{"id":2000331,"date":"2023-08-14T17:04:02","date_gmt":"2023-08-14T21:04:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-forces-typical-american-household-to-spend-709-more-per-month-than-two-years-ago\/"},"modified":"2023-08-14T17:06:06","modified_gmt":"2023-08-14T21:06:06","slug":"inflation-forces-typical-american-household-to-spend-709-more-per-month-than-two-years-ago","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-forces-typical-american-household-to-spend-709-more-per-month-than-two-years-ago\/","title":{"rendered":"Inflation compels average US households to spend $709 extra monthly compared to two years ago."},"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\">30<\/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%2Finflation-forces-typical-american-household-to-spend-709-more-per-month-than-two-years-ago%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=2000331&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--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>Moody&#8217;s Analytics chief economist Mark Zandi has calculated that the typical American household\u200d is spending a\u2063 whopping $709 more \u2063per\u200d month than they were two years ago due to high inflation.<\/p>\n<p>Mr. Zandi&#8217;s calculations came\u200b in a post on X \u2064(formerly known as Twitter), while remarking \u200don the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/number-of-migrant-children-in-border-patrol-custody-drops-45-as-biden-admin-transfers-kids-to-hhs\/\" title=\"Number Of Migrant Children In Border Patrol Custody Drops 45% As Biden Admin Transfers Kids To HHS\">latest government data<\/a> on inflation, the Consumer Price \u2062Index (CPI).<\/p>\n<p>Inflation, as measured \u2063by \u2062CPI, came in at 3.2 percent in year-over-year terms\u2064 in July, up \u200cfrom 3 percent in \u2062June and the\u200d first increase in the annualized pace of inflation in about a year.<\/p>\n<div class=\"shortcode\">\n<div class=\"mb-4 mr-4 w-full max-w-[500px] border border-[#D3D3D3] px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/world\/economists-expect-rise-in-inflation-as-price-growth-fight-enters-new-phase-5463158\">Economists \u2063Expect Rise in\u200d Inflation as Price-Growth Fight Enters New Phase<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">8\/14\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/world\/economists-expect-rise-in-inflation-as-price-growth-fight-enters-new-phase-5463158\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/us\/analysis-is-another-wave-of-inflation-happening-5459541\">ANALYSIS: Is Another Wave of Inflation Happening?<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">8\/11\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/us\/analysis-is-another-wave-of-inflation-happening-5459541\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>While that&#8217;s down from the \u20649.1 percent peak in June 2022, many consumers continue\u200b to reel from \u200dthe\u2062 persistently elevated \u200bprice\u200d pressures of the last few years.<\/p>\n<p>&#8220;The high inflation of the \u200cpast two-plus years has done lots of economic damage. Due to the high inflation, the typical household spent $202 \u2062more in \u2062a\u2063 July\u200b than they\u2062 did a year ago to buy the same goods and services. And \u2064they spent $709 \u2063more than they did\u2063 two years ago,&#8221; Mr. Zandi wrote in his post.<\/p>\n<p>While Mr. Zandi\u2062 characterized \u200cthe July&#8217;s inflation numbers as &#8220;great,&#8221; Republicans saw his \u200ccalculations as yet more proof that \u2064President \u2062Joe Biden&#8217;s \u2063economic policies were fanning the flames of inflation.<\/p>\n<div class=\"shortcode\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>&#8220;Bidenomics is costing the average\u200c family over \u2062$700 more per\u2062 month!&#8221; the Wisconsin\u200c Republican \u2064Party\u2063 wrote in a post on social \u200bmedia.<\/p>\n<h2>&#8216;Right\u200d All Along&#8217;?<\/h2>\n<p>Republicans have criticized several <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-forces-typical-american-household-to-spend-709-more-per-month-than-two-years-ago\/\" title=\"Inflation compels average US households to spend 9 extra monthly compared to two years ago.\">big-ticket spending \u200cbills \u200bchampioned<\/a> by President Biden, including\u200d the\u200d so-called Inflation Reduction Act that \u200dthey said would do the opposite\u2062 of the price-busting pledge implied by the name.