Your money may not go nearly as far as it did three years ago. Citing government data, Mike Johnson, speaker of the House of Representatives and a Republican member of Congress for Louisiana, indicated that Americans are now spending $11,400 more on basic goods as compared to January 2021.
“Bidenomics is simple: it means you pay more for goods and services,” Johnson recently posted on X (formerly Twitter). “Americans are spending over $11,400 more annually to buy basic goods under his failed policies.”
The analysis from Republican members of the U.S. Senate Joint Economic Committee used government data, such as the Consumer Price Index and Consumer Expenditure Survey, to evaluate the impact of inflation on each state.
Two-thirds of respondents to a late Feb. Wall Street Journal poll said they felt inflation moved in the wrong direction over the past year. Wages are rising and consumer spending is still strong, but nearly three-quarters of poll respondents said that higher prices outstripped gains in their household incomes over the past few years.
Many Americans, even six-figure earners, have turned to shopping at local discount stores or buying cheaper brands to afford price increases.
“As the cost of everyday goods continues to rise, consumers are shopping around to find value,” Eric Belcher, CEO of Numerator, said in a press release, as previously reported by GOBankingRates. “Many of these shifts, including high-income households trading down to dollar stores, are unexpected.”