The Walt Disney Company has warned that its theme parks are facing trouble as record inflation has made a trip to the Magic Kingdom unaffordable for millions of middle and working class Americans. The news sent Disney shares crashing more than 3 percent during the day on Wednesday.
During its quarterly earnings call, Disney specifically cited inflation when it said that its “Experiences” division — which includes theme parks, cruise ships, and other live entertainment offerings — will see a decline in income in the next few quarters.
Disney’s chief financial officer Hugh Johnston said lower-income consumers are being hit hard in the current economy and as a result, are no longer visiting Disney parks like they used to. For the most recent quarter, Disney reported its Experiences operating income fell 6 percent.
Disney parks have long been a reliable cash cow thanks to middle and working class American families — many of whom save up for years to afford the expensive trip. But under the Biden-Harris administration, consumer prices have risen to record levels, forcing families to cut non-essential spending in order to pay for groceries, rent, and health insurance.
Kamala Harris has publicly championed Bidenomics, which includes the trillions of dollars in new government spending that was the primary catalyst for the record inflation.
As Breitbart News reported, Disney is also once again hiking its streaming entertainment prices by as much as 25 percent.
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