OfTheCross
Veteran
LOL @ Cato removing the article...here it is from my RSS feed
No, Thanksgiving Dinner Will Not Cost You 14 Percent More! - HumanProgress
No, Thanksgiving Dinner Will Not Cost You 14 Percent More!
However, the dire picture painted by the Bureau improves somewhat once we account for the wage increases over the course of last year. To wit, the Federal Reserve Bank of St. Louis estimates that the average blue-collar hourly wage in October 2021 was $26.26. That means that the average American will spend 2.03 hours (121.8 minutes) working to pay for the 2021 Thanksgiving dinner.
In October 2020, the average blue-collar hourly wage was $24.83, and Thanksgiving dinner cost $46.90. So, the average U.S. worker had to work 1.88 hours (112.8 minutes) to pay for the feast. That means that over the course of last year, the cost of Thanksgiving dinner rose by 9 minutes of work or 7.39 percent.
Our book, Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet will come out in the spring of 2022.
Figure 1: Time price of Thanksgiving dinner, 1986-2021
Figure 2: Time price, nominal hourly blue-collar wage, and nominal price of Thanksgiving dinner, 1986-2021
Table 1: Time price of Thanksgiving relative to the U.S. population, 1986-2021.
Table 2: Supporting data for changes in time prices, blue-collar hourly wages, and Thanksgiving dinner costs, 1986-2021.
No, Thanksgiving Dinner Will Not Cost You 14 Percent More! - HumanProgress
No, Thanksgiving Dinner Will Not Cost You 14 Percent More!
However, the dire picture painted by the Bureau improves somewhat once we account for the wage increases over the course of last year. To wit, the Federal Reserve Bank of St. Louis estimates that the average blue-collar hourly wage in October 2021 was $26.26. That means that the average American will spend 2.03 hours (121.8 minutes) working to pay for the 2021 Thanksgiving dinner.
In October 2020, the average blue-collar hourly wage was $24.83, and Thanksgiving dinner cost $46.90. So, the average U.S. worker had to work 1.88 hours (112.8 minutes) to pay for the feast. That means that over the course of last year, the cost of Thanksgiving dinner rose by 9 minutes of work or 7.39 percent.
Our book, Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet will come out in the spring of 2022.
Figure 1: Time price of Thanksgiving dinner, 1986-2021
Figure 2: Time price, nominal hourly blue-collar wage, and nominal price of Thanksgiving dinner, 1986-2021
Table 1: Time price of Thanksgiving relative to the U.S. population, 1986-2021.
Table 2: Supporting data for changes in time prices, blue-collar hourly wages, and Thanksgiving dinner costs, 1986-2021.
