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BIDENFLATION: Why Christmas Costs So Much This Year

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By Vitalii Stock @ Shutterstock.com

You can feel it. Every time you head to the store, or click the “Buy Now” button online, you feel it a little more. Christmas is more expensive this year. Inflation has done a number on Americans’ spending power in the Biden years, and it’s still adding up. The TIPP Insights editorial board explains why Americans “can expect to spend more-for-less this Christmas.” They write:

The dark reality of Bidenomics is 16.7% inflation under President Biden’s watch. When he took office, inflation was at just 1.4%. Inflation has stayed above the Federal Reserve’s 2% target for 34 consecutive months since March 2021.

According to the Labor Department, average hourly earnings for all employees dropped 3.1% to $11.07 in November from $11.42 in January 2021 when Biden assumed office. Despite nominal salary increases at their fastest pace in years, American workers are now worse off than when Biden took office.

In short, the prices have increased by 16.7% under Biden’s watch, while real wages have declined by 3.1%, meaning Americans have taken a 3.1% pay cut under Biden’s watch. To put it differently, they now need 19.8% more income than they had in January 2021 to maintain their standard of living.

Inflation acts as a tax on Americans. Due to entrenched inflation without corresponding real wage growth, most Americans (60%) live paycheck to paycheck, cutting expenses to make ends meet. Further, as we showed recently, the fight to slay inflation comes with side effects worse than the disease.

Therefore, it is no surprise that inflation and food prices emerged as Americans’ top economic issues in a recent TIPP Poll.

Action Line: Don’t let Bidenflation ruin Christmas. Save til it hurts, and when you need help building a plan to fight inflation in retirement, let’s talk.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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