Staff Reports
Buckle up, folks, because Biden’s America is making sure your Fourth of July cookouts will burn a hole in your wallet. While patriotic Americans gather to celebrate Independence with fireworks, food, and family, they’ll also be navigating the tumultuous waters of inflation-driven expenses.
Inflation may have seen a dip from its record high of 9.1% last June to 3.27% this May, but let’s not get too comfortable. The Federal Reserve’s target was a modest 2%, and we’re still blowing past that mark. With grocery prices skyrocketing over 21% since 2021, there’s no reprieve for the American family trying to celebrate the Fourth in good old-fashioned style.
According to the National Retail Federation, households in the U.S. will collectively shell out an eye-watering $9.4 billion on food for their July 4 celebrations this year, averaging $90.42 per household. Yet, it seems the soaring costs have forced 60% of Americans to tighten their belts, with many planning to spend less than they did last year due to inflation’s relentless pinch, as revealed by a WalletHub survey.
BIDENOMICS: "You might be adjusting your budget this 4th of July" as prices keep going higher and higher.
Overall prices are up 20%+ since Biden took office — with many categories of prices up FAR more. pic.twitter.com/aDUvijD8PJ
— RNC Research (@RNCResearch) July 2, 2024
It’s no secret that every Fourth of July, Americans down an astounding 150 million hot dogs and splash out $4 billion on beer and wine. Yet this year’s supermarket inflation, although reportedly down from last year’s figures, continues to stoke the cost fire. Even with predictions indicating a slow climb in home food costs by 1% compared to last year’s nearly 6%, cookout favorites are through the roof. Beer prices have bubbled up by 3.1%, beef has jumped 5.7%, soda has fizzed up 2.3%, and hot dogs have sizzled up a whopping 7.3%.
The American Farm Bureau survey doesn’t paint a better picture. Hosting a cookout for ten will now average $71.22, a 5% increase from last year and a whopping 30% increase from five years ago. The cost for ground beef alone has leaped 11% to $12.77 for 2 pounds, while pork chops have oinked up a further 8% to $15.49. Just one package of hamburger buns now costs $2.41, up 7%, and don’t even think about the ice cream, tallying $5.65—a 7% jump from last year. Want lemonade? That’ll be an extra 12% at $4.19.
Location matters, too. Folks in the Northeast can expect to spend $63.54 for ten people, while their Southern and Midwestern counterparts will dish out around $68.33 and $68.26, respectively. On the flip side, Westerners are really feeling the heat with cookout costs soaring to $80.88 for the same group size.
Meanwhile, restaurants aren’t exactly a cheaper alternative as the mid-June CPI for food away from home nudged up by 4%, driven mostly by rising labor costs, thanks to progressive policies pushing for higher wages. Making a quarter-pound cheeseburger at home costs a mere $2.16, considerably less than shelling out the average restaurant price of $6.95 for the same.
So, as we celebrate the birth of this great nation, remember that the crippling costs aren’t just another side dish; they’re the main course in Biden’s banquet of economic woes.
