How it Started… How it’s Going: Fast-food prices soar under Biden

Fast food, once the bastion of affordable dining, is becoming a luxury for many Americans. Recent data reveals a staggering increase in fast-food prices, far outpacing inflation and wage growth. Since President Biden took office, the cost of dining out has risen by nearly 22%, hitting fast-food chains particularly hard. For instance, a Big Mac at McDonald’s that cost $3.99 in 2019 now demands $8.29, while a BLT Footlong at Subway has soared from $5.50 to as much as $8.49.

Executives in the fast-food industry attribute this surge in prices to rising wages and escalating ingredient costs. However, the reality is grimmer for consumers, with fast-food prices outstripping the average hourly earnings and inflation rates. As a result, 78% of consumers now view fast food as a luxury, especially those facing financial struggles, including lower-income individuals, parents with young children, and Gen Zers.

This financial strain is evident in the dwindling number of visits to fast-food drive-thrus, with 62% of respondents eating fast food less frequently due to its escalating cost. To combat this trend, some franchises are offering temporary bargains, such as McDonald’s $5 value menu and Wendy’s $3 breakfast deal. Moreover, many chains are leveraging mobile apps and loyalty programs to provide exclusive deals and rewards to retain their customer base.

However, despite these efforts, the surge in fast-food prices reflects broader concerns about the economy. President Biden has acknowledged these challenges, promising to address them by tackling housing costs, prescription drug prices, and grocery expenses…………..[read more]

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How do escalating fast-food prices reflect broader economic trends, and what strategies can businesses employ to mitigate the impact on consumers without compromising profitability?

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