Biden/Harris inflation affects your life

Let’s talk about inflation in terms of your life. You have watched prices go up on everything and asked “what’s going on?” Year by year here’s what did happen, according to inflation data from the Bureau of Labor statistics:

In 2019, inflation was 2.3%.

In 2020, 1.4%.

In 2021, 7.0%.

In 2022, 6.5%.

In 2023, 3.4%.

The critical fact is these numbers are combined together. So when it’s said inflation came down to 3%, that means prices still went up another 3%. It’s compound interest working against us and therefore the steak you bought in 2019 for ten dollars now costs $12.22.

Extend this to the total cost to run your household. If that number was $10,000 in 2019, now it’s $12,220. You know your budget. You do the math. A family that needed $25,000 in 2019 now must spend $30,500.

This is the history of the Biden/Harris administration and how it affected your life.

Mike Dulaney

Cedar Rapids