Do You Know How Much More You Will Be Spending This Year?
The U.S. Congressional Joint Economic Committee has released estimates that indicate the average American household may have to spend $11,500 just to maintain the same standard of living as in previous years.
And you have the Biden Administration to thank for this.
The price of eggs last month increased by 39.8% over August 2021; gasoline was up 25.8%; health insurance, 24.3%; groceries, 13.5%; and plane tickets, 33.4%.
Although gas prices did drop in August, almost everything else continued to increase. The consumer inflation index hit a record high of 8.3%.
Prices have increased 13.3% from January 2021 to July 2022, and this indicated an additional monthly cost of $717 for the average American family. The report noted that even “if prices stop increasing altogether, the inflation that has already occurred will cost the average American household $8,607 over the next 12 months.”
“NerdWallet” determined that household expenditures would increase by $11,500 using inflation and annual spending information from the U.S. Bureau of Labor Statistics.
American families spent approximately $61,300 in 2020 on average, and this year the exact same purchases will cost upwards of $72,900 due to inflation.
That means that families in America are earning significantly less this year because of the White House’s spending agenda.
GOP leaders have attributed most of the inflation hitting citizens to Biden’s $1.9 trillion stimulus package.
Sen. Mike Braun (R-Ind.) said that the Biden administration first denied the existence of inflation, then argued it was transitory, and has now determined to get it under control, all while continuing to exacerbate the underlying cause by spending.
First they said inflation didn't exist. And they kept spending.
Then they said it was transitory. And they kept spending.
Last night, President Biden said he's going to "get control over inflation."
And he keeps spending. pic.twitter.com/dFfFkdQbh1
— Senator Mike Braun (@SenatorBraun) September 19, 2022
And Sen. Marsha Blackburn from Tennessee wrote, “Month after month we’ve seen record high inflation as a direct result of Biden’s reckless spending on progressive programs. The coming months will be no different.”
Former Secretary of State Mike Pompeo said, “President Biden wanted to declare victory on inflation without solving the problem. One thing is clear: spending trillions that we don’t have is making this worse.”