The "meat" is human flesh.

This movie is a dark humored satire of 1950s suburbia.

Young Michael Laemle (Bryan Madorsky) and his parents Nick and Lily (Randy Quaid and Mary Beth Hurt) move to a new neighborhood.

He is socially awkward with an overly active imagination.  He has trouble making friends at school.

At night he has weird dreams.  One of which is of him hopping into his bed only to have it collapse into a pool of blood.

One evening, he walks in on his parents making love, but thinks he is seeing them take bites out of each other.

One afternoon, he sneaks into where his dad works as a mortician and sees him cutting into a corpse.

One day he wakes up and goes into the basement and sees a human leg hanging on a meathook but doesn't know if he's dreaming or not.

He is convinced his parents are cannibals.  He tells his guidance counselor Millie Dew (Sandy Dennis) about it.  She is trying to convince him that it's all in his head, so she goes with him to his house to look around.

They go into the basement and find a corpse.  Michael runs up to his room and locks the door.  Millie tries to leave the house but runs into his parents who kill her with a golf club.

Later that evening, they try to feed Michael some human remains but he fights back and stabs his father in the shoulder.  His father tries to kill him and his mother tries to protect him and gets herself killed for her efforts.  His father chases him around the house but due to his shoulder injury runs into a gas line and breaks it and then runs into a shelf of wine bottles and pulls it onto himself, presumably dying.

Between the ruptured gas line and some lit candles in the dining room, Michael barely has time to run out of the house before it blows up.

The last scene has him now living with his grandparents who are putting him to bed.  While he sleeps, his grandfather leaves him a midnight snack consisting of a glass of milk and a suspicious looking sandwich, implying his parents cannibalism was learned behavior..

Thanks Curt (Pooper) and Jeremy (Longer)!