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According to recent NerdWallet estimates, Americans would need to spend an extra $11,500 this year to maintain the same level of living. Many economists like Milton Freidman considers inflation a hidden tax. The median household income in the US for 2020 is $67, 521.
This is a 17% inflation tax!!!!!!
The projections, released in August, were based on data from the U.S. Bureau of Labor Statistics on inflation and yearly expenditure (BLS). NerdWallet analysts examined how expenditures would compare this year to 2020 when the COVID-19 outbreak began.
According to analysts, 2020 will be the “final full year of reasonably steady inflation.” The United States inflation rate was 1.23 percent in the same year. The BLS figures, inflation in the United States was 8.3 percent in August. Researchers stated, “American families spent $61,300 on average in 2020.”
“This figure comprises everything we spend money on, including accommodation, food, entertainment, clothes, transportation, and everything else. By 2022, it is expected to reach $72,900, a difference of more than $11,500 if consumers wish to retain their current level of life,” they stated.
Currently, the Fed is trying to slow inflation. However, the success is very low, with Truflation reporting an 8.91% inflation!
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