One day after President Joe Biden unveiled his $5.8 trillion budget laden with socialist-style policy agendas, new economic data shows inflation hitting average Americans’ wallets with an estimated additional cost of $5,200 this year compared to last.
For a considerable span of Biden’s administration, the president had been adamant that inflation was a transitory issue and that his economic policies were not at fault as Americans across the nation tightened their belts. Russian President Vladimir Putin was then scapegoated for inflationary woes following the invasion of Ukraine.
Now, as Biden has warned of impending food shortages, Andrew Husby and Anna Wong of Bloomberg believe they’ve quantified the cost no matter whose to blame.
“Inflation will mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year for the same consumption basket,” they write, according to estimates.
BLOOMBERG: “Inflation will mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year…” https://t.co/QJtOiuAIF5
— John Ashbrook (@JohnAshbrook) March 30, 2022
The economists attempted to argue that “excess savings built up over the pandemic, and increases in wages, will cushion those costs,” thus facilitating spending. However, they contend those savings will rapidly deplete and the considerable number of eligible workers who have abandoned the labor market will seek employment and suppress wage growth.
This reality has pushed inflation to the forefront of economic concerns and has it steadily increasing as a top priority for voters. According to Gallup, concern over the cost of living has jumped nine percentage points since January, seven of those in February, landing at the peak of economic concerns with 17 percent of voters. This is six percentage points higher than the economy in general and more than four times greater than concern over fuel prices.
Gallup’s Lydia Saad stated, “Inflation began rising as a public concern last fall after being a nonissue for Americans throughout 2020. It’s more top of mind than it’s been in over three decades and appears to be taking a toll on American’s broader economic confidence.”
This spike sets current inflationary concerns at their highest level since 1985 at 18 percent after experiencing a rapid decline from 52 percent where President Ronald Reagan inherited the economic troubles from the 70s.
The $433/month estimate is considerably higher than the $296.45/month reported by the New York Post less than three weeks ago and a dramatic uptick from the estimated $175/month experts suggested in October. Americans are taking note as the percentage who feel the economic outlook is worsening has risen from 67 percent in January to 70 percent in February, and now rests at 75 percent.
The last time outlook was this negative was in April 2020 when the economy was forced to shut down over COVID concerns.
Interestingly enough, the same Gallup polling found that while 59 and 58 percent of Americans are worried a great deal about inflation and the economy respectively, less than a third are worried about unemployment and 37 percent are not worried at all about not having a job.
When measured against Biden’s budget proposal which has an entire section devoted to “Ensuring an Equitable, Effective, and Accountable Government That Delivers Results for all,” it’s difficult to imagine the equitable results as being anything other than shared depression for all Americans.
Here’s a quick sampling of responses to the story from Twitter:
If you eat 32,500 4th of July meals from last year, you’ll save $0.16 enough times to cover the $5,200 inflation.
— Jhonny Galt (@GaltJhonnyAgain) March 30, 2022
And by “average” household, they mean a family of 4. Being a family of 6, I am guessing this will be closer to an extra $650 per month and $7,800 for the year for us. FJB
— Rochelle 🇺🇸 (@RochelleBE) March 30, 2022
Biden’s Inflation…but no one make more than $400K sees a tax increase. This is clearly effectively a tax increase.
— Wahoos79 (@Wahoos79) March 30, 2022
Perfect conditions to buy a Tesla to combat rising gas prices
— Tired Dad (@devianthamster) March 30, 2022
Thanks, Joe Biden! pic.twitter.com/xyVneQCYff
— Garth (@ArtSyFartsy925) March 30, 2022
So maybe not good after all? Might want to tell CNN pic.twitter.com/5mJvTeKpsk
— stevemur (@stevemur) March 30, 2022
$433 monthly tax on incomes of all households that you will not be getting back in your income tax return. #ThanksBrandon https://t.co/xalvvSFCu3
— Kyle Lamb (@kylamb8) March 30, 2022
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