Families living in the United States are feeling the pinch of inflation. They are now spending $709 per month more than they were just two years ago.
“High inflation of the past 2+ years has done lots of economic damage,” Mark Zandi, chief economist at Moody’s Analytics, wrote in a post on X, the platform formerly known as Twitter.
Important: Our sponsors at Jase are now offering emergency preparedness subscription medications on top of the long-term storage antibiotics they offer. Use promo code “Rucker10” at checkout!
To be sure, the high inflation of the past 2+ years has done lots of economic damage. Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago.
— Mark Zandi (@Markzandi) August 10, 2023
Even though prices have soared, real earnings (wages), which adjust for inflation, are stuck at late 2019 levels. “Real earnings remain below what they would have been if not for the pandemic and the Russian war, which is weighing on the collective psyche,” Zandi told CNN in an email on Friday.
Most families are having to cut back as prices have surged. Most of that increase in spending is driven by housing costs, which have surged, Zandi told CNN in an email on Friday. He added that families are also spending more at the grocery store; on buying, maintaining, and insuring vehicles and on recreational services like cable.
Consumer prices increased by a cooler-than-expected 3.2% in July compared with the year before, according to a government report released Wednesday. Even though that was slightly higher than the annual inflation rate in June, most of the impact was driven by calendar effects.
“In sum, the report was encouraging,” Bank of America economists wrote in a note to clients on Thursday, adding they “wouldn’t be surprised to see another soft” inflation reading in August.
Although month-over-month inflation readings are “still likely to be bumpy,” Bank of America economists said they “believe that the current disinflation is not a ‘head fake.’” –CNN Business
Zandi calculates that the typical household spent $202 more this July than they did a year ago to buy the same goods and services. But that pales in comparison to the peak of $536 for this year-over-year metric, a record hit back in June 2022, when gas prices spiked above $5 a gallon for the first time in history.
Article cross-posted from SHTF Plan.
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
As a Christian company, Genesis Gold Group has maintained a perfect 5 out of 5 rating with the Better Business Bureau. Their faith-driven values allow them to help Americans protect their life’s savings without the gimmicks used by most precious metals companies. Reach out to them today to see how they can streamline the rollover or transfer of your current and previous retirement accounts.
Bypass Big Tech Censors
- See all the latest videos on conservative politics, culture, and faith, plus articles patriots need to read at Discern.tv.
-
3 Ways Physical Precious Metals Defend Against the Central Bank Digital Currencies Around the Corner