Armstrong Economics Blog/Agriculture Re-Posted Jul 3, 2022 by Martin Armstrong
The White House celebrated the measly 16-cent discount that Americans enjoyed last Fourth of July. As a reminder of how our leaders have catapulted our economy and opportunity to prosper, the average cost for Independence Day celebrations is now 17% higher than last year.
The White House actually marketed their $0.16 price decline in 2021. “Planning a cookout this year? Ketchup on the news. According to the Farm Bureau, the cost of a 4th of July BBQ is down from last year. It’s a fact you must-hear(d). Hot dog, the Biden economic plan is working. And that’s something we can all relish,” the White House tweeted last July. They actually thought Americans would believe that the slight price change was an indication of the Biden Administration serving the people.
The American Farm Bureau stated that the average Fourth of July traditional BBQ costs around $59.50 for a party of 10 in 2021. This year, the average party will cost consumers $69.68. That is well beneath normal estimates and does not include liquor costs.
Beef alone has risen 36% in the past year ($11.2 for 2 lbs), and even a hamburger bun package will cost an extra $1.93 this holiday. Nearly every item has risen in cost, and the farmers who provide for us are being paid less. “According to the Agriculture Department’s revised Food Dollar Series, farmers currently receive approximately 8% of every food marketing dollar,” AFBF Chief Economist Roger Cryan said. “The farmers’ share of the retail food dollar is as low as 2% to 4% for highly processed foods such as bread and cereal, and can be 35% or more for some fresh products.”
Here are some of the extra costs you can expect to see this Fourth:
Individual Prices, AFBF 2022 Summer Cookout
- 2 pounds of ground beef, $11.12 (+36%)
- 2 pounds of boneless, skinless chicken breasts, $8.99 (+33%)
- 32 ounces of pork & beans, $2.53 (+33%)
- 3 pounds of center cut pork chops, $15.26 (+31%)
- 5 quarts of fresh-squeezed lemonade, $4.43 (+22%)
- 5 pounds of homemade potato salad, $3.27 (+19%)
- 8 hamburger buns, $1.93 (+16%)
- Half-gallon of vanilla ice cream, $5.16 (+10%)
- 13-ounce bag of chocolate chip cookies, $4.31 (+7%)
- 2 pints of strawberries, $4.44 (-16%)
- 1 pound of sliced cheese, $3.53 (-13%)
- 16-ounce bag of potato chips, $4.71 (-4%)