For many Americans, the rising inflation has made this Thanksgiving financially tough, to the effect of many people skipping the holiday. A survey by Personal Capital showed that many respondents believed they would not have enough cash for the holiday, while others said they would skip it, the report said.
In fact, it showed that a quarter of respondents said they would be skipping the holiday.
The survey showed that 57 percent of hosts planned to have fewer guests, 53 percent planned to make fewer dishes, 52 percent planned on asking guests to bring dishes, and 42 percent planned on asking people to pitch in financially.
Whether hosts plan to foot the bill or ask their guests to pitch in, most will need at least a rough budget to get all that food on the table. How much are Americans planning to spend this year, and have their budgets changed since 2021?
Despite inflation and job uncertainty, 52% of Americans said they plan on spending the same amount of money on this year’s Thanksgiving as they did last year. Only 33% expected to spend less this year, and 15% expected to spend more. Most Americans placed their Thanksgiving budget within $101-$200. Gen Xers were most likely to keep a tight budget of $100 or less (40%), and baby boomers were most likely to break the bank with a budget of $201 or more (20%).
But as many Americans are struggling, President Joe Biden and his family are spending the holiday at the $20 million home of billionaire David Rubenstein, a private equity tycoon in Nantucket, Massachusetts, the New York Post reported.
joe Biden, his wife Jill, and other family members were set to fly to the upscale Massachusetts island on Air Force One later Tuesday and remain there until Sunday, the White House confirmed over the weekend. While there, the Bidens plan to stay at Rubenstein’s sprawling, $20 million waterfront home, the Nantucket Inquirer and Mirror reported. Biden indicated earlier this month that the upcoming holiday season would be a prime opportunity for him to discuss running for re-election in 2024.
“My intention is that I run again,” he said. “But I’m a great respecter of fate. And this is, ultimately, a family decision. I think everybody wants me to run, but … we’re going to have discussions about it. Well, I — my guess is — I hope Jill and I get a little time to actually sneak away for a week … between Christmas and Thanksgiving. And my guess is it would be early next year we make that judgment.”
In an interview with ABC’s George Stephanopoulos, House Speaker Nancy Pelosi claimed on Sunday that Biden “has accomplished so much” and “has a great record.”
“President Biden has been a great president for our country,” said Pelosi. “Over 10 million jobs under his leadership. Working with the private sector, of course. He has just done so many things that are so great. He’s put money in people’s pockets, vaccines in their arms, children back to school, people back to work, for starters, creating 10 million jobs. He has made America independent by passing the CHIPS bill that says we’re no longer reliant on those who would withhold products that enable us to manufacture in our country.
“The [Inflation Reduction Act]… $368 billion in good-paying green jobs, clean air, clean water for our children, national security issue to stop migrations and competition for habitat and food, as well as honoring our responsibility to future generations,” Pelosi went on. “The PACT Act, honoring our veterans, the bipartisan infrastructure bill, all of it with justice, with equity, with inclusiveness, with diversity, taking us to a new place. He has been a great president and he has a great record to run on.”
Prior to the midterms, the outcome of the elections — and control of Congress — was seen as a measuring stick for whether Biden ought to run again.