Facing the highest price hike in 40 years, lower-income families are having to choose between their preferred household items, including toothpaste and baby formula, and more generic options.
According to the Wall Street Journal:
“Shoppers are buying staples in smaller quantities, switching to cheaper, store-name brands and more rigorously hunting for deals. The shift is especially pronounced among lower-income consumers who splurged on household products amid the heights of the pandemic, they say.”
This year, American households are paying more than $5,000 extra for the same goods as compared to last year, thanks to inflation. And for 62 percent of working families, their paychecks simply can’t keep up rising costs.
Accelerating Inflation is Hammering American Families:
- As reported in the Wall Street Journal, “Ms. Philips, with four children ages 6 to 18, […] ditched her $7-a-bottle Tide detergent for a similarly sized bottle of Purex she found for $2.50 at a Dollar General. ‘It doesn’t smell as nice,’ she said of the detergent. ‘But I’m more concerned with feeding my family.’”
- American minorities continue to suffer the most under Bidenflation, with 35 percent of Black, Hispanic, Asian-American, and other non-white Americans reporting that inflation is causing “major financial strain” according to a recent poll.
Democrats Are Doubling Down on Crippling Tax Hikes, Runaway Spending:
- Despite 40-year high inflation, President Biden’s latest budget proposal includes tax hikes that hit working families and Main Street job creators.
- President Biden’s tax hike would slash family wages across income levels, while destroying at least 138,000 U.S. jobs.
- A new analysis from the San Francisco Fed found that U.S. core inflation is higher than other nations – and attributes a part of it to President Biden’s so-called ‘COVID stimulus.’