Yes, that extra pinch you are feeling in your bank account and checkbook at the end of the pay period is real.
Thanks to the inflationary spikes under our fake president, Joe Biden, and a Democrat-controlled Congress, Americans are paying a lot more for their basic necessities than they were a year ago — like $11,500 more, according to a new analysis.
According to a study by NerdWallet that was published in August, Americans have to spend that much more today than they did in 2020 if they want to maintain the same standard of living, The Epoch Times reported.
The firm’s analysts said that 2020 was the “last full year when inflation was relatively stable” — around 1.23 percent. Last month, according to the Bureau of Labor Statistics, the inflation rate stood at 8.3 percent, down from a June high of around 9.1 percent.
Inflation has been above 5 percent for more than a year, according to BLS stats. And it’s been above 8 percent since March.
“In all of 2020, American households spent $61,300, on average,” the analysts wrote. “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.”
The analysts also said the annual cost is just an average estimate, and therefore, 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,” they noted.
The Epoch Times went on to note:
According to analysts, total monthly household expenditures are up by $961 from 2020, while spending on groceries is up by $101. Shelter is up by $120 and household utilities are up by $70 per household, while gasoline has risen by a whopping $209.
NerdWallet noted that spending figures for 2020 were less than typical, given that COVID-19 pandemic restrictions meant that fewer people were commuting or paying for child care and entertainment, resulting in an overall decline in spending.
“It’s a safe assumption that people will spend less in certain categories this year too, if for no other reason than avoiding high prices,” the analysts wrote. “This is primarily why we think spending in 2022 will be more similar to 2020 than 2019, for example, another year for which such spending data was available.”
GOP members of the House Joint Economic Committee say that Americans on average are spending an extra $717 each month, though the costs are higher in the states of Colorado ($937), Utah ($910), and Arizona ($833).
“Americans are facing the highest inflation rates in decades, making it harder for them to afford everyday goods and more expensive to raise their families. Each month coinciding with the Bureau of Labor Statistics’ release of the Consumer Price Index, JEC Republicans’ State Inflation Tracker estimates how much inflation increases costs for American families in each state and how the drivers of inflation continue to vary across the country,” said a report from the Republican members. “Families in the Mountain West (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming) are facing the highest inflation rates, with prices today 15.4 percent higher than in January 2021.”
On Friday, House Minority Leader Kevin McCarthy (R-Calif.), along with Republican Conference Chair Elise Stefanik (R-N.Y.) and Minority Whip Steve Scalise (R-La.) introduced a new set of GOP policy priorities ahead of the midterms called the “Commitment to America,” fashioned after the 1994 “Contract With America” that helped the party win control of Congress for the first time in four decades.
Included in the agenda are measures aimed at lowering inflation and boosting domestic growth policies like domestic energy production.
“We wanted to do a plan for a new direction. We want to be upfront with the American public. We want an election to have a contrast. If they put their trust in us, this is exactly what we’ll do. Hold our feet to the fire. And on the very first day, we’re going to repeal 87,000 IRS agents. So they’re not going after you. We work for you. You don’t work for us,” said McCarthy.
“Over the past two years, Democrats in Washington have led America off-track,” says a preamble to the plan. “They created crisis after crisis: from crippling inflation and rampant crime, to failing schools, border chaos, and disrespect for our nation across the globe.”