by Michael Snyder, The Economic Collapse Blog:
I never imagined that we would ever see a time when it takes $177,798 for a family of four to live comfortably in the United States. Unfortunately, that day has arrived. Our leaders have been pursuing highly inflationary policies for many years, and now we have reached a point where inflation is wildly out of control. In fact, the latest wholesale inflation figure that was released on Tuesday came in much higher than expected. Sadly, this is just the beginning and we are in far more trouble than most people realize.
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According to an incredibly shocking new study, most Americans do not make enough money to “live comfortably” in the highly inflationary environment that we find ourselves in today…
A recent study has revealed the incomes needed for families to live comfortably across the United States – and the stark contrast in the cost of living between states is startling.
The study revealed that in the most expensive states, families need nearly $300,000 to simply live ‘comfortably.’
The least expensive state requires about half that salary – still over $100,000.
Meanwhile, the average annual salary in the US is $59,428, or $28.34 per hour, as of May 2024.
The study determined that Massachusetts is the most expensive state.
It takes a whopping $301,184 a year for a family of four to “live comfortably” there.
The least expensive state is Mississippi.
In the Magnolia State, it only takes $177,798 a year for a family of four “to cover their expenses and maintain a satisfactory quality of life”.
This is our country now.
I feel like I have been banging my head into a wall. For more than a decade I have warned that this would happen, and now it is here.
And even more inflation is on the way…
Americans already contending with persistent and stubbornly high inflation just got more unwelcome news on Tuesday: There are more price hikes likely coming down the pike.
Wholesale inflation picked up in April to its highest rate in a year, according to Bureau of Labor Statistics data released Tuesday.
In April, inflation at the wholesale level jumped 0.5 percent in just one month…
Inflation at the wholesale level rose much more than expected in April, the latest sign that price pressures within the economy remain elevated and difficult to tame.
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.5% in April from the previous month.
If you multiply that figure by 12 months, you get 6 percent.
And of course you need to approximately double any number that the Biden administration gives us in order to come up with a figure that is anywhere close to accurate.
By now, just about everyone realizes that the rate of inflation in this country is massively understated.
For example, Joe Biden insists that the rate of inflation has been “low” for quite some time, but home prices have risen by more than 47 percent since the start of this decade…
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