New data featured in the Wall Street Journal shows that food costs are eating up the largest chunk of Americans’ budgets in 30 years. According to the most recent data from the US Department of Agriculture, Americans are spending a whopping 11.3% of their disposable income on food.
Americans are feeling squeezed by the rising costs, with consumers reporting that they are going out to eat less frequently. They also are buying cheaper store brands from grocery stores. Food makers and restaurants are feeling the pinch too as sales slip amid high prices. Policymakers need to be taking steps to provide relief to families that are being crushed by the high price of Bidenomics.