Send This To Your Grandma, Dad, Or MAGA-Supporting Family When They Ask You How Trump’s Economy Is Going - BuzzFeed
Biden's Final Full Month as President: A Look at the Economy
As the United States marked its final full month under the presidency of Joe Biden, the economy was on display for all to see. The latest data from the US Bureau of Labor Statistics reveals that the average price of ground beef in December 2023 was a staggering $5.58 per pound.
The State of Ground Beef Prices
In order to understand the significance of this figure, it's essential to look at the trends in ground beef prices over the past few years. The data from the US Bureau of Labor Statistics shows that ground beef prices have fluctuated significantly since 2020.
- 2020: The average price of ground beef was $3.64 per pound.
- 2022: Ground beef prices rose to an average of $4.23 per pound due to increased demand and supply chain issues.
- 2023: As of December, the average price of ground beef had jumped to $5.58 per pound.
What Drives Ground Beef Prices?
Several factors contribute to fluctuations in ground beef prices. These include:
- Supply and Demand: Changes in consumer demand and supply chain disruptions can significantly impact prices.
- Weather Events: Inclement weather, such as droughts or floods, can affect cattle production and lead to price increases.
- Global Market Trends: International market trends, including trade policies and global demand for beef products, can influence US ground beef prices.
The Impact of the COVID-19 Pandemic
The COVID-19 pandemic had a profound impact on the meat industry, leading to increased prices and shortages. The pandemic:
- Disrupted Supply Chains: Lockdowns, social distancing measures, and border closures caused significant disruptions to cattle production and distribution.
- Increased Demand for Meat Products: As consumers turned to home cooking and meat-based meals during the pandemic, demand for ground beef and other meat products skyrocketed.
The Biden Administration's Response
In response to the economic challenges posed by the COVID-19 pandemic, the Biden administration implemented several measures:
- Food Price Support Program: The program provided financial assistance to farmers to help them maintain production levels during the pandemic.
- Trade Policy Reforms: The administration sought to renegotiate trade agreements with key beef-producing countries to improve market access and reduce tariffs.
Conclusion
As the Biden administration concludes its final full month in office, the data on ground beef prices paints a picture of an economy marked by fluctuations and challenges. While prices have risen significantly over the past few years, the impact of the pandemic has been particularly pronounced.
The future of US agriculture and the meat industry will be shaped by ongoing global trends, supply chain disruptions, and trade policies. As the United States enters a new era under different leadership, it remains to be seen how these factors will influence ground beef prices in the months and years ahead.