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Last week, the Federal Reserve released the November 2025 'Beige Book’ which gives an up-to-date look at the economy — including jobs, consumer spending, and inflation — across all 12 Federal Reserve Districts.
“I think it’s possible that this is headed back to cost-based pricing,” said Owens, whose book Gouged about the new era of pricing releases next year. “It’s the way companies priced for decades … There is a world where the outcome is transparent, public, predictable pricing.”
Those of us who are “too poor to afford life, but too high-income to get help,” as Elizabeth Pancotti put it, “are caught between a plutonomy that pushes prices higher and a lower class that, under the Trump administration, is rapidly having the social safety net pulled out from under them."
“I think what this conversation tends to miss is that people are upset about prices right now and the immediate relief from the price level is critical for addressing affordability in people’s minds. And so what I would say, which is kind of taboo in economic circles, is pairing these large supply increases with targeted short-term price regulations in healthcare, housing and in energy.”
“You won’t see us calling for deflation. If we’re in a position where we start to see deflation, it’s because things are going seriously, seriously, seriously wrong [and] people are really, really broke,” said Lindsay Owens, who runs the liberal group Groundwork Collaborative.
“Unfortunately, we find that 65% of Americans are stressed about affording Thanksgiving this year. That stretches across party lines. We find that it’s 72% for Democrats and 59% for Republicans.”
The Century Foundation, a progressive think tank, found that the cost of Thanksgiving dinner increased by nearly 10 percent compared to last year.
The European Central Bank, the Organisation for Economic Co-operation and Development, the European Commission, and the International Monetary Fund all published studies on profits driving inflation, while the Groundwork Collaborative and the Economic Policy Institute found that over 53 percent of price increases from 2020 to 2022 were driven by profit gains.
New analysis from Groundwork Collaborative, The Century Foundation, and AFT found that another Thanksgiving staple, cranberry sauce, is up by 22 percent from this time last year.
A competing report from Groundwork Collaborative, a left-leaning economic advocacy group, highlighted rising prices for side dishes such as cranberry sauce and vegetables.