Discussion:
Fed Report: 65% of Americans Said They Were Worse Off Last Year Because of Inflation
Add Reply
stats monkey
2024-05-22 06:10:49 UTC
Reply
Permalink
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.

Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly two-thirds
of US adults were worse off because of it, and roughly 1 in 6 couldn’t
pay all their monthly bills, new Federal Reserve data shows...

Inflation made the financial lives “worse” for 65% of US households,
according to the report. Among those, 19% said it was “much worse.”...

Incomes grew healthily in 2023, but so did spending, the Fed report
showed. Monthly budgets remained tight and more than half of adults
didn’t have money left over after paying their expenses.

This was especially true for lower-income adults, who reported higher
instances of not having enough to eat, not being able to cover bills in
full and skipping medical care.

Here's the full report. Respondents were asked an open-ended question
about their financial challenges and the top response was about inflation.

Inflation was the most common challenge, with more than one-third
classified into that category, followed by basic living expenses and
housing (figure 6)...

When describing challenges related to inflation, many people mentioned
the cost of food and groceries. For example, one respondent stated that
“[the] increase in cost of food has significantly impacted [my] budget.”
Another said, “…rising food prices hurt daily.” Those with incomes under
$100,000 were more likely to specifically mention the cost of food and
groceries as a concern.

People also expressed concerns about housing affordability. For example,
one respondent said, “rent costs keep rising and it is hard to save
enough for a down payment to buy a house.”

Asked about their incomes in 2023, many respondents said it had gone up,
but there was a catch. Their expenses had gone up too.

A sizeable share of adults said their family’s monthly income increased
in 2023 compared with a year earlier. However, the share of adults who
said their spending increased from the prior year was even greater...

Thirty-four percent of adults said their family’s monthly income
increased in 2023, while a higher 38 percent increased their monthly
spending (figure 9).

Overall, 51% of adults said they were spending equal to or more than
their monthly income. And this brings us to the question about expenses
that was headlined by CNN.

Most adults said that price increases made their financial situation
worse. Sixty-five percent of adults said that changes in the prices they
paid compared with the prior year had made their financial situation
worse, including 19 percent who said price changes had made their
financial situation much worse. In contrast, 4 percent of adults said
that price changes compared with the prior year had made their financial
situation better. Thirty-one percent of adults said overall changes in
the prices they paid had little to no effect on their financial
situation in the last year.

The feelings about inflation were strongly divided by income level as
this chart demonstrates.

Loading Image...

My reading of this chart is that the "at least somewhat worse" column
includes all of the people who said things were "much worse." Still, you
can see that for people making under $50,000 per year, the average who
said things were much worse was more than double the percentage for
those making over $100,000.

My takeaway from all of this is that while the economy is doing fairly
well by some measures, inflation has really kept a lot of people from
benefitting from whatever wage increases they have earned in the past
year. The people at the higher end of the income scale are still doing
fine but people at the lower end are not seeing much in the way of
benefits from Bidenomics.

https://hotair.com/john-s-2/2024/05/21/cnn-65-of-americans-were-worse-off-last-year-because-of-inflation-n3788840
Cindy Hamilton
2024-05-22 08:42:33 UTC
Reply
Permalink
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly two-thirds
of US adults were worse off because of it, and roughly 1 in 6 couldn’t
pay all their monthly bills, new Federal Reserve data shows...
Inflation is low; prices are high. What's your proposal for forcing
vendors, manufacturers, landlords, and house sellers to lower their
prices?
--
Cindy Hamilton
Judge Arthur Enron
2024-05-22 09:29:12 UTC
Reply
Permalink
Post by Cindy Hamilton
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly two-thirds
of US adults were worse off because of it, and roughly 1 in 6 couldn’t
pay all their monthly bills, new Federal Reserve data shows...
Inflation is low; prices are high. What's your proposal for forcing
vendors, manufacturers, landlords, and house sellers to lower their
prices?
Trump gas was $2.10/gal when the Dems stole the 2020.
Today, Biden gas is $3.60/gal.

