{"id":2111051,"date":"2023-11-29T14:11:02","date_gmt":"2023-11-29T19:11:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-need-over-11k-more-to-keep-2021-standard-of-living-report\/"},"modified":"2023-11-29T14:13:28","modified_gmt":"2023-11-29T19:13:28","slug":"americans-need-over-11k-more-to-keep-2021-standard-of-living-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-need-over-11k-more-to-keep-2021-standard-of-living-report\/","title":{"rendered":"Report: Americans Require Additional $11K+ for 2021 Living Standards"},"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\">18<\/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%2Famericans-need-over-11k-more-to-keep-2021-standard-of-living-report%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=2111051&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--><h2>Americans\u200b Struggle to \u2062Maintain Standard of Living\u200b Amid Soaring \u2064Inflation<\/h2>\n<p>Americans are facing a daunting challenge this year \u200c- they need over $11,000 more to sustain the same\u200b standard of living they enjoyed at the beginning of 2021. The impact of soaring inflation has been revealed in an\u200d analysis of government data, \u200cwhich shows that the typical American \u200dhousehold\u200b must spend an additional $11,434 in 2023 to maintain their quality of life.<\/p>\n<p>Although the\u200b inflation rate \u2064has slightly slowed down since 2021, when\u200b it\u200c reached its highest levels in four decades, many American families are feeling the financial strain more than ever before. A CBS News poll conducted in September found that less than half of\u2062 Americans, 47%, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-takes-a-blowtorch-to-the-truth-with-household-debt-and-savings-claim\/\" title=\"Biden Takes A Blowtorch To The Truth With Household Debt And Savings Claim\">feel financially comfortable<\/a> and have\u2064 money left over \u200cafter meeting their expenses. This is a decrease from 56% who reported the\u2063 same in 2019. On the other hand, more than half, 53%\u2063 of Americans, say they either have just enough or cannot\u200b meet their expenses, an increase from 44% in 2019.<\/p>\n<p>Food, transportation, housing,\u2063 and energy are the\u200d top categories that require additional spending,\u2063 accounting for nearly 80 cents of every extra dollar spent. This analysis from Republicans on the Senate Joint Economic \u2062Committee highlights the significant impact of rising prices in these essential areas.<\/p>\n<p>Furthermore, an analysis by the \u2062Ludwig Institute for Shared Economic Prosperity reveals that the average American fell short by nearly $14,000 in covering basic needs last \u2062year. The study found that about 6 in\u200b 10 Americans were unable \u200cto meet their basic needs in 2022.<\/p>\n<p>While\u2062 wages \u200chave seen some growth, they \u2064have\u200c failed to keep up with inflation. Government data shows \u200bthat the average hourly wage\u200c has increased by 13.6% since January 2021, but\u200d inflation has outpaced this growth with a 17% spike.<\/p>\n<p>Not all states are experiencing the same level of struggle with inflation. Colorado families face \u200dthe highest expenses hike this year, needing an extra $15,000 per year to maintain their 2021 standard of living.\u200c On \u2064the other hand, Arkansas had the lowest expenses increase with an $8,500 hike.<\/p>\n<p>In addition to everyday expenses, prices\u2062 for\u200d holiday\u2063 celebrations have also \u2063seen significant increases. The cost of a Thanksgiving meal for\u2064 ten people has risen \u2063by an\u2062 average of 14.7% compared to last year, and a staggering 25% compared to 2019. Halloween candy prices have also <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russian-central-bank-jacks-up-rates-to-12-to-support-battered-rouble\/\" title=\"Russian central bank raises rates to 12% to aid struggling rouble.\">experienced double-digit inflation<\/a> for the second consecutive year, spiking by 13% since October last year.<\/p>\n<p>Furthermore, a report from \u2064the Alliance for\u2063 Consumers estimated that the Biden administration&#8217;s rules and regulations may have added a\u200b $9,000 price tag for American \u200bhomeowners due to price hikes in various products.<\/p>\n<p>These financial challenges have taken\u200c a toll on public sentiment, with about 75% of \u2063people describing the economy as poor, according to a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/only-22-of-cable-news-is-news-study\/\" title=\"Only 22% of Cable \u2018News\u2019 is News: Study\">recent poll conducted<\/a> by the Associated Press-NORC Center for Public\u2062 Affairs Research.