Elites' Advice to Those Earning Under $300k: Swap Meat for Lentils

Roughly two and a half years ago, Bloomberg Opinion released an article advising individuals earning less than $300,000 on how to navigate the inflation storm brought about by the Biden-Harris administration. One of the suggestions was to replace beef with "delicious meat substitutes" such as lentils. The question now is whether these tips from labor economist Teresa Ghilarducci have effectively protected consumers from the negative effects of Bidenomics. The straightforward answer is no.

Revisiting the Advice

Let's take another look at the op-ed from March 19, 2022, titled "Inflation Stings Most If You Earn Less Than $300K. Here's How to Deal," which was reposted by Bloomberg Opinion's X account. The advice included taking the bus, not buying in bulk, and trying lentils instead of meat. However, the post was heavily criticized, with some users expressing their disagreement.

Price Fluctuations

An examination of the Amazon price tracker website, camelcamelcamel, reveals that prices for a 12-pack of 14.5-ounce canned lentil soup by Amy's Soup were around $30 when the op-ed was published. However, several months later, the prices surged to $50, suggesting that prices were flexible as demand likely increased due to consumers being strapped for cash. From the beginning of 2023, the tracking website shows that prices fluctuated between the $40s to $50s, even reaching as high as $65.

Continued Food Inflation

The theme of food inflation continues to be a hot topic. Orange juice contracts in New York are skyrocketing to record highs. Wholesale egg prices, according to the Urner Barry Egg Index EBP, are nearing record highs again. And we won't even delve into USDA retail beef prices per pound. However, there's no need to worry, as the VP Harris team asserts that communist price controls will be the antidote to unscrupulous supermarket chains that exploit customers with high prices.

Impact on Low- and Middle-Income Consumers

The increasing cost of breakfast food and food in general is a concerning indicator for low- and middle-income consumers. The recent crash in Dollar General's stock price, triggered by warnings of a "financially constrained" core customer, is just a sign that the economy is heading in the wrong direction.

Bottom Line

The advice given by elites to those earning less than $300k to swap meat for lentils in the face of inflation has been met with criticism and has not proven to be effective. With food prices continuing to rise, the impact on low- and middle-income consumers is concerning. What are your thoughts on this issue? Share this article with your friends and let us know your views. Don't forget to sign up for the Daily Briefing, which is available every day at 6pm.