Earning enough for food doesn’t take long
In fact, between Jan. 1 and Feb. 6, the average American will have earned enough disposable income to pay for his or her food supply for the entire year, according to Warren County Farm Bureau.
As a result, Warren County Farm Bureau is celebrating this Thursday, Feb. 6, as Food Check-Out Day. According to the latest statistics compiled by the USDA, American families and individuals currently spend, on average, 10 percent of their disposable income for food.
Applying the current 10 percent statistic to the calendar year, it means the average household will have earned disposable income – that portion of income available for spending and saving – to pay its annual food supply in 37 days.
“Not only is America’s food supply the world’s safest, but it’s also the most affordable,” said Tammie Gribble of Farm Bureau. “It speaks well of our nation’s increasing standard of living, which would certainly be reduced without the safe, abundant and affordable domestic food supply produced by America’s farmers and ranchers.”
In comparison to Food Check-Out Day, the day the average American earns enough to pay federal, state and local taxes was April 27 of last year, according to the Tax Foundation.
“I find it amazing people can pay for their yearly food supply nearly three months earlier than it would take them to satisfy their tax burden,” said Gribble. “Rather than being an economic burden, food remains quite a bargain for shoppers. That’s the way it should be.” The percent of disposable income spent for food has declined over the last 30 years. In 1970, Food Check-Out Day was Feb. 21.
The overall decrease is made more notable by the fact trends indicate Americans are buying more expensive convenience food items for preparation at home, as well as more food away from home.
The statistics were compiled based on food purchased from grocery stores and other retail outlets. The statistics also include away-from-home meals and snacks, as well as food furnished to employees.