So a 70% increase is low?
Frank
2024-05-22 11:20:37 UTC
Reply
Permalink
Post by Judge Arthur Enron
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly two-thirds
of US adults were worse off because of it, and roughly 1 in 6 couldn’t
pay all their monthly bills, new Federal Reserve data shows...
Inflation is low; prices are high.  What's your proposal for forcing
vendors, manufacturers, landlords, and house sellers to lower their
prices?
Trump gas was $2.10/gal when the Dems stole the 2020.
Today, Biden gas is $3.60/gal.
So a 70% increase is low?
Current Biden plan is to further empty our strategic petroleum reserves
for the summer to keep prices down so he can get Cindy's vote in the fall.

People have short memories and while today's inflation rate may be low
it is the cumulative effect which is high.
MikeJ
2024-05-22 15:41:34 UTC
Reply
Permalink
Post by Judge Arthur Enron
Post by Cindy Hamilton
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly
two-thirds of US adults were worse off because of it, and roughly 1
in 6 couldn’t pay all their monthly bills, new Federal Reserve
data shows...
Inflation is low; prices are high. What's your proposal for forcing
vendors, manufacturers, landlords, and house sellers to lower their
prices?
Trump gas was $2.10/gal when the Dems stole the 2020.
Today, Biden gas is $3.60/gal.
So a 70% increase is low?
My locale was $3.29 in 2020. It's now $6.25. Check it out:

https://postimg.cc/mcKMw00x

It's been above $5.00 for years.
Ed P
2024-05-22 16:32:36 UTC
Reply
Permalink
Post by MikeJ
Post by Judge Arthur Enron
Post by Cindy Hamilton
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly
two-thirds of US adults were worse off because of it, and roughly 1
in 6 couldn’t pay all their monthly bills, new Federal Reserve
data shows...
Inflation is low; prices are high. What's your proposal for forcing
vendors, manufacturers, landlords, and house sellers to lower their
prices?
Trump gas was $2.10/gal when the Dems stole the 2020.
Today, Biden gas is $3.60/gal.
So a 70% increase is low?
https://postimg.cc/mcKMw00x
It's been above $5.00 for years.
What local is that? Here in Florida is is about $3.50 with some
fluctuation both ways. Maybe your state tax is the problem.
Bob F
2024-05-23 02:42:50 UTC
Reply
Permalink
Post by Judge Arthur Enron
Post by Cindy Hamilton
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly
two-thirds of US adults were worse off because of it, and roughly 1
in 6 couldn’t pay all their monthly bills, new Federal Reserve
data shows...
Inflation is low; prices are high. What's your proposal for forcing
vendors, manufacturers, landlords, and house sellers to lower their
prices?
Trump gas was $2.10/gal when the Dems stole the 2020.
Today, Biden gas is $3.60/gal.
So a 70% increase is low?
Biden could do that too, if he was willing to crash the economy like
happened under trump.
MikeJ
2024-05-23 03:59:46 UTC
Reply
Permalink
Post by Bob F
Post by Judge Arthur Enron
Post by Cindy Hamilton
Post by stats monkey
The Fed released a report today showing that a majority of
Americans said they were still being impacted by inflation last
year. In some cases that meant not being able to pay bills or buy
food.
Inflation may have slowed last year, but it continued to deal
Nearly two-thirds of US adults were worse off because of it, and
roughly 1 in 6 couldn’t pay all their monthly bills, new Federal
Reserve data shows...
Inflation is low; prices are high. What's your proposal for
forcing vendors, manufacturers, landlords, and house sellers to
lower their prices?
Trump gas was $2.10/gal when the Dems stole the 2020.
Today, Biden gas is $3.60/gal.
So a 70% increase is low?
Biden could do that too, if he was willing to crash the economy like
happened under trump.
Your snip makes it look like I said 70% was low. I did not. I think
you meant to reply to Judge Arthur Enron.
Akidasar
2024-05-22 15:31:56 UTC
Reply
Permalink
On 22 May 2024 08:42:33 GMT
Post by Cindy Hamilton
Inflation is low
Your LIES are DISMISSED!

https://x.com/_/status/1793250959117963630?mx=2

Americans need to earn 80% more than they did before the pandemic to
comfortably afford a home, per Zillow.

https://x.com/MootToggle/status/1793256132762333413

Propagandists like you should be run through a wood chipper.
Ed P
2024-05-22 14:11:33 UTC
Reply
Permalink
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly two-thirds
of US adults were worse off because of it, and roughly 1 in 6 couldn’t
pay all their monthly bills, new Federal Reserve data shows...
Inflation made the financial lives “worse” for 65% of US households,
according to the report. Among those, 19% said it was “much worse.”...
Incomes grew healthily in 2023, but so did spending, the Fed report
showed. Monthly budgets remained tight and more than half of adults
didn’t have money left over after paying their expenses.
Count me in the 35%. As of Jan 1 2024 my money was equal to Jan 1 2023
in spite of having bought a new car (cash) and all the other money I
spent.

