The Blubber

A pound of ground beef now costs $5.23 on average, up from $3.89 in January 2020, and prices for fresh fruits and vegetables are nearly 14% higher, per Bloomberg.


For several years, Americans have grappled with the financial strain of record-high inflation. Newly released data exposes the extent to which consumers must spend to sustain a basic standard of living.

According to a recent report from Republican members of the U.S. Senate Joint Economic Committee, the average household needs an extra $11,434 annually to maintain the same standard of living as in January 2021. The analysis utilizes government data like the Consumer Price Index and Consumer Expenditure Survey to assess the impact of inflation by state, revealing that many Americans are still wrestling with soaring costs.

Gene Ludwig, chairman of the Ludwig Institute for Shared Economic Prosperity (LISEP), a think tank, emphasized the precarious financial situation of middle- and low-income Americans. LISEP's own analysis found that, on average, Americans required nearly $14,000 in additional income to cover basic goods in 2022.

"Food costs and basic costs are up more than other costs," Ludwig noted. "Putting on a Thanksgiving dinner costs the same if you're a lower- or upper-income American, but for a lower-income American, it's a bigger portion of your spending."

While recent Commerce Department data indicates a moderation in inflation, prices are still three percent higher than a year ago and significantly elevated compared to previous years.

Despite claims from the White House that "Bidenomics" has alleviated inflation, a Biden spokesperson dismissed the U.S. Senate Joint Economic Committee's report as "flawed." The spokesperson argued that the administration has created 14 million more jobs, increased household disposable income by almost $21,000 since December 2020, and criticized Republican proposals as potentially raising costs for the middle class while cutting Social Security and Medicare.

However, an independent Bankrate survey revealed that 60% of working Americans' income has lagged behind inflation over the past 12 months.