11.27.2024

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Thanksgiving Logistics

A record 80 million Americans will travel 50 miles or more over Thanksgiving weekend, the majority (a record 71.7 million) by car. Millions more are expected to fly, including a record-breaking 3 million on Sunday alone.

Over 80% of Americans will eat turkey (watch overview), requiring an estimated 46 million birds to supply the feast. A recent survey suggests mashed potatoes, bread rolls, and pie will be standard fare; macaroni and cheese consumption is highly regionalized (see map). A holiday meal for 10 will cost $58 on average, down 5% from last year and the lowest inflation-adjusted cost in the 39 years of the farmers' survey (see charts).

Meteorologists are predicting a relatively wet, chilly Thanksgiving for half the country, with snow in the Midwest and rain on the East Coast. A cold front will impact close to 200 million Americans by Saturday. The Macy's Thanksgiving Day Parade will take place rain or shine tomorrow in New York City (8:30 am ET, NBC).  

Proposed Obesity Coverage

The Biden administration introduced a proposal yesterday to expand Medicare and Medicaid coverage to include popular weight-loss medications like Wegovy and Zepbound. The initiative, led by the Department of Health and Human Services, would classify obesity as a treatable disease to reduce associated health risks including heart disease and diabetes.

Roughly 40% of Americans are considered clinically obese. Weight-loss drugs can reduce weight by as much as 15% to 25% by regulating appetite, signaling to the brain that the body is full, and reducing hunger. The proposed rule could reduce out-of-pocket costs for the drug—which can exceed $1,000 per month—by up to 95% for over 7.4 million Medicare and Medicaid beneficiaries. The estimated cost to taxpayers is $35B over the next decade.

The rule would not be finalized until after President-elect Donald Trump takes office; his HHS pick, Robert F. Kennedy Jr., has criticized the drugmakers, instead seeking to prioritize access to healthy nutrition.

Tit-for-Tat Tariffs

Mexican President Claudia Sheinbaum threatened retaliatory tariffs on US goods yesterday, in response to President-elect Donald Trump's pledged 25% tariffs if Mexico fails to halt the flow of drugs and migrants into the US. Trump also indicated he would impose a 25% tariff on goods from Canada and an additional 10% tariff on goods from China. 

The US is the world's largest importer, with Mexico topping its list of trading partners, followed by Canada and China (see list here). The three North American countries exchanged $1.8T worth of goods in 2022; annual US trade with China is $600B. The US is Mexico's top importer, with cars, food, and beer among the goods most likely to be impacted by tariffs. Canada supplied 60% of the US' crude oil, among other goods.

The announcement shook up global markets yesterday, with automakers' stocks especially hard hit. Canadian and Mexican currencies fell against the value of the dollar. 

In partnership with ButcherBox

Free Steak For 1 Year

In partnership with ButcherBox

Ribeye, Filet Mignon, and NY Strip—Oh My

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