Majority of Fast Food
The most common response from consumers was, “A “value meal” at McDonalds now costs just as much as a meal at a lot of sit down restaurants like Applebee’s. It’s insane.”
Fast food prices have risen due to a variety of factors. The recent pandemic caused disruptions in the food supply chain, affecting everything from production to retail. Global issues, such as the conflict in Ukraine, have also played a role, as Russia and Ukraine are major exporters of wheat. Additionally, inflation and increasing labor costs have put pressure on fast food chains to raise their prices.
For a specific example, consider the humble McDonald’s hamburger. Back in the 1950s, you could get one for just 15 cents. However, if you adjust for inflation, that 15 cents would be equivalent to about $1.47 today.
Disney World/Land
Most common consumer comment was , “Going without buying the Bourgeoisie Pass and carefully managing your day on a phone is basically paying to stand in line all day. In the vicious hellscape that is Florida.”
Disneyland’s ticket prices have increased due to several reasons including significant park expansions, high demand and limited ticket supply, rising operational costs, and recovery from Covid-19 pandemic closures. Here’s a brief history of the price increases:
- 1955: $1.00
- 1974: $7.30
- 1985: $16.50
- 1995: $31.00
- 2000: $33.00
- 2005: $56.00
- 2011: $69.00
- 2014: $92.00
- 2015: $99.00
- 2019: $129.00
- 2020: $97.00 (Value ticket), $135.00 (Peak ticket)
- 2022: $169.00 (Tier 5 ticket)
Air BnB’s
Most common consumer comment, “All of the add-on fees usually drive the cost higher than an actual hotel stay in the same area.”
Airbnb hosts have the freedom to set their own prices, which can sometimes be high. Airbnb listings often include additional costs such as cleaning fees and taxes, which can make the total cost higher. Airbnb also charges a service fee for using their platform.
Airbnb uses a dynamic pricing model, where prices can increase based on demand. For short stays, these costs can make Airbnb more expensive than hotels. For solo travelers or couples, Airbnbs, especially those that offer the entire place, can be a lot more expensive than hotels.
Cable Television
Cable TV prices have risen due to several factors. Firstly, cable providers need to pay substantial fees to networks for their content, and these costs are passed on to the customers. Secondly, the advent of new technologies like digital video recorders and high-definition programming has led cable companies to invest in costly new equipment.
Additionally, consumers often choose package bundles that include television, internet, and phone services. While these bundles are intended to save money, they can sometimes end up being more expensive.
Furthermore, as more people switch to other forms of entertainment, cable companies are losing customers. This loss of customer base without a corresponding decrease in expenses or employees makes it difficult for cable companies to survive, leading to higher costs for the remaining customers.
Lastly, inflation has also played a role. The average cost of cable TV has risen nearly 50% in the last 10 years due to inflation.
Health Care
Despite spending more than two-and-a-half times on health per person than most developed nations, the U.S. has fewer doctors and hospital beds per person and lower life expectancy at birth than these countries. This indicates that higher spending does not necessarily lead to better health outcomes.
The rise in U.S. healthcare costs can be attributed to several factors. The system’s complexity necessitates costly administrative help. High drug costs also contribute, with Americans paying almost four times as much for pharmaceutical drugs as citizens of other developed countries. Medical professionals in the U.S. earn higher salaries, and many healthcare centers are profit-driven. Administrative expenses, corporate greed, and price gouging also play significant roles.
Housing
Housing costs in the US have risen significantly more than incomes over the past few decades. Housing prices are now over nine times higher than they were in 1967, with an average annual inflation rate of 4.26%. Meanwhile, income growth has been much slower, with a 41% increase from 1970 to 2000, and an even slower growth rate of 0.3% annually from 2000 to 2018. In the last decade alone, median home prices have risen by about 30%, while incomes have only increased by 11%. This growing disparity highlights the increasing challenge of housing affordability in the US.
Raising a Child
The average cost of raising a child in the United States from birth to the age of 18 is approximately $310,605. This figure accounts for various expenses such as housing, food, and healthcare, but does not include college expenses.
In comparison, back in the 1950s, the cost of raising a child to the age of 18 was significantly lower. When adjusted for inflation, it was around $192,497. This means that the cost has increased by about 61% over the past seven decades.