I'm immune to rent increases at I bought my first house 58 years ago.
Frank
2024-05-22 14:20:19 UTC
Reply
Permalink
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly
two-thirds of US adults were worse off because of it, and roughly 1 in
6 couldn’t pay all their monthly bills, new Federal Reserve data shows...
Inflation made the financial lives “worse” for 65% of US households,
according to the report. Among those, 19% said it was “much worse.”...
Incomes grew healthily in 2023, but so did spending, the Fed report
showed. Monthly budgets remained tight and more than half of adults
didn’t have money left over after paying their expenses.
Count me in the 35%.  As of Jan 1 2024 my money was equal to Jan 1 2023
in spite of having bought a new car (cash) and all the other money I spent.
I'm immune to rent increases at I bought my first house 58 years ago.
I too am not worse off but my property tax will increase 20% this year,
I just got car insurance and bill was way up and I had sticker shock
hiring a couple of plumbers. We are not average people but others are
feeling it.
Akidasar
2024-05-22 15:33:54 UTC
Reply
Permalink
On Wed, 22 May 2024 10:20:19 -0400
Post by Frank
Post by Ed P
I'm immune to rent increases at I bought my first house 58 years ago.
I too am not worse off
Another class warrior demotard brags on.
Akidasar
2024-05-22 15:32:49 UTC
Reply
Permalink
On Wed, 22 May 2024 10:11:33 -0400
Post by Ed P
I'm immune to rent increases at I bought my first house 58 years ago.
Your housing cost disconnect and lack of empathy for your fellow
citizens is noted.
Ed P
2024-05-22 16:30:24 UTC
Reply
Permalink
Post by Akidasar
On Wed, 22 May 2024 10:11:33 -0400
Post by Ed P
I'm immune to rent increases at I bought my first house 58 years ago.
Your housing cost disconnect and lack of empathy for your fellow
citizens is noted.
Thank you. Forgot to mention, about a year ago, one granddaughter
bought a brand new house, another bought one about 6 months ago.
Akidasar
2024-05-22 16:40:03 UTC
Reply
Permalink
On Wed, 22 May 2024 12:30:24 -0400
Post by Ed P
Post by Akidasar
On Wed, 22 May 2024 10:11:33 -0400
Post by Ed P
I'm immune to rent increases at I bought my first house 58 years ago.
Your housing cost disconnect and lack of empathy for your fellow
citizens is noted.
Thank you.
Yes, asshole like yourself rarely reach awareness of their narcissism.
Post by Ed P
Forgot to mention,
Drop dead soon please.
Ed P
2024-05-22 20:28:27 UTC
Reply
Permalink
Post by Akidasar
On Wed, 22 May 2024 12:30:24 -0400
Post by Ed P
Post by Akidasar
On Wed, 22 May 2024 10:11:33 -0400
Post by Ed P
I'm immune to rent increases at I bought my first house 58 years ago.
Your housing cost disconnect and lack of empathy for your fellow
citizens is noted.
Thank you.
Yes, asshole like yourself rarely reach awareness of their narcissism.
Meantime, assholes like you blame others. Take charge of your life.

I'm very aware of what it takes to live well. A college degree in
Interpretive Dance or similar will get you a job at Starbucks. Go into
the trades or some sort of medical field and make 6 figures easily.
Minimal cost for training and a lifelong career.
Post by Akidasar
Post by Ed P
Forgot to mention,
Drop dead soon please.
Nope, went to the doctor last week and my blood test results are the
best in over a year. But what sort of sick person would wish another to
drop dead? Says a lot about you.
Akidasar
2024-05-22 20:59:18 UTC
Reply
Permalink
On Wed, 22 May 2024 16:28:27 -0400
Post by Ed P
Post by Akidasar
On Wed, 22 May 2024 12:30:24 -0400
Post by Ed P
Post by Akidasar
On Wed, 22 May 2024 10:11:33 -0400
Post by Ed P
I'm immune to rent increases at I bought my first house 58 years ago.
Your housing cost disconnect and lack of empathy for your fellow
citizens is noted.
Thank you.
Yes, asshole like yourself rarely reach awareness of their
narcissism.
Meantime, assholes like you blame others.
Yes inflation is not my fault, news flash!
Post by Ed P
Take charge of your life.With Xiden in power?
Unlikely.
Post by Ed P
I'm very aware of what it takes to live well.
So much so you have no empathy for working folks.

