Biden-Obama Economists: Inflation Costs Households $5,525.04 Per Year – So Far

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Moody’s Analytics senior economist Ryan Sweet, a leading economist, admired by the left and Obama-Biden, didn’t soft-pedal the predicament that we are all in.

“Having inflation at 8.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the avg household $346.67 per month to purchase the same basket of goods/services as they did last year,” Sweet wrote on Twitter.

However, the pure cost for households for having inflation running at 8.5% is $460.42 per month. This estimate is based solely on the realized inflation rate and doesn’t adjust for what inflation would have been absent the pandemic because that is highly uncertain.”

That’s $5,525.04 a year – so far.

In an interview on CBS News’ “Face The Nation,” Mohamed El-Erian, chief economic adviser to Allianz, said recession risks are “tilted in a negative way right now.

El-Erian said the country is in a period of stagflation, with a risk of persistent inflation that ends up tipping the economy into a recession.

“We’re now in a period of stagflation, meaning lower growth and higher inflation. The darkest period is that inflation persists, heads to 9%, people start worrying that it’s gonna go to 10% and next thing you know, we end up in a recession. And that would be tragic if that were to happen,” he said.

THE COSTS

NPR reported that rents across the U.S. have risen above $2,000 a month for the first time ever. The Washington Post economic columnist, Heather Long, listed the costs of other necessities:

  • Groceries +11.9%, biggest increase since 1979
  • Chicken +17.4%, largest ever increase.
  • Restaurants +9%,largest ever
  • Fuel oil +107%, largest ever
  • Electricity +12%, largest since 2006
  • Rent +5.2%, largest since 1987
  • Airfare +37.8%, largest since 1980
  • Services +5.7%, largest since 1990

No matter how you spin it, or how many distractions Democrats throw our way, it’s a dsaster.

Biden thinks he’s building back better:

De Santis warns of inflation:


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monsterzero
monsterzero
7 months ago

oh lucifer oh lucifer where for art thou lucifer. Hold on monster zero is coming– bet on it.
their God zilla has no chance.

Meremortal
Meremortal
7 months ago

Joe Biden in 2020: “No more subsidies for the fossil fuel industry. No more drilling including offshore. No ability for the oil industry to continue to drill period. It ends.”

He said it and people voted for him. They asked for this.

Why should energy companies invest heavily in future production after being told that?

Last edited 7 months ago by Meremortal
Panamapat
Panamapat
7 months ago
  • I urge all to visit shadoweconomics.com where the distinguished economist and statistician John Williams will lay out the correct facts which is that inflation is much worse than the BLS or BES will admit. It’s 20% and counting. This inflation is the lot that is extracted from Americans by the organized crime syndicate that masquerades as the Democratic Party. This is loot stolen from all of us and it’s not going to stop until we rise up and stop it with the mizzles of our guns. Do you really think the November election will stop it? If you do I have a bridge in Brooklyn to sell you. It will only stop until there is no more loot to carry away.
Anonymous
Anonymous
7 months ago
Reply to  Panamapat

Our whole government dem and gop are all corrupt as hell ammo up it is getting ready to hit the fan F ALL GOVERNMENT.