Between supply shortages and excessive inflation, countless American families have been teetering on the edge.
This latest news could be the final nail in the coffin for many American families and could serve as a reality check for the nation.
And one new terrifying fact about the country’s food supply has many Americans preparing for the worst.
From bad to worse
Most Americans remember the days of economic prosperity when the main discussion around the kitchen table was not figuring out a way to keep putting food on the table.
Believe it or not, those good days were just a few years ago under President Trump.
But ever since the latter part of 2020, inflation and shortages have been running rampant.
It seems that what we only read about in history books became a reality as shelves across the nation have been vacant of many products ever since the pandemic.
And many of the items that have been missing are essential to everyday life.
Fights broke out at several stores over toilet paper and moms erupted into a panic over a shortage of baby formula.
And now eggs have risen to all-time highs.
State of current economy:
– Egg prices are up 70% in just the last 1 year
– Mortgage rate is at 7%
– Gas prices up 37% since 2020
– Credit card debt is at an all-time high
– Fastest rising interest rates in history
What did I miss?
— Graham Stephan (@GrahamStephan) February 20, 2023
But it looks like this is just the tip of the iceberg as the country hit another shortage that could cripple middle America.
Where’s the beef?
A strong cattle industry is vital for the success of our economy and way of life.
Beef production has provided good-paying jobs to hundreds of thousands of Americans.
But even more important is that beef is one of the staple proteins of American families.
Beef is the second most consumed type of meat in the United States after poultry, with an average of around 60 lbs of beef consumed each year per person.
According to reports about the beef market outlook, the beef cattle inventory in the United States is at its lowest point since 1962, dropping over four percent since just last year.
Beef Magazine tried to outline why this is happening:
For many producers throughout the country, 2022 had offered a perfect storm of economic and weather-related challenges: input costs such as diesel and fertilizer doubling or even tripling, and a hot, dry summer that only increased reliance on groundwater in the absence of rainfall. For cattle producers in particular, drought conditions offered no replenishment of dwindling forage supplies, leaving many producers to cull deeper into their herds than they might have otherwise preferred. Elevated beef cull prices contributed to an 11% increase in beef cow slaughter, according to USDA.
This news could be devastating for the average consumer.
◾ Cow-Calf Profitability Estimates for 2022 and 2023 (Spring Calving Herd)
◾ U.S. Beef Cow Herd at Lowest Level Since 1962
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— UK Ag Economics (@UKYAgEcon) March 1, 2023
Prices are already skyrocketing with meats and we can only expect it to get worse throughout 2023.