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Tipsheet

New Numbers Show Just How Much American Families Are Paying for Inflation

AP Photo/Evan Vucci

As President Joe Biden proposes trillions more in federal government spending, Americans continue to get slammed with rising inflation. 

According to a new analysis from Bloomberg, the average American family will pay more than $5000 dollars this year for basic household items. 

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"Inflation will mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year for the same consumption basket, according estimates by Bloomberg Economic," the new report states. "Accelerated depletion of savings will increase the urgency for those staying on the sidelines to join the labor force, and the resulting increase in labor supply will likely dampen wage growth."

In other words, inflation will continue to skyrocket and wages are about to stagnate. 

While Biden tries to pin inflation on post-pandemic demand and Russia's war on Ukraine, the data tells a different story. 

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As a result, Biden's approval rating keeps tanking and just hit a new low. 

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