Posted on 08/24/2023 4:41:51 PM PDT by JV3MRC
The Washington Post’s third-rate “fact-checker” Glenn Kessler butchered the facts when he claimed that the sky-high inflation brought on by Bidenomics barely made a dent in Americans’ spending power. Economists interviewed by MRC Business were having none of it.
Kessler went after presidential candidate Sen. Tim Scott (R-SC) for his nuanced assertion during the GOP presidential primary debate that the average American family has lost “$10,000 of spending power” in President Joe Biden’s economy. “This seems wildly overstated,” objected Kessler. He then attributed Scott’s argument to an analysis by Heritage Foundation Research Fellow EJ Antoni, estimating that American families have lost roughly $7,000 in spending power since Biden first took office. Without being specific, Kessler vaguely pointed to some string of “economists we contacted [who] were dubious about the math, which relied on a change in purchasing power and a change in borrowing power.” But Kessler’s true-to-form retort to protect Biden would be fallacy-riddled and devoid of context that would actually blow up his argument.
(Excerpt) Read more at newsbusters.org ...
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So here are my numbers:
My average monthly grocery bill for the last twelve months is $1,050.74. The average expenditure for groceries in 2020 was $820.46. Nothing has changed with the size of my household, and we do nothing extravagent. Hamburger, potatoes, pasta. I don't include things like beer in this figure. The grocery bill now runs $230.28 more per month, or $2,763.37 for the year.
The average cost of a gallon of gas for the past year is $3.599. In 2020, it was 2.399 a gallon. I average 1,726.9 miles per month and get precisely 21.4 miles to the gallon. Therefore, I pay $111.36 more per month for gas, on average. That translates to $1,336.34 per year more for gas.
Gas and groceries for the past twelve months costs $4,099.71 more than in 2020. Gas prices have fluctuated quite a bit, and were actually lower in 2021 than last year (on average). But take $4000 a year times two and a half years of Joe Biden and you get $10,000 lost purchasing power.
Now, I am just an average guy, and I didn't take into consideration fast food, utilities, entertainment, auto maintenance...
Fact check that...
You must be looking into my check book because those numbers almost entirely match ours when compared to 2020. We have one dedicated checking account to house expenses.
I use much less gas though as I drive sparingly. But I do fly some and the cost of airline travel for us is twice or more than what it was in 2020. Lodging, forget it. Insurance! Our house insurance has almost tripled. In total, these are not miniscule numbers. Fortunately being savers we have ample resources to still do what we want to without plastic.
But the new day is coming. Those paying now at astronomical prices will be cutting back or doing without as the c cards are maxed out. The have fun today pay for your student loans and rent never have ended.
My parents and grandparents told me what the depression was like. It was not pretty. We have a very soft and dependent society now, not like then.
My advice, stockpile basics and lead.
Like your details. I learned at a young age to do similar recording of expenditures from my dad. It’s paid off, with regard to managing my finances.
+1
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