$5,200. That’s what estimates show it will cost the average American household in 2022 to maintain the same standard of living they had before.
With the Consumer Price Index reporting in at 8.5% year over year, inflation is at the highest its been in a generation. Families aren’t just feeling the impact of rising prices at the gas pump, they’re feeling the impact of rising prices every time they go to the supermarket or go for that occasional meal out. Since last year, grocery bills in America have soared by 10% and going out to eat is costing Americans 8% more – and predicted to continue to climb. Last month, the United States Department of Agriculture released its Food Price Outlook for 2022, which showed the “the largest 12-month advance since July 1981.”
At the farm, transportation costs are up and fertilizer prices are surging by 43% due to Democrats’ shortsighted energy policies.
And how does that impact Americans trying to keep food on the table?
The price of beef has skyrocketed by 16%, the price of dairy products is up 7%, and the price for a cup of coffee has risen over 11% in one year. That means previously affordable meals for working families are now breaking the bank.
When inflation is rising faster than average wage growth, American families just can’t keep up: Roughly 20% of workers are running out of money before their next paycheck.
These rising prices are inflicting real pain on American families, but it has been especially brutal for low-income families. Food banks, like the West Alabama Food Bank are being forced to limit how much food they can give out – a devastating cut at a time when families need it most. “This hurts people living paycheck to paycheck, who barely squeak by,” the food bank’s Executive Director Jean Rykaczewski said. “It’s just like a big tornado. It’s just spinning, and there’s no way out.”
Speaker Pelosi wants you to believe that rising prices are unrelated to Democrats’ disastrous policies, bizarrely claiming that “government spending is not inflationary.” Except her logic has no basis in facts – economists, including left-leaning analysts, joined Republicans in predicting that excessive government spending would lead to inflation and that is exactly what has transpired.
Despite the glaring warnings, President Biden and Speaker Pelosi forged ahead in prioritizing the wants of their radical activists over the needs of working families and now consumers are left picking up the tab. Americans deserve better than empty promises, empty shelves, and shrinking paychecks from this administration.
The American public can’t afford another year of Democrats’ one-party control.