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President Joe Biden touts Bidenomics (Photo: @POTUS)

Bidenomics: Nevadans Need An Extra $13K To Afford The Basics

Inflation adds an extra $1,108 monthly cost per Nevada household

By Megan Barth, November 29, 2023 1:48 pm

The average Nevadan household must spend an additional $13,296 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data.

To break it down further, Bidenflation adds up to an ongoing extra $1,108 monthly cost per Nevada household. Nevadans are spending an additional $146 on food, $237 on shelter, and $324 on energy costs than they were since Biden took office.

Inflation in Nevada since January 2021 (Source: Joint Economic Committee)

The analysis, from Republican members of the U.S. Senate Joint Economic Committee, includes government data such as the Consumer Price Index and Consumer Expenditure Survey to examine the impact of inflation state by state.

According to a report by CBS News:

Average hourly pay for workers has increased robust 13.6% since January 2021, although that lags the 17% increase in inflation during the same period, according to government data. The main categories requiring heavier spending for consumers simply to tread water: food, transportation, housing and energy, which together account for almost 80 cents of every $1 in additional spending, according to the Republican analysis.

“Middle- and low-income Americans aren’t doing well enough — they are living fragilely on the edge,” said Gene Ludwig, chairman of the Ludwig Institute for Shared Economic Prosperity (LISEP), a think thank whose own analysis found that the income needed to cover the basics fell short by almost $14,000, on average, in 2022.

Although inflation is cooling, many consumers may not be feeling much relief because most prices aren’t declining.

 

Annualized increase in costs per Nevada households (Source: Joint Economic Committee)

In May 2022, The Globe reported that Nevadan household were hit the hardest by inflation. At that time, Nevadans were paying an additional $8,231 annually for basic household expenses. The increase in monthly costs for average Nevada households were as follows: Food: $70; Shelter: $113; Transportation: $306; Energy: $175.

Based on these recent estimates, Nevadans have nearly doubled their monthly expenses in just one year.

The Biden administration and Nevada Democrats claim that Bidenomics is working and that they “are just getting started.” Most Nevadans would likely challenge and fear those statements as inflation taxes their monthly budgets.

A recent poll confirms that only 38% of Nevada voters indicate that they approve of the job that President Biden is doing while a majority of the electorate – 53% – disapprove of the job he is doing. Almost half of the electorate (46%) “strongly” disapprove of Biden.

 

 

 

 

 

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