<\/p>\n<p>As Americans navigate these difficult times, it is clear that\u200b the impact of inflation is significantly affecting their ability to \u200bmaintain their standard of living.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1700760801843000&#038;usg=AOvVaw2PQrVSrJfhxNb4LcARqniG\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p> <\/p>\n<h2> What are the main drivers behind the soaring costs that Americans are facing?<\/h2>\n<p><span>  Rising inflation has only exacerbated this shortfall,\u200d making it\u200c even more difficult \u2062for Americans \u200bto make ends meet. Many \u200bare faced with difficult choices, such \u200cas cutting back on essentials or taking on additional, \u200doften unsustainable, debt.<\/p>\n<p>One\u200b of the main drivers behind the soaring costs is the rising prices of food. The cost of groceries has increased significantly in recent months, \u2064putting a strain on \u2064already tight budgets. This is particularly concerning as food is a basic necessity \u200cthat cannot be compromised on.<\/p>\n<p>Transportation costs have also gone up, with gas\u200d prices hitting record highs. This \u200bhas \u2063a ripple effect on other expenses, as increased transportation costs lead\u200d to higher\u200d prices for goods and services. This is especially impactful for those living in rural areas or those who rely heavily on commute for work.<\/p>\n<p>Housing is\u2063 another area where Americans are feeling the pinch. Rent and mortgage payments have \u2062soared, making it difficult to find affordable housing. This is further exacerbated\u2062 by a shortage of available housing, leading to increased\u200c competition and\u200d higher prices.<\/p>\n<p>Energy costs have also skyrocketed, with electricity and heating bills becoming a significant burden for many households. This is particularly concerning during the winter months when \u2062temperatures drop and energy consumption increases.<\/p>\n<p>The consequences of this rising inflation extend beyond just financial strain. Many Americans are finding it increasingly difficult to save for the future or invest in their education or retirement. This not only\u200c hampers individual financial growth\u2062 but also has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/budweiser-maker-promises-free-beer-if-70-of-u-s-adults-vaccinated-by-july-4\/\" title=\"Budweiser Maker Promises Free Beer If 70% Of U.S. Adults Vaccinated By July 4\">long-term implications<\/a> for the overall economy.<\/p>\n<p>The government has taken steps to address this\u200d issue, including implementing measures to\u2064 boost the supply chain and mitigate the impact of rising inflation. However, these efforts haven&#8217;t been enough to alleviate the burden on American households.<\/p>\n<p>In conclusion, Americans are facing a significant challenge in\u200b maintaining their standard of\u200c living amid soaring inflation. Rising \u2062costs in essential categories such\u2063 as food, transportation, housing, and energy have\u2064 left many struggling to make ends meet.\u2064 The financial strain is not only impacting individuals&#8217; \u2062immediate well-being but also their ability to save for the future.\u200b It is crucial for policymakers to take further action to alleviate this burden and ensure that Americans can sustain their quality\u200d of\u2063 life in the face of rising inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Americans require an additional $11,000 this year to maintain their previous standard of living. Due to surging inflation, the average American household must spend $11,434 more in 2023 to sustain that quality of life, as per CBS News&#8217; analysis of government data. The inflation rate has significantly impacted expenses<\/p>\n","protected":false},"author":107,"featured_media":2111052,"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":[541],"tags":[],"class_list":["post-2111051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"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\/2111051","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\/107"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2111051"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2111051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2111052"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2111051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2111051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2111051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}