It now costs 117% more to be able buy a home under Xiden than Trump!
Post by Ed P
A college degree in
Interpretive Dance or similar will get you a job at Starbucks.
Non sequitur deflection, fuck off.
Post by Ed P
Go into the trades or some sort of medical field and make 6 figures
easily.
Go try and buy a home on one income.
Post by Ed P
Minimal cost for training and a lifelong career.
One still unable to escape the inflationary debt bomb demotard spiral
however.
Post by Ed P
Post by Akidasar
Post by Ed P
Forgot to mention,
Drop dead soon please.
Nope, went to the doctor last week and my blood test results are the
best in over a year.
That can and will change, trust me.
Post by Ed P
But what sort of sick person woulwish another
to drop dead? Says a lot about you.
Turnabout is fair play, you MAGA-hating odious leftarded prick.

Die real soon.
Ed P
2024-05-22 21:09:36 UTC
Reply
Permalink
Post by Akidasar
Post by Ed P
Go into the trades or some sort of medical field and make 6 figures
easily.
Go try and buy a home on one income.
Granddaughter did it. Smart kid, very independent.
Post by Akidasar
Post by Ed P
But what sort of sick person woulwish another
to drop dead? Says a lot about you.
Turnabout is fair play, you MAGA-hating odious leftarded prick.
Die real soon.
Never wished them deal, just become educated. Classy guy you are. Show
your post to your mother and make her proud.
Akidasar
2024-05-22 21:20:10 UTC
Reply
Permalink
On Wed, 22 May 2024 17:09:36 -0400
Post by Ed P
Post by Akidasar
Post by Ed P
Go into the trades or some sort of medical field and make 6
figures easily.
Go try and buy a home on one income.
Granddaughter did it. Smart kid, very independent.
Most cannot:

https://www.quora.com/Why-does-it-now-require-two-full-time-incomes-for-the-average-family-buying-an-average-home-in-the-city-when-compared-to-the-1960s-when-1-income-was-sufficient-despite-interest-rates-being-up-to-80-higher-in-the-60s

https://www.smh.com.au/property/news/even-a-modest-home-is-out-of-reach-for-first-home-buyers-now-20240220-p5f6dy.html

https://www.reddit.com/r/SanDiegan/comments/171qrtv/how_are_people_buying_homes_is_it_mostly_dual/?rdt=38445

https://fortune.com/2024/03/29/starter-home-income-needed-nearly-doubled-pandemic-housing-market/

https://www.businessinsider.com/dinks-buy-homes-parents-spend-most-income-on-mortgage-childcare-2024-2

Homebuyers with kids are likely to spend 66% of their income on a mortgage and childcare, per Zillow.
It found that parents in Los Angeles and San Diego could expect to
spend as much as 121% and 113%.

https://www.npr.org/2024/04/02/1242212997/housing-affordability-income-100000

You'll need more than $100,000 in income to afford a typical home,
studies show

https://www.thestreet.com/personal-finance/even-two-income-families-find-it-harder-to-buy-a-home-12636064

Officially, Redfin reports, 41% of middle-class families with those two incomes can afford to buy a home in 40 major U.S. cities.

It gets worse for one-income households. Redfin notes that just 10% of one-income households could afford a mortgage in those 40 cities.

