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Graphic Truth
Graphic Truth: Turkey is cheaper, but inflation still gobbles
One thing to be grateful for this US Thanksgiving is that a turkey dinner for 10 people has gotten cheaper for the third year in a row. That’s in line with a broader trend in which US inflation has cooled since hitting a 40 year peak back in 2022. But nearly 65% of Americans are still upset about rising prices, according to a recent Pew Research Poll. How to reconcile those two things? Look at the big picture. Americans have just been through the most inflationary five-year period since Madonna’s “Like a Virgin” topped the charts. That’s what shapes people’s perceptions, more than year-to-year data. And remember, even if inflation is only around 3%, that still means prices are only going in one direction: up. Here’s a look at the data – discuss it at the table!
Graphic Truth: Europe tries to fill US void in Ukraine funding
Under former President Joe Biden, the United States had been a major supporter of Ukraine, handing more than €100 billion to Kyiv in cumulative financial, humanitarian and military aid. In 2024, the US gave more to Ukraine than all of Europe combined. That has changed since US President Donald Trump took office, with Washington halting most forms of aid to Ukraine (it does still offer some military support, and has handed weapons to Ukraine via money allocated during the Biden administration). Europe has tried to fill the void, as the graphic shows, but there are concerns the European money well is starting to dry up.
Argentina's inflation rate year over year October 2024 to Oct 2025
Argentina’s president Javier Milei inherited inflation that was over 200%, but after 18 consecutive months of it falling, it now stands at just 31%. While that is still one of the world’s highest, it is an impressive improvement. It comes as the US has sought to prop up Argentina’s economy, recently giving nearly $1 billion of its International Monetary Fund reserves to help Argentina make a critical debt payment to the IMF. The transaction follows the US recently providing Argentina with a $20 billion currency swap to stabilize the peso.
The FAA will cut flights nationwide starting Friday as the record 36-day US government shutdown strains unpaid air traffic controllers. About 40 airports, including major hubs like Atlanta, Dallas, and Los Angeles, will see reductions of up to 10% by Nov. 14. Airlines have already canceled over 780 flights and adjusted schedules, warning of ripple effects across the country. Meanwhile, Senate Majority Leader John Thune told Republicans he plans to hold a vote Friday on a GOP-backed bill to end the shutdown, but Democrats, emboldened by this week’s election gains, are expected to block the measure as they push for an extension of healthcare subsidies, dimming hopes of an imminent resolution.
The government has been shut down for 30 days, and this weekend could mark some breaking points. On Saturday, SNAP benefits are projected to run out. While a federal judge may rule for the food aid to continue flowing through an emergency government fund, it's not yet clear whether the nearly 42 million Americans who rely on SNAP will receive their benefits.
Also tomorrow, Americans who get their healthcare through the government’s Affordable Care Act will start enrolling for next year and find that prices have skyrocketed, increasing 30% on average in the 30 states where the federal government manages the market. Congress can mitigate those costs by renewing healthcare subsidies, but that has been the exact sticking point keeping the government closed. Democrats refused to vote to fund the government unless those subsidies were guaranteed, but Republican leaders say they won’t discuss the issue until the budget is passed and the government reopened.
Analysts say that the public backlash from healthcare price spikes and SNAP chaos could potentially bring the two parties to the negotiating table.
The US has reported 1,563 measles cases this year — the most in over 30 years — but experts say the real number may top 5,000. Outbreaks are spreading in 41 states, fueled by declining vaccination rates. Most cases involve unvaccinated people, with rising clusters in Texas, South Carolina, Utah, Arizona, and Minnesota.
Washington and Toronto buzzed this week with talk of the Canada-US relationship. On Tuesday Prime Minister Mark Carney joined President Donald Trump in the Oval Office for a warm but inconclusive meeting. There were no breakthroughs on tariffs, just promises to “work quickly” on steel, aluminum, and energy. Trump did reportedly appreciate Carney’s proposal to revive the long-dead Keystone XL pipeline, which Trump had proposed in February. The next day in Toronto, Commerce Secretary Howard Lutnick told attendees at the Eurasia Group and BMO US-Canada Summit that bilateral tariff deals were possible but that the integration of the two countries’ auto industries was “over.” This provoked angry reaction from Ontario Premier Doug Ford, who threatened to retaliate by cutting off energy and critical-mineral exports to the US.