Biden’s inflation crisis costing US families thousands extra per year

Tighten up the financial belt, again, because President Joe Biden’s inflation crisis is likely still in its infancy.

According to Breitbart, Biden’s inflation, which has already set a 40-year record high at 8.6%, will cost American households a lot of extra cash this year — an extra $5,520 to be exact. 

That projection is even higher than the previous number, and the signs do not point to relief anytime soon. Some financial experts and legends in the sector believe America is in for extremely rough waters ahead.

To put the figure into more perspective, the extra $5,520 per year breaks down to an extra $460 per month for the average family, and many families were already struggling as it was. Most people who’ve been to the grocery store in the last few months have already felt that extra $460 in a big way.

Habits changing

As if the situation were not already critical, when it’s time to start watching one’s money, a number of consumer habits begin to rapidly change.

According to June’s BMO Real Financial Progress Index survey, “42% are changing how they shop for groceries. This includes opting for cheaper items, avoiding brand names, and buying only the essentials.”

It added: “46% are either dining out less or consciously spending less when dining out, 31% are driving less to offset the soaring cost of gas, 23% are spending less on vacations or canceling them altogether, 22% are taking measures such as canceling subscriptions to the gym, cable, etc.”

Such changes begin to fuel a new disaster in the making, as companies begin to feel the pinch of severely restricted consumer spending, those companies scale back as well, which includes job cuts.

Everything more expensive

Because of Biden’s decisions early on, the once energy-independent United States is now in a state of crisis on the energy front, sending prices of gas, diesel, natural gas, and oil soaring.

Because of the record-setting prices, it costs more, logistically, to get goods and services.

Some experts say that the only possible light at the end of the tunnel would be a Republican president being elected in 2024, but even then, it could take years to fix what Biden and the Democratic Party have so badly broken.

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