(by Chris Menahan | Release of Information) – “Americans will pay an extra $11,500 this year if they want to enjoy the same standard of living they did in 2020, according to new estimates from NerdWallet,” reports The Epoch Times.
From The Epoch Times:
The estimates, released in August, were based on annual spending and inflation data from the US Bureau of Labor Statistics (BLS). Analysts at the personal finance company looked at how spending this year would compare 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 US inflation rate was 1.23 percent.
In August, inflation in the United States stands at 8.3 percent, according to BLS data.
“Throughout 2020, US households spent an average of $61,300,” the analysts wrote. “That number includes everything we spend our money on—housing, food, entertainment, clothing, transportation, and everything else.
“In 2022, it will reach $72,900, a difference of more than $11,500 if consumers want to maintain the same standard of living.”
It was just in April that it was projected that the average American would have to spend an extra $5,200 a year to live the same life.
There is still no end in sight.