We're in trouble: Joe Biden's economy is tanking (VIDEO)

Inflation continues to hammer families from sea to shining sea

For the third straight month, American citizens have been hit by rising inflation, according to government statistics. Not only do government statistics suggest this, real world experience - life outside of academia and government - paints the same picture. Overall, the U.S. Department of Labor said that the Consumer Price Index (CPI) rose 3.5 percent in March 2024 compared to one year ago.

Fueling this surge is higher costs for rent, car insurance, clothes, medical care and gasoline. Adding to the misery is the federal reserve spiking borrowing costs to a 22-year high, which affects rates for home mortgages, car loans and credit card debt.

Newly-released data from the Bureau of Labor Statistics, inflation has given these increases to basic staples of any family budget in the past year: eggs are up 4.6 percent, baby formula is up 9.9 percent, auto insurance is up 22.2 percent.

Here's how bad it has gotten since January of 2021: Americans are spending these amounts more per month just to live: $1,034 from 2020, $534 from 2021, $227 from 2022 and now $204 from 2023. (Source: Moody's Analytics)

To cut that down to size, American families are spending - on average - over $12,000 more per year just to pay for basic necessities than they were in 2020.

Making life in America even worse, according to the Bureau of Labor Statistics, since January 2021, real hourly wages have dropped 2.5 percent. Also, real weekly wages have dropped 4.5 percent in the past three years.

Side bar publisher comment: Americans may have short memories and be susceptible to government propaganda, but in the end, they are not stupid. In a recent Gallup poll from March 1 to March 20, the percentage of people who are seriously considering buying an electric vehicle dropped from 12 percent to just nine percent over the past year. This dropped in spite of the federal government breathlessly promoting and touting the need to shift to electric vehicles. Meanwhile, across the past year, that same Gallup poll showed that the percentage of Americans who say they will never purchase an electric vehicle has climbed from 41 percent to 48 percent.


Reader Comments(0)