According to a study released by University of Pennsylvania's Wharton School on Wednesday, inflation thanks to President Joe Biden will cost families an addition $3,500 this year, with lower-income families being impacted the hardest.
According to Wharton's budget model, Americans will have to spend about $3,500 more on average to sustain their consumption than in 2019 and 2020.
It also shows that low-income families will be hit much harder than middle or high class. The study estimated that low-income households will need to spend seven percent more than previous years while higher-income families will spend about six percent more.
“Lower-income groups spent relatively more on food, energy, and shelter, while higher-income groups spent relatively more on other commodities and services,” the study reports.
Across the consumption basket of income groups, the bottom 20 percent of families saw the price of their consumption increase 6.8 percent, or $2,120.
The top five percent of income-earning families will only experience a 6.1 percent ($7,636) increase in consumption.
Meanwhile, the top five percent of income-earning families will only experience a 6.1 percent ($7,636) increase in consumption.
“Since higher-income groups had a bigger increase in expenditures in all categories, they also saw a bigger increase in total expenditure,” the study read. “However, because of variation in the composition of consumption bundles, we find that higher-income households had smaller percentage increases in their total expenditure.”
The Penn Wharton study comes after Bidenflation has reached a 40 year-high, increasing 6.8 percent from 2020. The cost of energy, food, housing, transpiration, vehicles, clothing, and hotels have all increased under President Biden.
Another month of rising prices under Biden:
Gas: +58.1% since last year
Propane & Firewood: +34.3%
Used Cars & Trucks: +31.4%
Hotels & Motels: +25.5%
Car & Truck Rentals: +37.2%
— Jacki Kotkiewicz (@jackikotkiewicz) December 10, 2021
Let's go Brandon.
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