Americans crushed by Bidenflation, not getting ahead
Inflation Hits Americans Hard: Report
Bloomberg released a report on Monday revealing the harsh impact of inflation on Americans.
Despite a slowdown in the pace of inflation, prices remain significantly higher than pre-COVID-19 levels. The report highlights various expenses that have surged since January 2020. Grocery costs have risen by 25 percent, while restaurant food prices have increased by 24 percent. Additionally, water and sewage costs have gone up by 16 percent, rents by approximately 20 percent, and electricity by 25 percent.
“I feel like I’m on a hamster wheel that’s just—I’m not getting ahead ever,” expressed 33-year-old Tamarah Victor of Needham, Mass., in an interview with Bloomberg.
According to a Census Bureau survey cited by the outlet, a family of four spent a little over $238 per week on food in October 2020. However, three years later, the same family would have to spend $315 per week, representing a 32 percent increase.
Americans are also grappling with rising expenses in child care, which has surged by 32 percent since 2019, and car insurance, which has climbed by 33 percent since 2020.
Home-buyers are facing challenges in affording housing as well. Thirty-year effective mortgage rates have risen by 4 percentage points since 2020, while home values have soared by 42 percent.
This report follows a September finding by ATTOM, a real estate data company, which revealed that homes were unaffordable in 99 percent of U.S. counties for the average American.
These economic challenges could potentially hinder President Joe Biden’s chances at reelection. As mentioned in the Monday report by Bloomberg, 40 percent of voters in swing states identified the economy as their top concern in the upcoming presidential election, according to a recent poll conducted in collaboration with Morning Consult.
Furthermore, Biden’s approval rating has dropped to under 41 percent, the lowest it has been in over a year, with over 55 percent disapproving, as reported by the RealClearPolitics polling average.
What are the effects of inflation on the cost of groceries, especially for low-income families?
The start of the pandemic, leaving many Americans struggling to make ends meet.
According to the report, one of the most significant areas affected by inflation is the housing market. Rent prices have skyrocketed in many major cities, with some areas experiencing double-digit increases. This makes it increasingly difficult for individuals and families to afford stable and decent housing. Homeownership is also becoming more elusive for many Americans, as property prices continue to rise at an alarming rate.
Another area hit hard by inflation is the cost of groceries. The report shows that food prices have surged since the beginning of the pandemic, with the cost of basic necessities such as meat, dairy, and grains reaching new highs. This increase in food prices puts a strain on households’ budgets, particularly for low-income families who may already be struggling to put food on the table.
Transportation is another major expense that has seen significant inflation. The rising cost of fuel, coupled with increased demand for travel, has led to soaring prices at gas stations. This not only impacts individuals commuting to work but also affects businesses that rely on transportation for their operations. Higher transportation costs ultimately get passed on to consumers, further exacerbating the inflationary impact.
Healthcare expenses are also on the rise, making it increasingly challenging for Americans to afford medical treatment and necessary medications. The report highlights the inflated costs of prescription drugs, doctor visits, and insurance premiums, which have put a significant burden on individuals and families. The lack of affordable healthcare options has become a concerning issue for many Americans, particularly those with chronic medical conditions.
The report further reveals that wage growth has not kept pace with inflation, leaving workers struggling to keep up with the rising cost of living. This disparity has resulted in a decline in real wages, exacerbating the financial strain on individuals and families.
In response to the report, economists are calling for effective measures to combat inflation and alleviate its burden on Americans. They suggest implementing policies to increase affordable housing options, expanding safety net programs to assist struggling families, and addressing the underlying factors driving inflation.
Overall, the report highlights the harsh reality that inflation is hitting Americans hard. With housing, food, transportation, healthcare, and stagnant wages all contributing to the rising cost of living, many individuals and families are facing significant financial challenges. It is crucial that policymakers and authorities take immediate action to address these issues and support those affected by inflation’s impact.
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