A McDonald’s meal has become a hot-button topic for the 2024 presidential election.
UCG/Getty Images
A $16 McDonald’s meal highlights how many Americans feel about the economy and food prices.Those sentiments are already influencing how Americans plan to vote in the 2024 election.The McDonald’s meal has become the poster child for the hardships many Americans still face.
A McDonald’s meal from a viral TikTok has become the poster child for a key issue leading up to the 2024 presidential election.
“I get there is a labor shortage,” user @topheroliver, who is based in Idaho, said in the video originally posted in December 2022. “I get there’s wage increases and a number of other things. But $16? Sixteen dollars for a burger, large fries, and a drink. It’s just crazy.”
The video gained traction recently after McDonald’s released its earnings report revealing that revenues were up 8.1% in the past year. McDonald’s attributed part of the revenue increase to “strategic price increases.” So while some things, like novelty burgers — such as the limited edition smoky double quarter pounder BLT in the TikTok video — are pricey, and the cost of fries is up 20% in two years, other popular items might not have increased as much. For example, the price of the Big Mac is up roughly $0.70.
But food prices have been rising since 2020, which is one of the reasons why Americans feel sour about the economy, despite data suggesting it’s in a strong position. And that attitude is already swaying how Americans will vote in the upcoming presidential election.
Results from a survey conducted in October by The New York Times and Sienna College found former President Donald Trump leading President Biden among respondents in five of six key battleground states — Arizona, Georgia, Michigan, Nevada, and Pennsylvania. Biden was only leading in Wisconsin after winning all six states in the 2020 election.
One of the big reasons for the shift in these swing states appears to be voters’ views on current economic conditions.
When asked, “Thinking about the nation’s economy, how would you rate economic conditions today?” 52% of the registered voters responded “poor,” and a whopping 81% picked “only fair” or “poor.” Only 19% chose “excellent” or “good.”
And in the state-by-state breakdowns, it was consistent. In the five states leaning toward Trump, respondents who chose “only fair” or “poor” for their view of the US economy ranged from 79% in Arizona to 84% in Georgia. Even in Wisconsin, the one battleground state leaning towards Biden, 76% did not have a favorable view of the economy.
A vibecession is influencing Americans’ sentiments
Overall, McDonald’s prices are up about 10% this year, and they plan to raise them another 10% next year.
This is much higher than the 3.2% overall inflation cited by the Consumer Price Index for October, and the overall rise in prices for food purchased away from home.
According to the US Bureau of Labor Statistics, prices for food away from home were up 5.4% in October over the same period last year. That is among the highest rates of inflation across the tracked categories, which also include food at home, energy, vehicles, apparel, medical care, shelter, and transportation services.
McDonald’s Big Mac and French fries.
Joe Raedle/Getty Images
While inflation has come down from its peak of 9.1% in June 2022, the American consumer is still feeling pressure from many fronts.
Despite a strong job market that has kept Americans spending money and reduced inflation that has some experts predicting the country will avoid a recession, many Americans still feel dismal about the economy. In fact, that sentiment has been dubbed a “vibecession.”
“Bidenomics” is not viewed favorably by most registered voters in key battleground states.
Scott Olson/Getty Images
To be sure, there are other topics important to the 2024 election, and even the economic issue is far more complex and nuanced than just one receipt from a McDonald’s trip.
There is an argument to be made that Biden’s economic policies have made lives better. For example, the median real net worth for Americans is up 37% since 2019.
But even if we accept that as a reality, it can be difficult for Americans to feel that impact on a day-to-day basis. For example, much of the increase in consumers’ net worth is tied to home equity, which is not always easily accessible, especially when interest rates are high.
With prices at restaurants like McDonald’s likely to keep rising, that day-to-day pain point is likely not going away before the 2024 election.