November 16, 2017

IT'S A DEFLATIONARY EPOCH:

Something to be thankful for: the cost of a 2017 Thanksgiving dinner is lower than last year and 23% lower than 1986 (Mark J. Perry, November 16, 2017, AEI Ideas)

4. Compared to the cost of a Thanksgiving dinner in 1986 of $63.87 (in 2017 dollars), today's classic turkey dinner is 23.1% cheaper at $49.12 this year.

5. Measured in time worked at the average hourly wage for all private production workers of $22.22 in October 2017, the "time cost" of this year's classic turkey dinner is only 2.21 hours, down by 3.5% from 2.29 hours last year and at the lowest level since 1986 when this annual AFBF report started (see bottom chart). Compared to 1986 when the average American would have worked 3.21 hours to earn the income necessary to purchase the turkey dinner for 10, the "time cost" for a worker today (2.21 hours) is 31.2% lower.

Bottom Line: The fact that a family in America can celebrate Thanksgiving with a classic turkey feast for less than $50 and at a "time cost" of only 2.21 hours of work at the average hourly wage for one person means that we really have a lot to be thankful for on Thanksgiving: an abundance of cheap, affordable food. 

It's hard to overstate how much richer we are than we were at the end of the Cold War.

Posted by at November 16, 2017 6:50 PM

  

« THANKS, DONALD: | Main | AND THE OTHER 20% IS TOO DELICIOUS NOT TO SHARE: »