'Most Big Macs aren't that expensive': A $16 McDonald's meal went viral as an example of runaway inflation — but the White House disagrees. Is the cost-of-living crisis real or exaggerated?

“So I get there’s a labor shortage. I get there’s wage increases and a number of other things, but $16? $16 for a burger, a large fry and a drink? It’s just crazy!” he says in the clip, which has received over 670,000 views, 32,000 likes and nearly 6,000 comments.

The video shows a receipt from a McDonald’s in Post Falls, Idaho, where Olive purchased a Smoky Double Quarter Pounder BLT, a large fries and a large Sprite for $16.10 after tax.

The story even made its way to the White House Office of Digital Strategy, according to The Washington Post.

“What are we supposed to do, tell the president or Chuck Schumer to send a tweet saying, ‘Hey, most Big Macs aren’t that expensive?’" an unnamed Democratic official told the Post. "It would look ridiculous.”

Big Macs aren’t that expensive

While many consumers have felt the impact of inflation, it’s important to note that the burger featured in Olive’s video is a limited-edition novelty item, not a Big Mac. Big Macs typically cost quite a bit less.

The Post referred to data from The Economist’s Big Mac Index, demonstrating that while the price of the iconic McDonald’s burger has risen over the years, it’s far from $16.

“The average Big Mac nationally as of this summer cost $5.58, up from $4.89 — or roughly 70 cents — before Biden took office,” the Post article says.

White House Press Secretary Karine Jean-Pierre also addressed the issue of inflation during a recent press briefing.

“This holiday season, families are seeing lower prices on everyday items from gas to groceries,” she said.

So has America won the war against inflation?

Grappling with higher price levels

Nobel laureate Paul Krugman recently declared victory over inflation in a post on X, formerly known as Twitter.

“The war on inflation is over. We won, at very little cost,” Krugman wrote.

Jeremy Siegel, professor of finance at the Wharton School of Business, had a similar view.