Welcome to the Cato podcast. My name is Ryan Bourne and I'm the R. Evan Schaff Chair for the

public understanding of economics here. And today this is our pre- Thanksgiving Kato podcast special.

So who better to join me to discuss what they are thankful for this year than none other than

Cato's resident optimist.

Yes, it's Cato Senior Fellow in the Center for Global Liberty and Prosperity.

The founder and editor of Human Progress.org, welcome Marion Toope.

Glad to be here.

Marion, why don't we kick off with the current controversy?

We're obviously on the eve of Thanksgiving,

and President Trump has told us one thing that we should be really thankful for this year is that

the cost of Thanksgiving dinner is down 25% this year compared to last year, based on some analysis.

It must be said, by Walmart. Now, some left-wing groups have kind of come out and told us, no, Trump's wrong.

The price has actually gone up significantly. So why don't you help us get to the bottom of this?

What is actually going on with the price of a basic Thanksgiving dinner? Glad to do so. So,

President Trump is being hyperbolic. He's exaggerating as is his want.

Nonetheless, the truth is that Thanksgiving dinner is cheaper this year than it was last year.

Last year, Thanksgiving dinner for 10, which is surveyed by the American Farms Bureau cost $58 nominally,

and this year it's $55 again in nominal terms,

which means that Thanksgiving dinner is roughly 5% cheaper in nominal terms.

So that is all true, and of course, we all know, percent cheaper in nominal terms.

So that is all true.

And of course,

...