(by Chris Menahan | Information Liberation) – “Americans are set to pay an extra $11,500 this year if they want to enjoy the same standard of living they maintained in 2020, according to new estimates from NerdWallet,” The Epoch Times reports.
From The Epoch Times:
The estimates, published in August, were based on inflation and annual spending data from the U.S. Bureau of Labor Statistics (BLS). Analysts at the personal finance company looked at how spending would compare this year to 2020, when the COVID-19 pandemic began.
Analysts said 2020 was the “last full year when inflation was relatively stable.” In that year, the U.S. inflation rate was 1.23 percent.
As of August, inflation in the United States stands at 8.3 percent, according to BLS data.
“In all of 2020, American households spent $61,300, on average,” the analysts wrote. “This number includes everything we spend our money on housing, food, entertainment, clothing, transportation, and everything else.
“In 2022, it stands to reach $72,900, a difference of more than $11,500 if consumers want to maintain the same standard of living.”
It was only in April that it was projected that the average American will need to spend $5,200 extra per year to live the exact same life.
There’s still no end in sight.