{"id":1652974,"date":"2022-09-22T09:22:20","date_gmt":"2022-09-22T13:22:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1652974"},"modified":"2022-09-22T09:22:23","modified_gmt":"2022-09-22T13:22:23","slug":"bidenflation-is-costing-the-average-american-family-11500-this-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenflation-is-costing-the-average-american-family-11500-this-year\/","title":{"rendered":"Bidenflation Is Costing the Average American Family $11,500 This Year"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenflation-is-costing-the-average-american-family-11500-this-year%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1652974&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Americans are set to fork out an\u00a0extra $11,500 this year if they want to enjoy the same standard\u00a0of living they maintained in 2020, according to new estimates\u00a0from\u00a0NerdWallet.<\/p>\n<p>The <a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/data-inflation-spending-recession\">estimates<\/a>, published in August, were based on\u00a0<a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a> and annual <a href=\"https:\/\/www.theepochtimes.com\/t-spending\">spending<\/a> data from the U.S. Bureau of Labor Statistics (BLS). Analysts at\u00a0NerdWallet looked at how spending would compare this year to 2020 when the COVID-19 pandemic began.<\/p>\n<p>Analysts said 2020 was the \u201clast full year when inflation was relatively stable.\u201d In that same year, the U.S. inflation rate was\u00a0<a href=\"https:\/\/www.macrotrends.net\/countries\/USA\/united-states\/inflation-rate-cpi#:~:text=U.S.%20inflation%20rate%20for%202020,a%200.63%25%20decline%20from%202018.\">1.23 percent<\/a>.<\/p>\n<p>As of August, inflation in the United States stands at\u00a08.3 percent, according to\u00a0<a href=\"https:\/\/www.bls.gov\/cpi\/#:~:text=News%20Releases,-CPI%20for%20all&amp;text=In%20August%2C%20the%20Consumer%20Price,over%20the%20year%20(NSA).\" target=\"_blank\" rel=\"noopener\">data<\/a>\u00a0from BLS.<\/p>\n<p>\u201cIn all of 2020, American households spent $61,300, on average,\u201d according to analysts. \u201cThis number includes everything we spend our money on: housing, food, entertainment, clothing, transportation, and everything else.\u201d<\/p>\n<p>\u201cIn 2022, it stands to reach $72,900, a difference of more than $11,500 if consumers want to maintain the same standard of living,\u201d they wrote.<\/p>\n<p>NerdWallet analysts said that this is an average estimate, and therefore one that is \u201cexact to a very few.\u201d<\/p>\n<p>\u201cThose 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,\u201d they wrote.<\/p>\n<p>According to analysts, total monthly household expenditures are up $961 from 2020, while spending on groceries is up $101. Shelter is up $120 and household utilities are up $70 per household, while gasoline has risen by a whopping $209.<\/p>\n<h2>Another Fed Rate Hike<\/h2>\n<p>NerdWallet noted that spending figures for 2020 were less than typical given that COVID-19 pandemic restrictions meant that fewer people were commuting, or forking out for childcare and entertainment, resulting in an overall decline in spending.<\/p>\n<p>\u201cIt\u2019s a safe assumption that people will spend less in certain categories this year too, if for no other reason than avoiding high prices,\u201d they wrote. \u201cThis 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.\u201d<\/p>\n<p>A separate analysis from the Joint Economic Committee Republicans estimates that inflation is now costing\u00a0American households an extra\u00a0<a href=\"https:\/\/www.jec.senate.gov\/public\/index.cfm\/republicans\/2022\/8\/state-inflation-tracker-july-2022\" target=\"_blank\" rel=\"noopener\">$717<\/a>\u00a0each month, although this is even higher in\u00a0the states of Colorado ($937), Utah ($910), and Arizona ($833).<\/p>\n<p>On an annual basis, the committee estimates that households will have to fork out an extra $8,607.<\/p>\n<p>The Federal Reserve <a href=\"https:\/\/www.theepochtimes.com\/fed-raises-interest-rates-by-75-basis-points-to-highest-level-since-2008_4744094.html\">approved another\u00a075 basis points hike<\/a> on Sept. 21\u00a0to a target range of 3 percent to 3.25 percent\u00a0and indicated more large increases were on the way in an effort to cool down red-hot inflation.<\/p>\n<p>\u201cRecent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,\u201d the Fed said in a\u00a0<a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20220921a.htm\" target=\"_blank\" rel=\"noopener\">statement<\/a>.<\/p>\n<p>Fed officials also cited Russia\u2019s war in Ukraine for creating additional upward pressure on inflation and adding weight to\u00a0global economic activity.<\/p>\n<p>Meanwhile, President Joe Biden insisted earlier this week in\u00a0an <a href=\"https:\/\/www.theepochtimes.com\/americans-brace-for-surge-in-heating-electricity-bills-this-winter_4744610.html\">interview<\/a> on CBS\u2019 \u201c60 Minutes\u201d that inflation \u201chasn\u2019t spiked\u201d in recent months and remains \u201cbasically even.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-katabella-roberts\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Katabella Roberts is a news writer for The Epoch Times, focusing primarily on the United States, world, and business news.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Americans are set to fork out an\u00a0extra $11,500 this year if they want to enjoy the same standard\u00a0of living they maintained in 2020, according to new estimates\u00a0from\u00a0NerdWallet.The estimates, published in<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1652974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1652974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1652974"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1652974\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1652974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1652974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1652974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}