not have 'Thanksgiving'

One in five Americans will not have enough money to cover the cost of Thanksgiving dinner this year. One in four plan to skip the celebration to save money, according to a survey by Personal Capital.

To reduce dinner costs, 36% of people said they will use coupons to buy food, 32% intend to shop around, 28% will not travel this year and another 28% will buy a smaller turkey than in previous years. For 88% of Americans surveyed, eliminating "at least one dish" from their dinner table to save money is the most commonly contemplated option. A traditional thanksgiving dinner is made up of seven courses: turkey, two vegetable side dishes, two carbohydrates and two desserts.