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Tipsheet

The Tallied Cost of Biden Inflation Per Family Is Here

AP Photo/Alex Brandon

As the Biden Administration continues to deny rising energy and food prices are a result of intense government spending, blaming "corporate greed" instead, the numbers on how much more American families are paying for basic goods are here. 

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According to data analysis published with Fox Business, the average American family paid $3500 more this year for necessary items. 

Findings from the Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania's Wharton School, show that most U.S. households will need to allocate at least 6% more of their budget in order to sustain last year's spending level on goods and services. That figure is even higher for low-income Americans, who need to increase their spending by at least 7%.

The recent inflation burst is disproportionately hurting lower-income households, largely because they collectively spend more on energy – which has seen some of the wildest price swings over the past year – while wealthy Americans spend more on services, which has seen the smallest inflation increases. 

That could mean, based on 2020 spending data, that the bottom 20% of income-earners saw their consumption expenditure increase by 6.8% to $2,120 per household, while the top 5% saw a 6.1% increase, or roughly $7,636 per household. Middle-income earners also saw a large increase in expenses, with an increased consumption expenditure of $4,351, or an increase of 6.8%.

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Any gains from increases in pay have been wiped out and launched into negative territory. 

In October, White House Chief of Staff Ron Klain said inflation was a "high class problem," but it's hitting America's least wealthy communities the hardest. 

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