Former trade advisor to President Donald Trump, Peter Navarro, told Newsmax Wednesday that by undoing the Trump-era policies, President Joe Biden set Americans up for a “very expensive” Christmas holiday.
“That's criminal that (administration officials) would say that this inflation is transitory,” Navarro said during “The Chris Salcedo Show” Wednesday. “At the beginning, when you're growing crops, or you're doing fertilizer for your Turkeys, or your pork, or beef, that's all energy. It's natural gas, and when energy prices go up, that creates a food price shock as well. So, those two forces are bearing down on what's going to be a very expensive Christmas for the American people.”
When Biden took office in January, he reversed most of the policies Trump put in place, Navarro said, “crashing” a robust pre-COVID-19 pandemic economy.
“Joe Biden has undone everything on the economy President Trump did to take us to the strongest and most resilient economy we've ever had, (now it has) crashed, Navarro said. “(There are) serious, serious, issues going into the holidays. I take no pleasure in the fact that Joe Biden is undoing Trump's policies and creating all of this misery.”
As the nation prepares to enter the holiday season with Thanksgiving just around the corner next month, Americans are likely to prepare the most expensive holiday dinner in history, according to several reports.
CBS News reported Tuesday that sharply rising inflation is going to mean around a 4 percent increase in the price for a family of 10 to make Thanksgiving dinner this year, compared to the lowest cost in a decade for that holiday meal recorded just last year, in 2020.
"When you go to the grocery store and it feels more expensive, that's because it is," Veronica Nigh, senior economist at the American Farm Bureau Federation told CBS, adding that food prices are up 3.7 percent so far in 2021, versus a 20-year average of about 2.4 percent.
According to the report, Nigh said that 10 percent of the prices relate to farming food products while 90 percent are due to wages, distribution and other costs, which the current supply chain crisis is hampering.
The best example is the price for a turkey, the main entrée of most Thanksgiving dinners, which will likely cost more than $1.36 per pound, above the benchmark price set in 2015, the New York Times reported Tuesday.
Supermarket News reported last year that the price of a turkey was $1.21 per pound, the lowest since 2010.
“The average cost of this year’s Thanksgiving dinner is the lowest since 2010,” John Newton, chief economist at Washington, D.C.-based AFBF, said in that 2020 story. “Pricing whole turkeys as ‘loss leaders’ to entice shoppers and move product is a strategy we’re seeing retailers use that’s increasingly common the closer we get to the holiday.”
Supply and demand could also have an impact on prices with a low number of 5.5 to 5.6 billion pounds of live turkeys being slaughtered this year, and demand for that harvest being high, WattPoultry.com reported in September.
Production had been cut back since a “malaise” covered the industry in the years since 2015, the website said.
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