Average household spends 26% more on food, shelter, and transportation in Biden’s first year
Many in the media have moaned that inflation fears are political. MSNBC’s Stephanie Ruhle, whose reported net worth is £6 million , probably not sitting in cash right now, smirked as she claimed that the “dirty little secret” of the economy is that most of us peasants can actually afford inflation. But can we, though?
Wages are only up 4.6% from this point last year, yet the costs in the average household budget are much more than that. The data do not lie. The Bureau of Labor Statistics’s Consumer Expenditure Survey found that housing, which accounts for one-third of the average household’s budget, is up 20% from this point last year.
Transportation fuel is up 60% — no small thing with the average household spending 16% of its budget on transportation. Food, which makes up 13% of the average family budget, is up 5.3%. Personal insurance and healthcare , which usually eat up nearly a fifth of a household budget, are up 8%.
Clothing, 3.1% of the average budget, is up 4.3%. All in all, this means that the most necessary 85% of the average family’s household budget has cost 21.7% more this year than last. The 62% of the budget that just goes to food, shelter, and transportation costs 27% more.
Does a 4.6% increase in your paycheck cover a 27% increase in the things that make up a majority of your budget or an almost 22% increase in your overall household budget?
You have to work at MSNBC to think it does.
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