Nothing says Independence Day like a backyard barbecue and lighting off Chinese-made fireworks.
Cash-strapped consumers want to celebrate this Fourth of July on a budget after more than 24 months of negative real wage growth, resulting in depleted savings and sky-high credit card debt during the highest interest rate environment in years. We have found two charts that will help consumers navigate the minefield of inflation while preparing for backyard barbecues.
"Backyard barbecues are a favorite for many Americans as they celebrate Independence Day, but consumers may want to limit their hamburger intake," Bloomberg said. Wholesale beef prices have soared 25% versus a year ago due to the country's herd size collapse and persistent Midwest drought. Those seeking a bargain should purchase chicken for their barbecues because wholesale boneless chicken breasts have plunged by 60%.
There's more good news: Cooking with propane is more affordable. Bloomberg data shows US propane spot prices have plunged 66% since hitting a 2014 high last March.
It's only a matter of time before the Biden administration's 70-person social media team unleashes a barrage of tweets touting the wild success behind 'Bidenomics.'
Remember this tweet?
Planning a cookout this year? Ketchup on the news. According to the Farm Bureau, the cost of a 4th of July BBQ is down from last year. It’s a fact you must-hear(d). Hot dog, the Biden economic plan is working. And that’s something we can all relish. pic.twitter.com/7h9qLauIbC
— The White House (@WhiteHouse) July 1, 2021
How much have we saved this year??
