The Biden admin has failed Americans left and right. It’s far worse than you may think.
And this one shocking report just sank Joe Biden’s chances in 2024.
Americans will need almost $11,000 extra this year to maintain their quality of life from the beginning of 2021.
According to a CBS News analysis of government data, the average American household will need to spend $11,434 more in 2023 to maintain that standard of living due to growing inflation.
The inflation rate has fallen significantly since 2021, when it reached the highest levels in four decades, but CBS News survey from September found that many American households are struggling financially now more than they were before the outbreak.
Less than half of Americans, 47%, say they cannot live comfortably and have little money left over after meeting their expenses, down from 56% who said so in 2019, according to the polling.
Meanwhile, 53% of Americans, up from 44% in 2019, believe they have just enough or cannot pay their bills.
According to a research by Republicans on the Senate Joint Economic Committee, food, transportation, housing, and energy are the top spending categories, accounting for approximately 80 cents of every $1 in additional spending.
Meanwhile, according to the Ludwig Institute for Shared Economic Prosperity, the income required to meet such necessities fell short by over $14,000 on average last year. According to the estimate, around 6 in 10 Americans will be unable to achieve their basic necessities by 2022.
Wages have risen, but not in line with inflation.
The average hourly pay has risen 13.6% since January 2021, but inflation has risen by 17%, according to government figures.
Some states are dealing with higher levels of inflation than others.
The Republican study of Congress shows that Colorado families will need an extra $15,000 per year to keep up with their 2021 standard of living. This is the biggest cost increase for families in the state.
Since the beginning of 2021, Colorado has seen an especially significant housing increase of $267 per month.
Meanwhile, Arkansas experienced the smallest rise in spending, with a $8,500 increase.
Prices for holiday gatherings have also risen in recent years.
A Thanksgiving lunch for 10 people costs an average of 14.7% more this year than it did in 2021 ($53.31), and a whopping 25% more than it did in 2019.
For the second year in a row, Halloween candy prices have risen by double digits, up 13% since October of last year.
Also last month, the Alliance for Consumers calculated that the Biden administration’s laws and restrictions may have cost American homeowners $9,000 in price increases for autos, washing machines, gas stoves, and dishwashers.
According to a recent Associated Press-NORC Center for Public Affairs Research study, almost 75% of Americans rated the economy as weak.
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