The cost of a typical Super Bowl party has skyrocketed since President Joe Biden took office, with Americans having to pay more for items like snacks and streaming services.
The index for food away from home, which includes all food bought from places like restaurants, has risen 21.6% since January 2021 and 5.3% year-over-year, according to data from the Bureau of Labor Statistics (BLS) analyzed by the Daily Caller News Foundation. Inflation has continued to remain elevated under Biden, most recently measuring 3.4% year-over-year in December, far higher than the Federal Reserve’s 2% target. (RELATED: Biden Says The Economy Is Booming. So Why Are All These Companies Laying People Off?)
“The reduction in purchasing power of American households has greatly impacted their ability to enjoy the prosperity they were realizing prior to the pandemic,” Michael Faulkender, chief economist and senior advisor for the Center for American Prosperity, told the DCNF. “Most American families have exhausted the savings they accumulated during the pandemic and are now resorting to credit cards. Either they fall further in debt at elevated interest rates, or they have to cut back.”
The price of snacks, including products like chips, increased 20.8% since January 2021, according to the BLS. Spices, seasonings and condiments to go with those snacks have seen an even bigger increase under Biden, rising 22.4% over the same time frame.
The prices for cable, satellite and streaming services used to watch the Super Bowl have risen at a more moderate pace of 13.7% since the president took office, but have skyrocketed over the past year by around 5.6%, according to the BLS. The Super Bowl was available on CBS, Paramount+ and the NFL app.
Overall prices have risen 17.6% since Biden took office in January 2021, with real wages subsequently declining by 4% in that time period, according to the Federal Reserve Bank of St. Louis.
While you were Super Bowl shopping, did you notice smaller-than-usual products where the price stays the same?
Folks are calling it Shrinkflation and it means companies are giving you less for every dollar you spend.
I’m calling on the big consumer brands to put a stop to it. pic.twitter.com/wL1NsEh78F
— President Biden (@POTUS) February 11, 2024
The cost of attending the Super Bowl this year hit an all-time high, with the average price for a Super Bowl ticket reaching around $9,800 — 70% more expensive than the event in 2023, according to CNN. The cheapest ticket offered was $8,188, compared to $5,997 in 2023.
“The American people need relief in the form of less government spending, less regulation, and fewer constraints on their ability to realize their potential,” Faulkender told the DCNF. “Bidenomics’ top-down, command and control approach has failed, and the president’s attempt to deflect his failure with complaints about shrinkflation only reinforces the need to replace the current approach with proven America First economic principles.”
Biden elected not to do an interview before the Super Bowl for the second year in a row, despite a precedent for presidents to do so. The president, instead, released a video asking companies to stop “shrinkflation,” which is the concept that companies are decreasing product size in an effort to keep prices at the same level.
The White House did not immediately respond to a request to comment from the DCNF.
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