American families have seen their budgets in turmoil over the last year and a half, while COVID-19 attacked America and politicians shut down the economy. As a result paychecks disappeared for many, and even unemployment benefit enhancements didn’t always solve the problem.
And now, just as those paychecks for many are returning to being regular, if not the same as before, inflation hits.
The New York Post is reporting that the “real cost” to families from the Biden inflation already is reaching $175 a month.
The report cited Allison, a wife and mother of two in Chicago, who reports her weekly grocery bill surged from $50 a week to some $120 and that’s at a discount provider.
The report said “supply shortages and massive government spending” has made inflation “an added tax on middle-class Americans coming out of the COVID lockdowns.”
The report said for those with the U.S. median annual income of about $70,000, that means another $175 a month on food, fuel and housing.
Inflation, while being described by the Biden administration as “transitory,” is running now at a 30-year high and has been that way for months already.
In Angeles, CBS warned that wholesale grocery prices are “at a record high.” And worse, “some supplies are scarce.”
“According to new figures released by the labor department, wholesale inflation jumped 8.3 percent from August of this year compared to August of 2020,” the report said, the biggest gain in years.
“We haven’t seen anything yet,” SuperMarketGuru.Com’s Phil Lembert warned in the report. “Prices are going to continue to go up for a good year and a half.”
The report noted local stores were offering “limited” supplies of “things like milk, butter, soda, snacks, paper products and baking supplies.”
At the Daily Wire, a report pointed out that gas prices are at the highest levels since Barack Obama’s tenure if the White House.
“According to AAA, the national average for a gallon of regular unleaded gasoline rose two cents to $3.204, the highest level it has been since October 2014, according to USA Today. California’s prices are the highest, at an average of $4.414 per gallon. Mississippi has the lowest prices, averaging $2.829 per gallon,” the report said.
Gas is up more than a dollar per gallon in just the last year.
Former U.S. Treasury Secretary Steven Mnuchin said in a Yahoo report that overspending by Biden could make inflation even worse than it is.
“I do worry that this will be ongoing inflation, and we could easily end up with 3.5% 10-year Treasuries, which again just increases the cost of the national debt and creates budget issues,” Mnuchin said Thursday at the Bloomberg Invest Global virtual conference.
He said the money spent under the Trump administration was in response to the “medical emergency” of the Covid-19 pandemic.
“We’re no longer in the same medical emergency that we were in,” he said.
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