With most financial media being intentionally obtuse with the Biden economic impact upon Main Street, it is refreshing to see analysis that cuts to the heart of the matter. HatTip to ZeroHedge who provides a link to a great article outlining reality for blue and white-collar working families.
The folks at NerdWallet have taken the inflation date from the Bureau of Labor and Statistics (BLS) and applied the math to real life. The result is a good encapsulation of checkbook economics and how the Biden economy is painful for the working class.
In total, Joe Biden’s energy policy driven inflation has added $961/month to preexisting expenses. That’s $11,532 a year just to retain the status quo standard of living.
(NerdWallet) – […] In all of 2020, American households spent $61,300, on average. This number includes everything we spend our money on: housing, food, entertainment, clothing, transportation and everything else. In 2022, it stands to reach $72,900, a difference of more than $11,500 if consumers want to maintain the same standard of living. Keep in mind, this is an average, a number that represents an approximation across all Americans, but one that’s exact to a very few. Those who earn (and therefore spend) more will see more dramatic dollar increases. Those who earn less may see less dramatic dollar jumps, but the impact of these rising prices could be more significantly felt. (read more)
If the average household spent $61,300 and inflation is adding $11,500 to the expense, that means we now have to spend 18.7% more just to maintain the current standard of living. That average is in line with what we are seeing in the real world.
Our spending is up on essentials about 1k/month but it’s mostly car insurance, electricity,and groceries. We have made up most of it by not eating out or DoorDashing and buying almost nothing. I guess we were wasting a lot of money (it didn’t feel that way at the time). If we could have the last few years back we’d have our car paid off.
And Joe Biden got 80 million votes. Yeah right. We are a bunch of suckers, myself included. FJB
You’re only a sucker if you believed the election was legit. Most of us knew it was a screw job from the night of November 3rd, 2020.
Yes, I was aghast as I watched those traitors steal it!
Around here that’s just beer.
Waiting for the news all media must cover:
DEMONAZIS OUSTED FROM USA GOVERNMENT !
Notice the number of Uniparty “experts” advocating the return to commonsense Trumpian economic policies: 0.
It’s almost like this mess was on purpose, huh?
It’s like the “tell” in March 2020, when they started using Covid1984 to wreck the Trump economy – number of Democrats expressing regret or compassion for the economic suffering: 0.
Where it’s going to effect a lot of people is energy costs for heating this winter.
You can cut food expense in dozens of ways, but there is only so much you can cut electricity and heating fuel.
This little ESG grift is going to cost us TRILLIONS and may get us into WWIII to cover the effort…..Pure INSANITY.
No big deal. Biden will sign an EO giving $11,533 to every household. Voila! Under this POtuS you made more money.
Inflation only went up an inch, Jack!
The education and inspiration that I derive from this website is simply amazing.
Thank you Sundance.
And thank you, too all of you that post comments here. Your insight and advise is phenomenal and most appreciated.
Have a great day everyone.
That’s if you have an income. For us retirees, we are seeing our savings and investments shrink like an ice cube and hot chocolate. This is going to be a long two years!
You hafta buy gold and/or silver. It’s still the best investment out there and will always be useable as money.
Tobacco and alcohol will be equally as valuable. Need learn distillation skills as well as hothouse gardening. Don’t get caught short.
It’s called ‘stagflation’ and it’s particularly nasty. UK in the late 70’s was a victim of this. We will be far worse off than UK. It will make the Great Depression look like a correction.