If you’ve been to your neighborhood’s golden arches lately, or any fast food establishment for that matter, it’s not a surprise to you that dollar menus are all but gone as economic pressures raise the price at drive-throughs.
But the increase in fast food prices could end up costing more than just a few dollars. It could end up losing President Joe Biden the White House, according to experts who say many see it as a sign that his economic policy just isn’t working.
According to data from the Bureau of Labor Statistics, fast food restaurants have seen some of the sharpest upticks in prices during Biden’s time in office, pushing past other volatile price points like gas and groceries.
With Biden relying on working-class voters to win the 2020 election, recent surveys have found that Biden may not receive the same support from lower-income voters this time around.
The BLS reports that the prices for “meals at limited services eating places” have gone up 31% during Biden’s tenure, far outpacing average hourly wage gains of 25%.
As prices have shot up, consumers have started to find other ways to spend their money, opting to skip the drive-through instead of spending more for their frosties and fries.
Because of this, fast-food companies have started to look for new ways to bring customers back. Among those testing the water is McDonald’s, which announced its plans for a new $5 value meal this month, and Wendy’s, which launched a $3 breakfast meal on Monday.
Still, with America’s credit card debt rising, key interest rates sitting above 5%, and inflation rising for the first three months of this year, the economy could be the deciding factor for many Americans come November.
But while polls show a majority of Americans think former President Donald Trump would be better for the economy than Biden, the White House is pushing that the president is doing all he can to fight inflation.
“President Biden knows too many families are struggling with prices that remain too high, which is why fighting inflation remains his top economic priority,” White House Spokesperson Jeremy M. Edwards said.