Why the difficulty in home affordability, especially as more buyers seem to want to buy? The firm explains that housing prices have risen by 13% in each of the past two years, while median household income hasn't moved an inch (adjusted for inflation.)
Post by Ed P
Post by Akidasar
Post by Ed P
But what sort of sick person woulwish another
to drop dead? Says a lot about you.
Turnabout is fair play, you MAGA-hating odious leftarded prick.
Die real soon.
Never wished them deal, just become educated.
FOAD turdbrain leftard.
Post by Ed P
Classy guy you are.
You get what you earn here.
Post by Ed P
Show your post to your mother and make her proud.
Felch yours and make her twitch.
Baxter
2024-05-22 21:16:01 UTC
Reply
Permalink
Post by Akidasar
On Wed, 22 May 2024 16:28:27 -0400
Post by Ed P
Post by Akidasar
On Wed, 22 May 2024 12:30:24 -0400
Post by Ed P
Post by Akidasar
On Wed, 22 May 2024 10:11:33 -0400
Post by Ed P
I'm immune to rent increases at I bought my first house 58 years ago.
Your housing cost disconnect and lack of empathy for your fellow
citizens is noted.
Thank you.
Yes, asshole like yourself rarely reach awareness of their
narcissism.
Meantime, assholes like you blame others.
Yes inflation is not my fault, news flash!
https://tinyurl.com/4ddj3fkb
Post by Akidasar
Post by Ed P
Take charge of your life.With Xiden in power?
Unlikely.
Yeah, you'd much rather play the victim and demand free stuff.
Post by Akidasar
Post by Ed P
I'm very aware of what it takes to live well.
So much so you have no empathy for working folks.
It now costs 117% more to be able buy a home under Xiden than Trump!
You've never heard of Supply and Demand?! How's Biden got anything to do
with the price of houses?
Post by Akidasar
Post by Ed P
A college degree in
Interpretive Dance or similar will get you a job at Starbucks.
Non sequitur deflection, fuck off.
Go take a flying leap at your own asshole.
Post by Akidasar
Post by Ed P
Go into the trades or some sort of medical field and make 6 figures
easily.
Go try and buy a home on one income.
That's been a problem since Reagan.
Post by Akidasar
Post by Ed P
Minimal cost for training and a lifelong career.
One still unable to escape the inflationary debt bomb demotard spiral
however.
Republiturds LOVE inflation - and you keep voting for them.
Post by Akidasar
Post by Ed P
Post by Akidasar
Post by Ed P
Forgot to mention,
Drop dead soon please.
Nope, went to the doctor last week and my blood test results are the
best in over a year.
That can and will change, trust me.
There's no reason in the universe to trust you.
Post by Akidasar
Post by Ed P
But what sort of sick person woulwish another
to drop dead? Says a lot about you.
Turnabout is fair play, you MAGA-hating odious leftarded prick.
Die real soon.
MAGA is all about hate - and MAGAts can't understand anyone that doesn't
hate.
Akidasar
2024-05-22 21:23:36 UTC
Reply
Permalink
On Wed, 22 May 2024 21:16:01 -0000 (UTC)
Post by Baxter
Post by Akidasar
It now costs 117% more to be able buy a home under Xiden than Trump!
You've never heard of Supply and Demand?! How's Biden got anything
to do with the price of houses?
https://www.banking.senate.gov/newsroom/minority/scott-the-biden-administrations-spending-policies-caused-this-economic-pain

The bottom line is that President Biden and Bidenomics has devastated our economy and devastated people working paycheck to paycheck. The highest percentage of Americans with the fewest dollars in their savings account for an emergency is now because of President Biden and Democrats’ reckless spending.

They like to name their bills in attractive ways but the bottom line is a really simple thing: they all add to inflation.

Whether it’s the “American Rescue Plan,” the “Bipartisan Infrastructure Act,” or the worst-named bill perhaps in American history, the “Inflation Reduction Act.”

Anyone who believes that inflation has gone down because of the Inflation Reduction Act – all you have to do is look at the latest information coming out of the Federal Reserve itself. Inflation continues to increase.

These bills used to be hailed positively as a part of “Bidenomics,” but now they’re just economics because no one can afford President Biden’s approach to solving the problems that we see in our nation.

And I know this to be true, because it doesn’t matter whether I’m at home in South Carolina or any other state around the country, I keep hearing the same things from consumers:

“Rent is too high. I’ll never be able to afford a mortgage.”

“I’m living paycheck to paycheck. My grocery bills are staggering, and I can barely afford them.”

Or “I spent my entire life working and building up enough savings to retire, but now I’m worried those savings won’t go far enough and I’ll have to go back to work.”

Or “I’m really worried about my finances and our economy.”

