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Consumer Prices Will Go Down From Day One? Will Gas Prices Go Down 50% Within A Year?
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essentialsaltes
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McDonald's is losing its low-income customers. Economists call it a symptom of the stark wealth divide
Industry-wide, fast food restaurants have seen traffic from one of its core customer bases, low-income households, drop by double digits, McDonald's chief executive Christopher Kempczinski told investors last week. Meanwhile, traffic from higher-earners(*) increased by nearly as much, he said."Happy Meals at McDonald's are prohibitively expensive for some people, because there's been so much inflation," Josephson said.
Prices at limited-service restaurants, which include fast-food restaurants, are up 3.2% year over year, at a rate higher than inflation “and that’s climbing” said Marisa DiNatale, an economist at Moody's Analytics.
A recent earnings report from Delta offers yet another illustration. While Delta's main cabin revenue fell 5% for the June quarter compared to a year ago, premium ticket sales rose 5%, highlighting the divide between affluent customers and those forced to be more economical.
At hotel chains, luxury brands are holding up better than low budget options. Revenue at brands including Four Seasons, Ritz-Carlton and St. Regis is up 2.9% so far this year, while economy hotels saw a 3.1% decline for the same period, according to industry tracker CoStar.
Consumer credit delinquency rates show just how much low-income households are hurting, with households that make less than $45,000 annually seeing "huge year-over-year increases," even as delinquency rates for high- and middle-income households have flattened and stabilized, said Rikard Bandebo, chief strategy officer and chief economist at VantageScore.
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(*) President Donald Trump constructed his own mega McDonald’s sandwich while eating from the fast food restaurant chain on the 2024 campaign trail, according to Republican National Committee chair Joe Gruters.
“He had hot fries waiting for him from McDonald’s ... And then he had a Filet-O-Fish, a Quarter Pounder, and a Big Mac, and I think he combined two of them,” said Gruters, who did not reveal which two sandwiches Trump put together.
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essentialsaltes
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Trump Admin Blames High Beef Prices on Mass Migration
Speaking to Fox News Sunday, Bessent addressed reports that beef prices could hit $10 per pound next year, saying it was an issue “inherited” by the administration due to long-standing factors.“There’s also, because of the mass immigration, a disease that we’d been rid of in North America made its way up through South America as these migrants brought some of their cattle with them,” Bessent said.
While risks of screwworm infection have halted trade from Mexico, foreign supply makes up a small share of U.S. cattle, and evidence does not support Bessent’s claim that individual migrants are bringing in diseased cattle. [Normally] Around 1 million cattle come from Mexico per year, which makes up around 1 percent of the total cattle herd in the United States.
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essentialsaltes
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essentialsaltes
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Trump’s Affordability “Con Job”
LIKE CLIMATE CHANGE AND THE EPSTEIN FILES, the affordability issue is a “hoax.” So saith our president.SO WHAT CAN TRUMP ACTUALLY DO about any of this? The answer is not much, but ideally none of the things he’s currently doing.
It’s unhelpful, for instance, that Trump has jacked up tariffs to the tune of approximately $1,700 for the average household
The president could also stop mass deportations of the agricultural workforce, which even his own administration says is a threat to “the stability of domestic food production and prices for U.S. consumers.” Same with the construction workforce, which is needed to build more houses.
There’s no knob under the Resolute desk that presidents can use to dial down prices, but there are a few isolated things Trump could do to help. Extending the ACA subsidies, for instance, would shield people from a doubling of their premiums. But that might require acknowledging Democrats were right [which also applies to the previous items on this list.]
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- Aug 11, 2017
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I don’t expect them to go down but if they don’t go up I would say that’s an improvement.
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I agree that most would welcome prices neither increasing or decreasing. That would be an inflation rate of 0%.
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- Aug 11, 2017
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Yeah it would definitely be a change for the better compared to previous years not counting Covid inflation.
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essentialsaltes
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'People aren't dumb': Republicans worry they're not doing enough on affordability
Republican lawmakers, aides and strategists tell NBC News they worry that high prices and their party’s poor messaging on affordability could cost them in the midterms.Nearly two dozen Republican senators, House members, strategists and congressional aides shared their concerns about their party’s handling of affordability in interviews with NBC News. Another six acknowledged the issue but said the party will settle on the right strategy to address it.
Their comments come after Democrats have secured wins in many of this year’s elections, with voters citing economic concerns, and as Trump has dismissed the issue as a Democratic “hoax,” rhetoric that has privately frustrated some Republicans.
“People aren’t dumb,” Hawley said. “They know when they go to the grocery store what it costs and what it doesn’t. They know what their rent costs. They know what their prescription drugs cost. And all of that stuff is too high. And they can’t afford it. And they know that. So we’ve got to deliver.”
Pressed by NBC News on whether Republicans are doing enough to address affordability concerns among Americans, Speaker Mike Johnson said his message to everybody is to “relax.”
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essentialsaltes
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Trump struggles to persuade Americans to ignore affordability issues
President Donald Trump has said drug prices are falling by as much as 1,500 percent, a mathematical impossibility. He has declared himself “the affordability president,” while dismissing the affordability issue as “a con job by the Democrats.”Trump also vows that good times are coming. He has predicted that gas prices, which now hover around $3 a gallon, will plummet to $2. He has promised Americans $2,000 refund checks from the revenue raised by tariffs. He has suggested that “in the not-too-distant future,” no one will have to pay income tax.
This flurry of sometimes extravagant claims comes amid a growing Republican fear, fueled by recent election results, that high prices could set the stage for a Democratic sweep in next year’s midterms. So far, there is little evidence that Trump’s urgent attempt to shift the economic storyline is working.
Strategists of both parties note that Trump - who has often seemed to defy the laws of politics - is struggling with the affordability issue as he has with few others. The president shrugged off criticism after he accepted a luxury plane from a foreign country, pardoned unsavory figures and demolished a third of the White House, for example - episodes that might be devastating to another politician.
Trump’s rhetoric has increasingly veered between insisting that he has sharply lowered prices and dismissing the entire issue as fraudulent. “I think affordability is the greatest con job,” Trump said at the White House recently - prompting Democratic strategist Dan Pfeiffer to post, “Expect to see this clip in approximately 1 million ads over the next the next 11 months.”
Data on prices has been spotty since the recent government shutdown, and the limited information is not promising. The government’s last report on inflation, released in October, showed it had heated up to 3 percent annually, a pace not seen since January.
[Touting Bidenomics didn't work for Biden], and candidate Trump took full advantage, promising to lower costs immediately upon entering the White House. “Starting the day I take the oath of office, I will rapidly drive prices down, and we will make America affordable again,” he said at a rally in Wilkes-Barre, Pennsylvania.
Now Trump and his aides have turned to blaming Biden for the economy’s current problems and saying no one could be expected to improve things that fast.
“If you look at every affordability crisis that’s confronting the American people today, it is traceable to a problem caused by Joe Biden and congressional Democrats,” Vice President JD Vance said at a recent Cabinet meeting.
[Of course, Biden handed Trump an inflation rate that was coming down, and now Trump has reversed that course.]
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durangodawood
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RocksInMyHead
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