by Michael Snyder, The Economic Collapse Blog:
I used to really enjoy going to the grocery store. I would relentlessly hunt for deals, and I would show off what I was able to find when I got home. But now all of the bargains are gone. Instead, there are ridiculous prices and there are even more ridiculous prices. The prices for some of the things that I normally buy have doubled. In other cases, the prices have almost doubled. Of course the soaring cost of living is the direct result of decisions that our leaders have made. They just kept borrowing, spending and flooding the system with money, and now the cost of living is wildly out of control.
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According to CBS News, on average U.S. households must now spend an extra $11,434 per year just to maintain the same standard of living that they were enjoying when Joe Biden first entered the White House…
The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data.
This is insane.
But the government continues to insist that inflation is low. On Tuesday, the Bureau of Lying Statistics told us that prices have only risen 3.2 percent over the past 12 months…
Data released by the Bureau of Labor Statistics on Tuesday showed prices rose 3.2 percent over last year, slightly outpacing forecasts of 3.1 percent. Prices also rose 0.4 percent in February over the previous month — in line with expectations, but still hotter than economists would like to see.
If you believe that, there is a bridge in California that I would like to sell you.
Virtually everything that Americans spend money on regularly has skyrocketed during the Biden administration.
Just look at the price of gasoline. It is now 60 percent higher than it was during the last presidential election in November 2020…
The average gasoline price at the pump in the US is now 60% higher than at the start of November 2020 — a potentially significant factor for American voters when comparing how well-off they feel now versus when President Joe Biden was first elected. And while pump prices are rising relatively slowly for this time of year, US fuel stockpiles well below seasonal norms will keep refining margins elevated, according to the the US Energy Information Administration.
As a result, the agency on Tuesday raised its second-quarter retail gasoline price forecast by 20 cents a gallon.
Of course housing costs have been going up even faster.
Recently, I was stunned to learn that a 54 square foot “apartment” in New York City that doesn’t even have a bathroom is renting for $1,200 a month…
A tiny studio apartment in New York City that consists of just one room and has no bathroom, kitchen or running water has been furiously slated online – after it was revealed the asking price for the cell-like property is a staggering $1,200 a month.
A now-viral video of the ‘tiny’ rental, which is just 54 square feet and is located in Midtown West, has sparked outrage after it was shared on TikTok by listing agent Alexander Bruni.
The nine-by-six apartment has just enough space for a bed and doesn’t have any running water, meaning that if residents needed to use the restroom they would have to exit their studio and go down the hallway to the communal bathroom.
Is this what they mean when they tell us that we will own nothing and be happy?
Of course most Americans are not happy about the current state of affairs at all.
They are quite aware that the cost of living has been rising much faster than their paychecks have, and that is definitely not good news for Joe Biden.
As Kevin O’Leary has very astutely observed, inflation “is always the enemy of the incumbent”…
He said: ‘Inflation is always the enemy of the incumbent. It doesn’t matter who you are in the White House when there’s inflation. People go to the voting booth remembering what it cost them for their cornflakes and milk in the morning, and what it cost to fill up the car to drive there.
‘And they vote against that.’
But if you think that inflation is bad now, just wait until the coming war with China erupts.
Once trade across the Pacific comes to a standstill, there will be a whole lot of money chasing a rapidly dwindling level of goods in our stores.
The employment market will be another major issue in November.
The massive tsunami of layoffs that we have been witnessing just continues to roll along. For example, on Monday we learned that John Deere will be laying off 150 workers at a facility in Iowa…
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