American Families’ Finances Are Approaching The Breaking Point Under The Cumulative W

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Earl

Well-known member
American Families’ Finances Are Approaching The Breaking Point Under The Cumulative Weight Of Months Of Painful Inflation

In Biden’s Economy “[A] growing number of Americans say their own financial circumstances are worsening on Biden’s watch. Roughly 4 in 10 Americans (41 percent) say they are not as well-off financially since Biden became president, up from 35 percent one year ago and the highest percentage to report such a sentiment under any president in Post-ABC polls since measurement began in 1986.” (“Americans Not Feeling Impact Of Biden Agenda, Post-ABC Poll Finds,” The Washington Post, 2/06/2023) Only 16% of Americans say they are financially better off than they were two years ago when Biden was sworn in. (Washington Post-ABC News Poll, 2/03/2023)

A large majority of Americans (58%) disapprove of President Biden’s handling of the economy. (Washington Post-ABC News Poll, 2/03/2023) Since President Biden Took Office, Prices For Food, Energy, Transportation, And Housing Have Increased At Staggering Rates Since President Biden took office, inflation has increased 13.5%. (Bureau of Labor Statistics, Accessed 1/12/2023) Grocery (food at home) prices have increased 18.6%. (Bureau of Labor Statistics, Accessed 1/12/2023) Food away from home prices have increased 14.4%. (Bureau of Labor Statistics, Accessed 1/12/2023) Energy prices have increased 33.9%. (Bureau of Labor Statistics, Accessed 1/12/2023) Prices for fuel oil have increased 89.3%. (Bureau of Labor Statistics, Accessed 1/12/2023)

Gasoline (all types) prices have increased 37.8%. (Bureau of Labor Statistics, Accessed 1/12/2023) Natural gas prices have increased 47.3%. (Bureau of Labor Statistics, Accessed 1/12/2023) Electricity prices have increased 21.0%. (Bureau of Labor Statistics, Accessed 1/12/2023) Rental prices for a primary residence have increased 11.9%. (Bureau of Labor Statistics, Accessed 1/12/2023) Prices for used cars and trucks have increased 26.2%. (Bureau of Labor Statistics, Accessed 1/12/2023) Prices for new vehicles have increased 18.1%. (Bureau of Labor Statistics, Accessed 1/12/2023) Furniture prices have increased 19.6%. (Bureau of Labor Statistics, Accessed 1/12/2023) Apparel prices have increased 5.8%. (Bureau of Labor Statistics, Accessed 1/12/2023) Airline fares have increased 33.7%. (Bureau of Labor Statistics, Accessed 1/12/2023) Americans Continue Losing More Of Their Paychecks To Inflation, With Year-On-Year Real Average Weekly Earnings Decreasing 3.1% “Real average hourly earnings decreased 1.7 percent, seasonally adjusted, from December 2021 to December 2022.

The change in real average hourly earnings combined with a decrease of 1.4 percent in the average workweek resulted in a 3.1-percent decrease in real average weekly earnings over this period.” (Bureau of Labor Statistics, Press Release, Accessed 1/12/2023)

https://www.republicanleader.senate...n-the-last-two-years-of-failed-biden-policies
 
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The annual inflation rate since 7/22 is 3%.

The price increases quoted above for 1/23 will be higher for 7/23.

Those price increases in 1/23 remain with us plus part of the 3%.
 
Earl said:
American Families’ Finances Are Approaching The Breaking Point Under The Cumulative Weight Of Months Of Painful Inflation

In Biden’s Economy “[A] growing number of Americans say their own financial circumstances are worsening on Biden’s watch. Roughly 4 in 10 Americans (41 percent) say they are not as well-off financially since Biden became president, up from 35 percent one year ago and the highest percentage to report such a sentiment under any president in Post-ABC polls since measurement began in 1986.” (“Americans Not Feeling Impact Of Biden Agenda, Post-ABC Poll Finds,” The Washington Post, 2/06/2023) Only 16% of Americans say they are financially better off than they were two years ago when Biden was sworn in. (Washington Post-ABC News Poll, 2/03/2023)

A large majority of Americans (58%) disapprove of President Biden’s handling of the economy. (Washington Post-ABC News Poll, 2/03/2023) Since President Biden Took Office, Prices For Food, Energy, Transportation, And Housing Have Increased At Staggering Rates Since President Biden took office, inflation has increased 13.5%. (Bureau of Labor Statistics, Accessed 1/12/2023) Grocery (food at home) prices have increased 18.6%. (Bureau of Labor Statistics, Accessed 1/12/2023) Food away from home prices have increased 14.4%. (Bureau of Labor Statistics, Accessed 1/12/2023) Energy prices have increased 33.9%. (Bureau of Labor Statistics, Accessed 1/12/2023) Prices for fuel oil have increased 89.3%. (Bureau of Labor Statistics, Accessed 1/12/2023)