And they always end with a simple question, “What can you do to help me?”

The number one concern besides the devastation that Americans are experiencing because of the unsafe, insecure, wide-open southern border, the number one concern outside of the border is the economy.

Americans across the country point their fingers at the devastation of inflation.

Inflation today is costing the average American family an additional $8,508, just to buy the same things they were able to buy before President Biden took office.

It is truly unfortunate that the Biden administration continues to play a game of deflection – not taking responsibility, not solving the problem – but looking for someone else to blame other than the man in the mirror.

First, the Biden administration told us that the challenges that we were seeing with inflation were “transitory.” I cannot tell you the number of hearings I sat through – whether it was Secretary Yellen or others – who said that this is transitory because of COVID.

Well, then they changed the story that it was “Putin’s price hike” because of the Russian invasion of Ukraine.

And then it was “greedflation” or “shrinkflation” when the fact of the matter is simply, Biden’s inflation.

Here’s the truth: the Biden administration’s spending policies has caused the inflation that we’re seeing and the economic devastation it is producing. They are the key contributors to the price hikes we are all experiencing today.

Let's take a step back to understand what inflation really feels like to the average American.

Prices across the board have certainly increased nearly 20% since Biden took office. Yes, 20% increase in just over three years.

For example, butter is up 27%, chicken 26%, white bread 30%.

When you go to the pump, you don’t have to believe what President Biden says about the challenges, all you have to do is see the price at the pump – 40% increase. Energy costs, 25% increase.

I could spend the rest of my time this morning discussing other examples of how much prices have increased, but the American people know all to well the challenges that they face and where it comes. That’s why they trust him so little on the economy.

It is crystal clear, they know what they see with their own eyes, yet instead of looking at ways we can bring inflation down, this administration continues to look for scapegoats such as corporate America.

Here’s what The Federal Reserve recently studied that the administration’s – and that’s the Federal Reserve – studied the administration’s claims that corporations are driving up inflation and came to the conclusion, and I’ll just read it, “unprecedented large and direct government intervention,” and “accommodative monetary policy,” profits were back to their pre-pandemic levels by the end of 2022.

With respect to “shrinkflation,” the Biden administration’s own Bureau of Labor Statistics (BLS) reported that its effects have resulted in a 0.01 percent average annual increase to prices, and “has a very small impact on the overall inflation picture.”

I know this is really uncomfortable for some of you to listen to it, that’s just called the facts.

What we should be talking about today is the direct harm this administration’s policies are causing as they continue to lead to more inflation.

We should be talking about the inflation spike we are likely to see after billions and billions of dollars in student loans are illegally forgiven by this administration.

We should be talking about a federal debt that is growing by trillions of dollars every single year.

The American people are smart. They see through this blatant attempt by the administration to blame others for the inevitable results of their policies.

It’s time for the Biden administration and their friends on the other side of the aisle to wake up and smell the coffee that now costs 30 percent more.

Out-of-control, reckless spending led to runaway inflation that has
remained elevated for years now. We must all accept that fact and
return to sound economic policies that make affording the basics just a
bit easier for the American family.
micky
2024-05-23 06:25:41 UTC
Reply
Permalink
In alt.home.repair, on Wed, 22 May 2024 16:28:27 -0400, Ed P
Post by Ed P
Post by Akidasar
Post by Ed P
Forgot to mention,
Drop dead soon please.
Nope, went to the doctor last week and my blood test results are the
best in over a year. But what sort of sick person would wish another to
drop dead? Says a lot about you.
Indeed. I will go back and plonk hir.
Ranger
2024-05-23 16:43:29 UTC
Reply
Permalink
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Rightists keep saying that only Government can save the day. Trump has a
plan but he's not telling you because if he did, then you would know.
Clare Snyder
2024-05-24 03:28:51 UTC
Reply
Permalink
On Thu, 23 May 2024 16:43:29 -0000 (UTC), Ranger
Post by Ranger
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Rightists keep saying that only Government can save the day. Trump has a
plan but he's not telling you because if he did, then you would know.
If he could put words together into sentances maybe HE would know what
his plans are but he doesn't understand his "word salad" any better
than the rest of us

