For the last year and a half, there have been concerns that Joe Biden’s economic policies could trigger a fiscal disaster here in the United States, with experts and observers alike wondering if some grand recession isn’t right around the corner.
Now, as if to make the occasion of the looming financial trouble, inflation has reached a 40 year high, and is now taking its toll on the Memorial Day holiday.
With costs for ground beef and chicken breasts at all-time highs, consumers have few alternatives to switch to different proteins — so some may skip them entirely.
The US Memorial Day holiday on Monday is considered the unofficial opening of the outdoor grilling season, and the surging costs are pointing to a disappointing start. Price pain in meat comes after Russia’s invasion of Ukraine stalled crop exports in the Black Sea, pushing up the costs of animal feed. Even prices for propane used to power grills have soared.
Some of the alternative suggestions felt downright sacrilegious.
“The inflationary environment is starting to take its toll,” said Michael Nepveux, senior analyst for animal protein at Stable USA, which offers risk-management tools for some commodities. ‘‘Instead of steak or chicken, we might have pasta or a pizza.’’
Neither Biden nor his administration have offered up any real solutions to the economic crisis we face today, having been unable to exploit the great “reopening” of the post-COVID world.