Since taking office, President Joe Biden has presided over an inflationary spiral, causing even the cost of a fast-food dinner to skyrocket.
Fox Business reports that in 2019, a Big Mac sandwich at McDonald’s cost $3.99, but it now sells for a whopping $8.29, according to Fast Food Menu Prices. Similarly, a BLT Footlong at Subway, which cost $5.50 in 2019, can now sell for as much as $8.49. Chipotle’s chicken burrito, priced at $6.50 in 2019, can now be as much as $10.70.
The Federal Reserve Bank of St. Louis suggests that fast-food prices have increased faster than inflation and have outpaced the wage growth of most employees at these restaurants.
“A recent survey conducted by LendingTree found 78% of consumers now consider fast food to be a ‘luxury’ purchase due to how expensive the meals have become,” Fox Business pointed out.
Dan O’Donnell of the MacIver Institute noted on Thursday: “Prices on basic items like McDonald’s cheeseburgers and Chick-fil-A nuggets have risen as much as 200% in less than five years with dire consequences for the lower- and middle-class families who make up much of the fast food customer base. … This is not, as the White House has repeatedly insisted, the result of price gouging, but rather the shockingly high cost of wages and food production for restaurants like McDonald’s and Taco Bell. Since their business model is entirely predicated on providing quick, convenient meals at low prices, they can ill afford to price their menu items out of the reach of their bargain-conscious customer base.”
“Fast food patrons are generally lower-income earners — many with young children — who rely on a quick, affordable meal before soccer practice or a band concert,” O’Donnell added. “When prices at these restaurants spike from $35-$40 for a family meal to $65-$70 in just a few years, those families either have to sacrifice a night out or extend themselves just a little further to afford it. … When even fast food is slipping out of reach, it’s clear that America’s inflation problem is now a full-blown crisis.”
