The Federal Reserve Bank of St. Louis, in a very odd tweet, has stated that they think that soy is a far more economically efficient Thanksgiving protein option over the standard turkey.
“A Thanksgiving dinner serving of poultry costs $1.42,” stated a tweet that went out discussing a blog post about Federal Reserve Economic Data. “A soybean-based dinner serving with the same amount of calories costs 66 cents and provides almost twice as much protein.”
From the FRED Blog: A Thanksgiving dinner serving of poultry costs $1.42. A soybean-based dinner serving with the same amount of calories costs 66 cents and provides almost twice as much protein https://t.co/qmyjwZd7aU pic.twitter.com/pHv3ZR9o6u
— St. Louis Fed (@stlouisfed) November 20, 2021
The blog post in question seems to agree with the tweet by emphasizing the nutritional benefits of using soy:
Now for the main course: turkey (i.e., poultry) or tofurkey (i.e., soybeans)? According to the U.S. Department of Agriculture, roasted turkey has almost 3 times the caloric value and 1.5 times the protein value of an equivalent serving of fried tofu by weight. Between 1990 and the time of this writing, the average global price of poultry has been 6 times higher than the price of soybeans.
As of the third quarter of 2021, a hearty Thanksgiving dinner serving of turkey costs $1.42. A tofurkey (soybean) dinner serving with the same amount of calories costs $0.66 and provides almost twice as much protein. Keep in mind that this plant-based meal would be almost 3 times larger by weight than the poultry-based meal and may either keep you at the dinner table longer or provide you with more leftovers. Of course, our calculations here don’t include the time value, energy costs, and additional ingredients required to cook the meals.
Many more conservative groups across various social media platforms were quite upset about the tweet that went out from the Feds.
“And for Christmas you can have earth worms and cockroaches,” stated J.D. Vance, a Republican candidate for the United States Senate.
“Next year it’ll be bugs,” agreed Mike Cernovich, yet another commentator.
“Quantitative easing and soy for Thanksgiving,” replied Sen. Cynthia Lummis (R-WY). “Let’s save America from these people.”
The Federal Reserve currently sports a dual mandate of both maximum employment and stable price levels. After almost two years of fairly aggressive monetary stimulus, the central bank has put forth an announcement that it plans to start to roll back its monthly asset purchases by almost $15 billion over the course of both November and December while trying to maintain almost zero-level interest rates.
As we have seen though, the inflation rate has spiked from 1.4% to around 6.2% which has led to a large increase in the price of the foodstuffs used for Thanksgiving.