I’m still thinking about affordability and this past Tuesday’s election. My latest obsession is the Walmart Thanksgiving bundle cost. President Trump said it’s 25% lower this year than it was last year. So, I did a little fact checking. It’s actually 28% less. Even better. In 2024, the Walmart Thanksgiving bundle cost about $53 for 21 different products. This year it costs about $38 for 15 different items. So there are six fewer items, but it’s $15 cheaper.
You’re probably all hoping that I do not go through all the items in this riff. You’re right, I’m not going to do it. However, the butterball turkey, which I think folks would agree is really the main item, is $13.01 for 13.5 pounds. That’s 97 cents per pound, the lowest price since 2019. Which by the way, was the last time Mr. Trump was president. And Target is claiming that their Thanksgiving bundle is the lowest price ever.
That doesn’t exactly clinch the affordability issue in favor of President Trump, but it’s a pretty good head start in his favor as we approach the Thanksgiving holiday.
The inflation rate since Mr. Trump was sworn in is averaging about 2.5%. During the Biden years it was more than twice as much at around 5.5%. And of course it peaked at 9% – the worst in 40 years. The Atlanta Fed wage tracker is showing 4.1% through August. And even with 2.5% inflation, that means real worker wages are rising at about 1.5%. They fell during the Biden years, and frankly, most of Mr. Trump’s supply side tax cuts and deregulation and energy dominance have only barely begun to take effect.
Next year, as much as $200 billion in tax refunds will come to the great American middle class, bolstering affordability that much more.
So, happy affordability and although it’s early, Happy Thanksgiving too.
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