Posted on 12/13/2022 7:37:51 PM PST by Rummyfan
Since Joe Biden took office, inflation has become a huge problem for Americans. But, just how much has it cost us?
E.J. Antoni, an economist, estimates that the typical American household has lost more than $7,000 owing to inflation and rising interest rates.
“Although the slowdown in inflation is certainly welcome, it’s not a sign of things to come. The latest data illustrate why families cannot afford to live in Biden’s America,” explains Antoni, a research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation. “Under Biden, prices have risen so much faster than wages that the average family has lost $5,800 in real annual income. That loss is thanks to the ‘hidden’ tax of inflation, caused by the Biden administration and congressional Democrats’ policies.”
Related: The U.S. Misery Index: Bidenflation Cools Even as It Continues to Burn Everyday Americans
On top of that, higher interest rates are now adding an additional $1,300 burden on the average American family annually, putting the total effective loss in income due to Bidenflation at $7,100.
The consumer price index increased 0.1% in November, which indicates a slowdown of inflation, but not a reversal of the overall trend of increasing prices. Inflation in November was up 7.1% over a year prior.
Many economists are also predicting a recession in 2023, though, technically, the economy entered a recession over the summer, after the gross domestic product experienced two consecutive quarters of negative growth.
(Excerpt) Read more at pjmedia.com ...
Walmart had rolled back coke 6-pak to $3.28. Today it is $4.58. At Publix $6.99.
Dying of thirst last month at a gas station in L.A. I paid $3.00 for one bottle.
It just cost me almost a thousand bucks to top my heating oil at $4.59 a gallon.
It was two dollars cheaper when Trump was president.
My business since kung flu shut downs easily cost me upwards of 750k. There was a brief comeback but then Bidenflation kicked in and probably cost me at least 150k the past two years. Basically liberal democrats wiped out my retirement and Biden plans to leave me destitute with his destruction of the small manufacturing industry.
Cost me $200 to buy supplies to bake my Christmas cookies - nothing fancy, mostly flour, sugar, etc.
I wonder how much of the big price increases is due to some corps taking advantage and raising prices for profit. I ask because I’ve heard of producers not being paid more for product, employees not getting raises... but retail prices going up dramatically.
Here is an example...I have a storage unit. It was $55 a month when all of this started. It jumped to $65 a month. Why? All it does is sit there. They didn't remodel it, they didn't add climate controls, they didn't repair the pot holed lot...nothing. They did the price hike because they could.
Since Joe Biden took office, a huge problem for Americans across the board.
There isn’t one thing he hasn’t managed to screw up and it’s picking up speed.
I had a business and some ignorant customers were whining why I charge so much for potato products since potato costs no more than few cents. In criticizing my pricing, they looked at only material costs of raw materials but not all other costs that any typical business has to incur in order to deliver final product or service to the customers. As an owner and investor,I have to make more money too so I can beat inflation that my business and my family has to face. So blaming businesses for inflation is misplaced. They are forced to react to inflation but they did not cause it.
There is far too little understanding in the American populace as to HOE a BUSINESS RUNS & WHAT their overhead truly is.
Retirement…..
The thought translates to Camelot.
The US would probably be better off to have been nuked 10 times than to have Biden stumble into the White House.
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