Americans have already spent a record-high portion of their disposable income on food since Joe Biden became president. A new study by the Buckeye Institute warns that food will become even more unaffordable if Biden or any other Democrat wins the White House this November due to their destructive climate policies.
The Wall Street Journal reports that based on data from the U.S. Department of Agriculture (USDA), food spending ate up about 11.3 percent of American households’ disposable income in 2022. The last time Americans spent so much on food was 30 years ago, in 1991, when George H.W. Bush was president, and Bryan Adams’ “(Everything I Do) I Do It for You” topped Billboard’s 100 Hot Singles of the year.
The fraction of household disposal income devoted to food reflects a nation’s wealth. People in rich nations spend a smaller fraction of their income on food than those in poor countries. For example, Canadians spent less than 10 percent of their income on food in 2014, while Nigerians spent more than 55 percent.
When a nation becomes more affluent and the standard of living improves, people will spend a smaller fraction of their income on food because they have more money to enjoy things such as entertainment and vacations. For example, in 1975, food spending comprised about a third of South Koreans’ household income; in 2014, that number was reduced to around 13 percent. Since the United States has been one of the wealthiest nations in the world for decades, Americans have