Gasoline (all types) prices have increased 37.8%. (Bureau of Labor Statistics, Accessed 1/12/2023) Natural gas prices have increased 47.3%. (Bureau of Labor Statistics, Accessed 1/12/2023) Electricity prices have increased 21.0%. (Bureau of Labor Statistics, Accessed 1/12/2023) Rental prices for a primary residence have increased 11.9%. (Bureau of Labor Statistics, Accessed 1/12/2023) Prices for used cars and trucks have increased 26.2%. (Bureau of Labor Statistics, Accessed 1/12/2023) Prices for new vehicles have increased 18.1%. (Bureau of Labor Statistics, Accessed 1/12/2023) Furniture prices have increased 19.6%. (Bureau of Labor Statistics, Accessed 1/12/2023) Apparel prices have increased 5.8%. (Bureau of Labor Statistics, Accessed 1/12/2023) Airline fares have increased 33.7%. (Bureau of Labor Statistics, Accessed 1/12/2023) Americans Continue Losing More Of Their Paychecks To Inflation, With Year-On-Year Real Average Weekly Earnings Decreasing 3.1% “Real average hourly earnings decreased 1.7 percent, seasonally adjusted, from December 2021 to December 2022.

The change in real average hourly earnings combined with a decrease of 1.4 percent in the average workweek resulted in a 3.1-percent decrease in real average weekly earnings over this period.” (Bureau of Labor Statistics, Press Release, Accessed 1/12/2023)

https://www.republicanleader.senate....biden-policies
Click to expand...

Earl the link that you provided results in this:

Hmm. We’re having trouble finding that site.

We can’t connect to the server at www.republicanleader.senate....biden-policies.

If that address is correct, here are three other things you can try:

Try again later.
Check your network connection.
If you are connected but behind a firewall, check that Firefox has permission to access the Web.
 
Trumpet said:
Earl the link that you provided results in this:

Hmm. We’re having trouble finding that site.

We can’t connect to the server at www.republicanleader.senate....biden-policies.

If that address is correct, here are three other things you can try:

Try again later.
Check your network connection.
If you are connected but behind a firewall, check that Firefox has permission to access the Web.
Click to expand...

Try this one, Trumper.

https://www.republicanleader.senate...n-the-last-two-years-of-failed-biden-policies


The links are often changed.
 
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‘[F]or Most Americans, The Price Of A Cup Of Coffee Or A Bag Of Groceries Hasn’t Budged’ As ‘Grocery Prices Remain Stubbornly High’

“[F]or most Americans, the price of a cup of coffee or a bag of groceries hasn’t budged…. Prices are still well above where they were a year ago. The headline consumer price index, which measures the cost of a wide variety of goods and services, is up 6.5% as of December, according to Labor Department data. Some price increases are eye-popping: The cost of large Grade A eggs has more than doubled, while the price tags for cereal and bakery products have climbed 16.1%. ‘There are some prices, some goods for which prices are falling,’ said Mark Zandi, chief economist of Moody’s Analytics. ‘But broadly, prices aren’t falling. It’s just that the rate of increase is slowing.’” (CNBC, 1/25/2022)

“Eggs, milk, butter, flour … if you were making pancakes last year, it would have cost you. Food prices surged in 2022. Grocery prices remain stubbornly high (and nearly double the rate of overall inflation) at 11.8% year over year, according to data released [January 12th] by the Bureau of Labor Statistics…. [A]nd none have been more rotten than egg prices: They’re up 59.9% year over year, a rate not seen since 1973 …” (“Egg Prices Exploded 60% Higher Last Year. These Food Prices Surged Too,” CNN Business, 1/13/2023)
Months Of Paying More For Everything Has American Households Eating Into Savings, ‘Sinking Deeper Into Debt,’ And Falling Behind On Payments

‘The Cushion Of Savings Many Built Up During The Pandemic Is Thinning Out [And I]n Some Households, It Is Already Gone’

“The cushion of savings many built up during the pandemic is thinning out. In some households, it is already gone. Americans have spent down about 35% of the extra savings they accumulated during the pandemic as of mid-January, according to an estimate from Goldman Sachs. By the end of the year, the company forecasts that they will have exhausted roughly 65% of that money. In 2020 and into 2021, a combination of government pandemic stimulus and reduced spending, for example on restaurants and travel, fattened Americans’ wallets. Households amassed $2.7 trillion in extra savings by the end of 2021, according to Moody’s Analytics. … Today, some people are having to cut back on their spending or add to their credit-card balances. Many have had to tap their savings to stay afloat, say economists.” (“Once Flush Savings Accounts Are Starting to Run Dry,” The Wall Street Journal, 2/06/2023)

Many Families Are Falling Behind On Their Bills And ‘Sinking Deeper Into Credit-Card Debt’
 
The Republican Leader is more likely to be biased in favor of the Republican's point of view.
 
Trumpet said:
The Republican Leader is more likely to be biased in favor of the Republican's point of view.
Click to expand...

The figures are from the Bureau of Labor Statistics, Trumper, surely you trust your government.

The Bureau of Labor Statistics is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics and serves as a principal agency of the U.S. Federal Statistical System.
 
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