Bob F
2024-05-24 03:11:19 UTC
Reply
Permalink
Post by stats monkey
The Fed released a report today showing that a majority of Americans
said they were still being impacted by inflation last year. In some
cases that meant not being able to pay bills or buy food.
Inflation may have slowed last year, but it continued to deal heavy
blows — some devastating — on Americans’ livelihoods: Nearly two-thirds
of US adults were worse off because of it, and roughly 1 in 6 couldn’t
pay all their monthly bills, new Federal Reserve data shows...
Inflation made the financial lives “worse” for 65% of US households,
according to the report. Among those, 19% said it was “much worse.”...
Incomes grew healthily in 2023, but so did spending, the Fed report
showed. Monthly budgets remained tight and more than half of adults
didn’t have money left over after paying their expenses.
This was especially true for lower-income adults, who reported higher
instances of not having enough to eat, not being able to cover bills in
full and skipping medical care.
Here's the full report. Respondents were asked an open-ended question
about their financial challenges and the top response was about inflation.
Inflation was the most common challenge, with more than one-third
classified into that category, followed by basic living expenses and
housing (figure 6)...
When describing challenges related to inflation, many people mentioned
the cost of food and groceries. For example, one respondent stated that
“[the] increase in cost of food has significantly impacted [my] budget.”
Another said, “…rising food prices hurt daily.” Those with incomes under
$100,000 were more likely to specifically mention the cost of food and
groceries as a concern.
People also expressed concerns about housing affordability. For example,
one respondent said, “rent costs keep rising and it is hard to save
enough for a down payment to buy a house.”
Asked about their incomes in 2023, many respondents said it had gone up,
but there was a catch. Their expenses had gone up too.
A sizeable share of adults said their family’s monthly income increased
in 2023 compared with a year earlier. However, the share of adults who
said their spending increased from the prior year was even greater...
Thirty-four percent of adults said their family’s monthly income
increased in 2023, while a higher 38 percent increased their monthly
spending (figure 9).
Overall, 51% of adults said they were spending equal to or more than
their monthly income. And this brings us to the question about expenses
that was headlined by CNN.
Most adults said that price increases made their financial situation
worse. Sixty-five percent of adults said that changes in the prices they
paid compared with the prior year had made their financial situation
worse, including 19 percent who said price changes had made their
financial situation much worse. In contrast, 4 percent of adults said
that price changes compared with the prior year had made their financial
situation better. Thirty-one percent of adults said overall changes in
the prices they paid had little to no effect on their financial
situation in the last year.
The feelings about inflation were strongly divided by income level as
this chart demonstrates.
https://media.townhall.com/cdn/hodl/ha/images/2024/142/b9f1a55e-f2ea-4952-bacd-7c5367dcde1f-650x0.JPG
My reading of this chart is that the "at least somewhat worse" column
includes all of the people who said things were "much worse." Still, you
can see that for people making under $50,000 per year, the average who
said things were much worse was more than double the percentage for
those making over $100,000.
My takeaway from all of this is that while the economy is doing fairly
well by some measures, inflation has really kept a lot of people from
benefitting from whatever wage increases they have earned in the past
year. The people at the higher end of the income scale are still doing
fine but people at the lower end are not seeing much in the way of
benefits from Bidenomics.
https://hotair.com/john-s-2/2024/05/21/cnn-65-of-americans-were-worse-off-last-year-because-of-inflation-n3788840
"The White House — which has been pressing retailers to lower prices —
took credit for the rollbacks, posting on X: “President Biden called on
grocery chains making record profits to lower prices for consumers — and
they’re answering the call.”

Since the pandemic, the major chains have been operating at the highest
profit margins on groceries in two decades, according to a study by the
White House Council of Economic Advisers. An array of federal
regulators, Democratic lawmakers and think tanks contend that large
retailers have kept prices artificially high, allegedly through coercive
tactics like price fixing and price gouging, and industry consolidation."

https://www.washingtonpost.com/business/2024/05/24/grocery-prices-falling/?utm_campaign=wp_post_most&utm_medium=email&utm_source=newsletter&wpisrc=nl_most&carta-url=https%3A%2F%2Fs2.washingtonpost.com%2Fcar-ln-tr%2F3dcebb3%2F664f63fbb2d71967b331d64b%2F64944c84ec9e336eab7b13c2%2F17%2F48%2F664f63fbb2d71967b331d64b
Loading...