Inflation Costing North Carolinians Nearly $8,000 per Year | Eastern North Carolina Now | With June’s inflation rate clocking in at an annualized 9.1%, the highest rate since Nov. 1981, people across the nation are feeling their budgets being squeezed.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the John Locke Foundation. The author of this post is Brian Balfour.

    With June's inflation rate clocking in at an annualized 9.1%, the highest rate since Nov. 1981, people across the nation are feeling their budgets being squeezed.

    For a better picture of what that means in dollar terms, the U.S. Congress' Joint Economic Committee has been publishing it's "State Inflation Tracker" each month.

    Nationally, inflation is costing the average American household $718 per month, compared to prices in Jan. 2021.

    Furthermore, the report notes, "Over the 12-month period from July 2022 through June 2023, the inflation that has already occurred will cost the average American household $8,616 even if prices stop increasing altogether."

    In other words, if prices remained at their current levels for the next 12 months, the average American household would pay $8,616 more on goods and services compared to Jan. 2021 price levels.

    North Carolina households are hit slightly less hard than the national average, according to the report.

    The average North Carolina household is paying $641 more this month due to inflation, and would pay $7,691 more over the next year if prices remained the same.

    How many of you have received a pay raise of $7,700 in the last year? If not, you are financially worse off due to the inflation tax.

    Price inflation is especially acute in transportation, energy, and groceries. This makes the inflation tax an especially regressive tax, as low-income households must spend a larger share of their income on those household staples.

poll#154
Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan yet to be revealed to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
394 total vote(s)     What's your Opinion?

Go Back

HbAD0

Latest Op-Ed & Politics

After 20 years at CNN, Legal Analyst Jeffrey Toobin has decided to part ways with the news organization to expose himself to new audiences.
Bill Maher, host of HBO’s “Real Time with Bill Maher,” slammed the media and society in general for effectively celebrating people for being fat, warning that the trend is a legitimate national security concern for the United States
Continuing in full truth, every honest American citizen, with just a modicum of this patriotic embrace of reality, must be asking themselves: How did this lying, corrupt, hypocrite, and now obviously confused entity of a full grown politician, ever get elected?
Daily Wire host Matt Walsh called out a transgender activist for announcing a potentially illegal plan to send hormone replacement therapy drugs to gender-confused people in red states.
Supporters of felon voting in North Carolina submitted their opening written arguments to the N.C. Supreme Court. The court's decision could affect 56,000 potential voters.
Democrat President Joe Biden’s administration will reportedly add a climate policy czar to the U.S. military to combat climate change while communist China focuses on rapidly expanding the size and capabilities of its military.
Another case of Democrats disregarding the will of the People
The government of Taiwan scrambled its air reconnaissance patrol forces and ships after the Chinese government simulated an invasion of the island on Saturday as part of its fourth straight day of military training.

HbAD1

Rep Alexandria Ocasio-Cortez disputed claims of Republicans who claim the U.S. has devolved into a banana republic following the raid on former President Trump's Florida residence, saying that America is more like a Forever 21.
Multiple top U.S. military officials are sounding the alarm about communist China’s rapid expansion of the size of their military and the advancement of their military capabilities in the domains of space, cyber, land, sea, and air.
Large groups of parents shifted their political views during the pandemic.
A father and son business duo in Jacksonville, Florida, pleaded guilty to defrauding the Internal Revenue Service (IRS) of millions of dollars while knowingly hiring illegal aliens — some of whom had been previously deported.
Scholars have finally confirmed that it's not necessary to say a blessing for pre-meal chips and salsa, as they were already blessed in eternity past before the foundations of the world.
Jason Furman, the former chairman of former President Barack Obama’s Council of Economic Advisers (CEA), slammed Democrats on Tuesday for reportedly closing in on a deal that would repeal the cap on the deduction for state and local taxes (SALT), which would amount to a tax cut for the ultrawealthy.
Only 12% of Americans believe the Democrats’ “Inflation Reduction Act” will accomplish what its name suggests, according to a YouGov poll released Wednesday.
The first step in solving a problem is recognizing you have one. Republicans have belatedly identified a big one of theirs, which goes by the name Eric Holder. Let the state supreme court campaigns begin.

HbAD2

 
Back to Top