The Average U.S. Household Is Spending $1,019 More A Month Just To Buy The Same Goods And Services It Did 3 Years Ago
Has your income gone up by more than a thousand dollars a month over the past three years?
It seems odd to talk about 2021 as “the good old days”, but the truth is that the cost of living was far lower just three short years ago. Earlier today, I did an interview with Sam Rohrer of Stand In The Gap Today in which we discussed how food prices have gotten wildly out of control. One example that I brought up was the fact that a Big Mac “value meal” can cost up to 18 dollars in some parts of the country. There is no way that I would shell out 18 bucks for a burger, some fries and a drink at McDonald’s. But this is the economic environment that we live in today.
Has your income gone up by more than a thousand dollars a month over the past three years?
If not, you are falling behind.
According to economist Mark Zandi, the average U.S. household is now shelling out an additional $1,019 a month just to purchase the exact same goods and services that it did three years ago…
The typical U.S. household needed to pay $213 more a month in January to purchase the same goods and services it did one year ago because of still-high inflation, according to new calculations from Moody’s Analytics chief economist Mark Zandi.
Americans are paying on average $605 more each month compared with the same time two years ago and $1,019 more compared with three years ago, before the inflation crisis began.
In the old days, I actually enjoyed going to the grocery store.
But now it has become such a painful experience.
I am sure that many of you can identify with that statement.
On Wednesday, the Wall Street Journal published an article that explained that George H.W. Bush was in the White House the last time Americans were spending such a high proportion of their incomes on food…
The last time Americans spent this much of their money on food, George H.W. Bush was in office, “Terminator 2: Judgment Day” was in theaters and C+C Music Factory was rocking the Billboard charts.
Do you remember what life was like in 1991?
It was a good year for me, but it was so long ago…
According to the Wall Street Journal, Americans were spending 11.4 percent of their disposable incomes on food in 1991, and in 2022 that figure was sitting at 11.3 percent…
In 1991, U.S. consumers spent 11.4% of their disposable personal income on food, according to data from the U.S. Agriculture Department. At the time, households were still dealing with steep food-price increases following an inflationary period during the 1970s.
More than three decades later, food spending has reattained that level, USDA data shows. In 2022, consumers spent 11.3% of their disposable income on food, according to the most recent USDA data available.
I can already tell what a lot of you will be thinking when you read that.
2022 was two years ago.
Food prices have continued to soar since that time, and so how high would that number be today?
Personally, I wouldn’t be surprised to learn that Americans are now spending 15 percent of their disposable incomes on food.
But if you think that is bad, just wait until it gets into the 30 or 40 percent range eventually.
Because that is where things are heading.
Of course grocery prices are already at absurd levels. On a very popular Internet forum, one user recently complained that his grocery bill for the week has now hit $250…
$100 used to be the total, when we really stocked up or picked some extras.
Prices started climbing and we trimmed the extras, it hit $120-130.
At $150 we started bitching.
A month ago it hit $180. Hell it may have only been two weeks since we hit $180.
Today it was $250 and we didn’t even get everything.
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