Biden to spend Thanksgiving week at private equity billionaire’s Nantucket home

Top line

President Joe Biden will spend Thanksgiving at the Nantucket home of private equity billionaire David Rubenstein, the White House confirmed Tuesday evening, a move some conservatives criticized as American consumers could face a record Thanksgiving dinner bill. This year.

Highlights

The President and First Lady Jill Biden landed in Nantucket on Tuesday evening to spend the holiday week with the extended family, planning to “stay with their friend, David Rubenstein, as they have done before,” the White House said to reporters (the news was first reported by Nantucket Magazine).

Rubenstein, co-founder of the Carlyle group who Forbes estimated at $ 4.5 billion, will not be in Nantucket with the Bidens this week because he is traveling overseas, according to a New York Times report.

Tangent

Rubenstein spent time as a White House official under President Jimmy Carter before moving into private equity. He co-founded the Carlyle Group in the 1980s and is today its non-executive co-chair.

Key context

An American Farm Bureau Federation survey last week found that the average cost of a Thanksgiving feast for 10 people hit an all-time high of $ 53.31 this year, up 14% from 2020, based on nationwide buyer price data. However, the US Department of Agriculture released similar data last week, concluding that the cost of a selected batch of Thanksgiving staples had only increased by 5%, mainly because it found lower price increase for whole turkey. High inflation for three decades, due in part to supply chain problems, has pushed up prices in American grocery stores, especially the price of meat, poultry, fish and eggs.

Chief critic

Fox News reporter Peter Doocy asked White House Press Secretary Jen Psaki on Tuesday about the message Biden sends when visiting a billionaire in the midst of “Most Expensive Thanksgiving Ever.” , in reference to the Farm Bureau investigation. Psaki responded by saying that a 20-pound turkey will only cost about $ 1 more this year than in 2020, a data point that appears in the less drastic USDA report, before clarifying that “any price increase is something the president is concerned about. Republicans on the House Judiciary Committee joined with Doocy in criticizing the president, Tweeter Tuesday, “Joe Biden enjoys his Thanksgiving at a billionaire’s house in Nantucket. Ordinary America? Take advantage of expensive gas and groceries! ”

Further reading

President Biden’s security apparatus descends in Nantucket ahead of Thanksgiving visit (Nantucket Magazine)

No thanks: The average cost of Thanksgiving dinner hits an all-time high (Forbes)


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About Robert Valdivia

Robert Valdivia

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