Bidenflation! U.S. Households Are Spending an Extra $11,400 Annually to Afford Basics (Purchasing Power Of US Dollar Down -15.4% Under Biden, Home Prices UP 33.2%)

Confounded Interest ^ | 12/02/2023 | Anthony B. Sanders

[Kaiser8408a]

While members of the Biden Administration party at DC nightclubs, the rest of America are drinking Carlo Rossi wine (a favorite of mine in high school!) and eating Spam.

The average U.S. household needs an additional $11,434 per year to maintain the same standard of living due to record-high inflation under the Biden administration.

While hourly pay has increased, inflation has outpaced it.

Spending on basic survival needs like food, transportation, housing, and energy has increased, with households in the Mountain West facing the highest rates of inflation.

“We choose January 2021 as the base month because it was the last time inflation was within recent historical norms,” the report reads.

“Due to a combination of higher inflation rates and higher average household spending, inflation is imposing the highest monthly costs on families in the states of Colorado, Utah, and Arizona,” the report adds.

Families in Colorado and Washington, DC, are experiencing inflation costs higher than the national average.

Since January 2021, US purchasing power of the US Dollar is down a whopping -15.4% under Biden.

And home prices are up 33.2% under Biden, much of it due to The Feral Reserve money printing to fund Biden’s folicy initiatives. (I saw Biden claim he wrote the Inflation Reduction Act … the one thing we know is House legislation is written by an army of Congressional staffers, not El Presidente).

Home prices up 33.2% and purchasing power of US Dollar down -15.4% under Biden. Yikes!

[ClearCase_guy]

“Best economy ever.”
— DNC

[tflabo]

Anyone who voted for this needs to feel their pain with the intent of waking them up if that’s even possible for them.

[SaxxonWoods]

Not that I like Biden, but the amount my real estate is up more than makes up for the inflation in goods.

[right way right]

My pot boiled off in 2008

[cgbg]

I am enjoying the high interest rates—now that I am receiving them instead of paying them....

but young families are getting hosed.

[SaxxonWoods]

Yep, that’s true of a lot of young families. Single stepdaughter doing pretty well with a just G.E.D. from high school, making $90k a year. Can’t buy a house though, and shouldn’t.

[Alberta's Child]

The best move I made was buying a home in 2021 with a 30-year fixed rate mortgage at just over 3%.

I’m practically sitting by the phone, waiting for a banker or mortgage bond investor to call me in tears and ask me to pay it off now at 50 cents on the dollar. :-0

[Vaduz]

Bidenflation is hitting the suppliers and manufacturers and it gets passed onto the stores and Biden tries to cover his ass and blames stores for gouging.

MEDIA APPROVED

[SaxxonWoods]

Nice work! One of my strategies was to buy a house I wanted to live in later and rent it out until I was ready to use it as a second or first home. Worked out great, more than once. When you buy a rental or second home and then convert it to a principal residence and then sell it after being in it at least two years, no taxes on the gain. I had a near 100% tax-free gain on a rental home I later used as a second home and then a principal residence. I sold it to a friend who gave me 50% down and I carried his mortgage. I kid him that I hope he defaults!

[CFW]

https://charleshughsmith.blogspot.com/2023/11/never-mind-bogus-measures-of-inflation.html

Never Mind Bogus Measures of Inflation—Purchasing Power Is What Counts, and It’s Decaying

“If your earnings rose by 34% from January 2020 to October 2023, congratulations, the purchasing power of your labor kept pace with higher costs.

Official measures of inflation are a long-running tragi-comedy: comedic in the transparency of the distortions, and tragic in the consequences: what will you believe is true—the statistics or your lying eyes?

The basic gimmick of distortion is to underweight whatever is eating away at the purchasing power of earnings and highlight the trivial items that are getting cheaper due to declines in quality and globalization. So your rent went up by $200 a month, or $2,400 a year, but since TVs dropped $40 and toys dropped $20, inflation is only 3%. So stop feeling poorer, everything’s great! Inflation is dropping!

You see the problem: the scale of spending on essentials such as shelter, healthcare, childcare, etc. is far greater than the trivial “lower in price” items. If 95% of your essential spending is rising in cost, trivial declines in the 5% of discretionary spending do not offset the gargantuan declines in purchasing power.”