‘Most Big Macs aren’t that expensive’: A $16 McDonald’s meal went viral as an example of runaway inflation — but the White House disagrees. Is the cost-of-living crisis real or exaggerated?
Story by Jing Pan
Inflation has emerged as a trending topic on social media, capturing widespread attention as people post receipts of everyday items.
For instance, TikTok user Topher Olive went viral after he posted a video expressing frustration over the cost of his meal at McDonald’s.
“So I get there’s a labor shortage. I get there’s wage increases and a number of other things, but $16? $16 for a burger, a large fry and a drink? It’s just crazy!” he says in the clip, which has received over 670,000 views, 32,000 likes and nearly 6,000 comments.
The video shows a receipt from a McDonald’s in Post Falls, Idaho, where Olive purchased a Smoky Double Quarter Pounder BLT, a large fries and a large Sprite for $16.10 after tax.
The story even made its way to the White House Office of Digital Strategy, according to The Washington Post.
“What are we supposed to do, tell the president or Chuck Schumer to send a tweet saying, ‘Hey, most Big Macs aren’t that expensive?’” an unnamed Democratic official told the Post. “It would look ridiculous.”
Big Macs aren’t that expensive
While many consumers have felt the impact of inflation, it’s important to note that the burger featured in Olive’s video is a limited-edition novelty item, not a Big Mac. Big Macs typically cost quite a bit less.
The Post referred to data from The Economist’s Big Mac Index, demonstrating that while the price of the iconic McDonald’s burger has risen over the years, it’s far from $16.
“The average Big Mac nationally as of this summer cost $5.58, up from $4.89 — or roughly 70 cents — before Biden took office,” the Post article says.
White House Press Secretary Karine Jean-Pierre also addressed the issue of inflation during a recent press briefing.
“This holiday season, families are seeing lower prices on everyday items from gas to groceries,” she said.
So has America won the war against inflation?
“The average Big Mac nationally as of this summer cost $5.58, up from $4.89 — or roughly 70 cents — before Biden took office,” the Post article says.
White House Press Secretary Karine Jean-Pierre also addressed the issue of inflation during a recent press briefing.
“This holiday season, families are seeing lower prices on everyday items from gas to groceries,” she said.
So has America won the war against inflation?
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“We are not going to have any more inflation,” Siegel said in a recent interview with CNBC.
Headline inflation has come down over the past year. In November, the U.S. consumer price index saw an annual increase of 3.1%, down from its peak 9.1% increase registered in June 2022.
But the prices of many necessities remain elevated. The latest CPI report showed that, over the last year, the food index increased 2.9% and the shelter index rose 6.5%.
Headline inflation has come down over the past year. In November, the U.S. consumer price index saw an annual increase of 3.1%, down from its peak 9.1% increase registered in June 2022.
Most people don’t understand that inflation is cumulative. Meaning it is add to last years inflation. So an increase of only 3.1 percent on top of last years 9.1 percent equals 12.2 percent. Then add up what it was the year before. Get the picture?
Also you can’t force companies to increase wages by large amounts and not expect them to eat the decreased profits. They will pass those costs onto the customer everytime.