by David Kelly
Reprinted with permission from TheNewAmerican.com.
President Biden’s progressive agenda has hit Americans hard, and with added high inflation there’s no relief in sight. The Bureau of Labor Statistics (BLS) just released a report showing that Americans spent more on taxes in 2021 than food, clothing, and healthcare combined, creating financial hardship for the majority of Americans.
The report highlighted:
Average annual expenditures for all consumer units in 2021 were $66,928, a 9.1-percent increase from 2020, the U.S. Bureau of Labor Statistics reported today…. During the same period, the Consumer Price Index (CPI-U) rose 4.7 percent, and average income before taxes increased 3.7 percent.
The average annual expenditures of 2021 were broken down into fourteen major components…. Overall, housing accounted for the highest share (33.8 percent), followed by transportation (16.4 percent), food (12.4 percent), and personal insurance and pensions (11.8 percent).
Among the fourteen major components of household spending, the largest increase in expenditures was in entertainment (+22.7 percent), followed closely by a 22.3-percent rise in apparel and services spending. In contrast, only education expenditures decreased (-3.5 percent) from 2020 to 2021.
According to the Daily Mail, in 2021, Americans spent an average of $16,729.73 in federal and state, social security, property and other taxes, while spending $8,289.28 on food, $1,754.39 on clothing, and $5,451.61 on healthcare — a total of about $15,550. Read Full Article >