Amidst soaring prices and economic uncertainty, Americans are redefining what once was a staple—now, even a fast-food meal is considered a luxury.
President Biden’s economic strategies faced another blow in public perception as a recent survey indicates that a staggering 80% of Americans now view even fast food as a luxury they can't regularly afford. This sentiment is becoming pivotal in voters' minds as support for the President shows signs of decline nationwide. The ongoing inflationary pressures are impacting households across the United States, with a recent study revealing that nearly 80% of individuals now classify fast food as a "luxury" item.
Kelsey Kernstine, a correspondent for NewsNation's "Morning in America," dissected a report by FinanceBuzz highlighting significant price hikes in major fast-food chains like McDonald’s, Popeye's, and Taco Bell. According to the Bureau of Labor Statistics, these price increases are surpassing the rate of grocery inflation.
A survey by LendingTree further underscores the shift in consumer behavior, with a substantial portion of Americans now viewing fast food as an indulgence. Over 50% of respondents admitted to cutting back on fast food purchases due to inflated prices.
Kernstine explained the startling price surges, citing examples like McDonald’s Big Mac, which has more than doubled in price since 2014, along with substantial increases at other chains like Popeyes and Taco Bell. These price hikes are surpassing inflation rates, putting additional strain on already stretched budgets, particularly for those earning less than $30,000 annually.
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