Surging Bidenflation Will Cost Each U.S. Household an Extra $3,500 This Year
Joe Biden’s horrendous economy and his disastrously rising inflation rate is set to cost each U.S. household and additional $3,500 in higher costs this year over 2020.
An analysis from the Penn Wharton Budget Model, a group out of the University of Pennsylvania’s Wharton School, shows that most U.S. households will be hit hard by Biden’s floundering economy.
Per Fox News:
The recent inflation burst is disproportionately hurting lower-income households, largely because they collectively spend more on energy – which has seen some of the wildest price swings over the past year – while wealthy Americans spend more on services, which has seen the smallest inflation increases.
That could mean, based on 2020 spending data, that the bottom 20% of income-earners saw their consumption expenditure increase by 6.8% to $2,120 per household, while the top 5% saw a 6.1% increase, or roughly $7,636 per household. Middle-income earners also saw a large increase in expenses, with an increased consumption expenditure of $4,351, or an increase of 6.8%.
“Since higher-income groups had a bigger increase in expenditures in all categories, they also saw a bigger increase in total expenditure,” the analysis said. “However, because of variation in the composition of consumption bundles, we find that higher-income households had smaller percentage increases in their total expenditure.”
“Price increases were widespread: Energy prices jumped 3.5% in November and are up 33.3% year over year. Gasoline is a stunning 58.1% higher than it was a year ago. Food prices have also climbed 6.1% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 31%,” Fox added.
Joe Biden’s economy is the worst economy for the Middle Class and the poor for decades.
Now, didn’t good ol’ Joe run claiming that he would be the best for the poor and middle classes?
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