Seeing this situation of the economy this might come on handy.
How to make low quality luncheon meat edible? Make meatloaf. Kinda.
Add: egg, onions (finely chopped maybe grated), garlic (crushed), salt, pepper, paprika (sweet). Since we don't add breadcrumbs and shit like that since it already lacks meat this will be a bit soft to make meatballs or real patties. So just make a flat thing, like an Anglo style pancake. Fry it well on one side in a bit of oil, then flip it and fry the other too.
Now that I'm thinking with this economy, soon the other ingredients might become luxury.