<\/p>\n<p>Democrats, by\u200b contrast, have argued that the Inflation Reduction Act would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-now-arguing-taxing-corporations-more-would-reduce-inflation\/\" title=\"Biden Now Arguing Taxing Corporations More Would Reduce Inflation\">lower price pressures<\/a>. However, the \u200dPenn\u2062 Wharton Budget Model \u2064found that the\u2063 impact\u200c of the bill on inflation\u2062 is &#8220;statistically indistinguishable\u2062 from\u200c zero&#8221; while the Tax Foundation&#8217;s\u2062 analysis\u200c concluded that &#8220;by <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysis-finds-3-terrible-economic-consequences-from-so-called-inflation-reduction-act\/\" title=\"Analysis Finds 3 Terrible Economic Consequences From So-Called Inflation Reduction Act\">reducing long-run economic growth<\/a>, the bill worsens\u2064 inflation by constraining the productive capacity of the economy.&#8221;<\/p>\n<p>President Biden recently\u2064 said he regrets naming \u2064the bill the\u200c Inflation \u2063Reduction Act because it was more about spending\u200c on environmental initiatives rather than\u2064 taking the\u200b sting out of soaring prices.<\/p>\n<p>\u201cThe Inflation \u200dReduction Act\u2014I\u2064 wish I hadn\u2019t \u2063called it \u200cthat, because it has less to do with reducing inflation \u200dthan it \u200cdoes to do\u2064 with \u2062dealing with providing for alternatives that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-hikes-in-manchin-biden-bill-will-crush-middle-class-americans-and-manufacturers-say-critics\/\" title=\"Tax Hikes in Manchin\u2013Biden Bill Will Crush Middle-Class Americans and Manufacturers, Say Critics\">generate economic growth<\/a>,\u201d the president said\u2062 on Aug. 10 at\u2064 an appearance in \u2064Park City, Utah.<\/p>\n<p>Some \u2064Republicans saw his remarks as confirmation\u2062 of their earlier arguments that \u200dthe\u2063 Inflation Reduction Act would have the \u2064opposite effect to what the bill&#8217;s \u2062name promises.<\/p>\n<p>\u201cRepublicans were right all along,\u201d\u2064 Rep. Andy Biggs (R-Ariz.) said in\u2063 a post on \u2062X \u200cin response to President Biden\u2019s comment.<\/p>\n<p>While \u200cthe headline pace of CPI inflation came in at 3.2 percent year over year,\u200c so-called core inflation (which \u2063strips out food and energy from \u200bthe calculation) came in at \u20624.7 percent.<\/p>\n<p>The core reading, rather than the headline \u200dnumbers, is what the Federal Reserve looks at most closely when assessing progress in trying \u200bto bring inflation down to its target \u2063of\u200d around\u2064 2 percent.<\/p>\n<p>\u201cThe decline in core inflation readings from year-ago\u200b levels has been much less pronounced and at 4.7 percent remains well above the 2 percent target,&#8221;\u200b Bankrate chief financial analyst Greg McBride\u200d told The Epoch Times in an emailed\u200c statement.\u200d &#8220;Even \u2062after a monthslong holding pattern to start the \u200byear, core inflation readings are showing only\u200d modest progress in the right\u200c direction.\u201d<\/p>\n<p>In its effort\u2063 to quash inflation, \u200bthe Fed has hiked rates since March \u200b2022 at its most aggressive pace since the 1980s.<\/p>\n<h2>Households Still Feel Squeezed<\/h2>\n<p>Even though the\u2063 pace \u2063of inflation \u200dhas slowed significantly from the 9.1 percent peak \u2063in June 2022, several recent \u200bsurveys indicate Americans continue\u2062 to feel the\u2062 pain of high prices.<\/p>\n<p>According to a Bankrate survey in\u200c July, 72 percent of Americans don&#8217;t feel financially\u200d secure. Among them, 63\u2064 percent say that high inflation is making it hard for \u200dthem to\u2064 be financially comfortable.<\/p>\n<p>Another\u200d survey by Bankrate in \u2064June \u200cfound that 68 percent are\u200d saving\u2064 less for unexpected situations because\u2062 of inflation.<\/p>\n<p>High inflation resulted in Social\u200b Security recipients receiving\u200d an 8.7 percent c<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Index (CPI). He emphasized that this surge in spending is a significant burden for households, impacting their financial well-being.<\/p>\n","protected":false},"author":118,"featured_media":2000332,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2000331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2000331","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\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2000331"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2000331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2000332"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2000331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2000331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2000331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}