The Ongoing Strain of High Living Costs on American Families

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   Sharlee01posted 2 weeks ago

   
   
   Joe May Be Leaving the White House, But We’re Stuck with the High Costs He’s Leaving Behind.
   
   The high cost of living over the past few years has significantly impacted American families, leading to financial strain for many. Key factors include rising housing costs, increased grocery prices, gas price fluctuations, and healthcare expenses. Wages have not kept pace with inflation, leaving many families struggling to meet basic needs. Additionally, the pandemic, supply chain disruptions, and global economic shifts have exacerbated financial pressures, making it harder for families to save or maintain financial stability.
   
   Regarding whether it has improved today, while inflation has slowed, prices remain high, especially in areas like housing and healthcare. The cost of living still poses a challenge for many families, although there are some signs of stabilization in certain sectors. For example, gas prices have come down from peak levels, and some areas have seen slower growth in housing costs. However, for most families, it’s still difficult to keep up with day-to-day expenses, and real wage growth has not kept pace with inflation.
   
   The situation varies by region and family, but overall, the economic strain continues to affect American families' ability to save and invest in long-term goals like education or retirement.
   
   The high cost of living is something many families will associate with Biden’s presidency, with many feeling that his policies have contributed to rising prices across essential sectors. The increased cost of housing, healthcare, and groceries, combined with inflationary pressures, has made it harder for families to get by. As these costs have continued to climb, it’s clear that it will take a shift toward more effective economic policies to bring costs down. With sound, pro-growth economic strategies, such as reducing taxes, cutting unnecessary regulations, and focusing on energy independence, it’s possible to ease the burden on American families and put the economy back on track. Biden’s policies have made everything cost more, and reversing those will be essential for economic recovery.
   
   Trump’s economic plans could play a significant role in bringing down prices by addressing some of the underlying factors that have driven up costs. His approach focuses on reducing taxes, especially for businesses, which could stimulate economic growth and, in turn, increase the supply of goods and services. Lowering corporate taxes may encourage investment and job creation, leading to a stronger economy with more competitive pricing. Additionally, Trump advocates for reducing government regulations, which can add costs to businesses that are ultimately passed on to consumers. By promoting energy independence and cutting reliance on foreign energy, Trump’s policies could help lower energy prices, which have a direct impact on the cost of living. His economic strategies, if implemented, have the potential to reinvigorate American industry, reduce inflationary pressures, and provide consumers with more affordable goods and services. While it may take time to see the full effect, Trump's focus on deregulation, tax cuts, and energy independence could help reduce prices in the long run.
   
   As one might guess there are mixed views on Trump’s economic plan, particularly his emphasis on tax cuts and deregulation. Some support his approach, arguing that lower corporate taxes and reduced regulations can stimulate growth by encouraging businesses to invest, expand, and hire more workers. These supporters believe that reducing the tax burden can help boost job creation and potentially lead to higher wages, benefiting the economy as a whole. Trump's push for energy independence is also seen as a potential positive, as it could lower energy costs and reduce reliance on foreign oil, which could stabilize prices.
   
   In summary, while some economists see the potential benefits of Trump’s economic plan in terms of growth and job creation, others caution about its long-term effects on inequality, government debt, and regulatory oversight. The success of such a plan would largely depend on its execution and how external factors, like global markets and unforeseen economic challenges, interact with these policies.
   
   Thoughts

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      Willowarborposted 2 weeks agoin reply to this

      Wages have not kept pace with inflation
      
      
      Average hourly wage growth has exceeded inflation for 12 straight months, according to new Bureau of Labor Statistics data .

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         Sharlee01posted 13 days agoin reply to this

         You need to check full facts
         
         For example, in October 2024, while average hourly earnings rose by 0.4 percent, the Consumer Price Index (CPI) increased by 0.2 percent. This resulted in a modest increase in real wages​
         BUREAU OF LABOR STATISTICS
         . It suggests that wage growth has been fluctuating but has not consistently exceeded inflation month-over-month.
         
         The claim that average hourly wage growth has exceeded inflation for 12 straight months is not accurate. According to recent data from the Bureau of Labor Statistics (BLS), while there has been wage growth in recent months, it has not consistently outpaced inflation over the past year.
         
         In November 2024, the BLS reported that average hourly earnings for all employees on private nonfarm payrolls increased by 0.2%, or 7 cents, to $38.67. However, when adjusted for inflation (using the Consumer Price Index), wage growth has been more volatile. Over the past 12 months, the growth in wages has not outpaced inflation over extended periods. In fact, inflation in recent months has risen faster than wage growth, meaning that workers' real purchasing power has been reduced rather than increased​

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   Willowarborposted 2 weeks ago

   His approach focuses on reducing taxes, especially for businesses, which could stimulate economic growth and, in turn, increase the supply of goods and services. Lowering corporate e  taxes may encourage investment and job creation, leading to a stronger economy with more competitive pricing.
   
   But none of this worked during his last administration...the 2017 Trump tax law was skewed to the rich, expensive, and failed to deliver on Its promises
   
   "President Donald Trump and Republicans in Congress cut the corporate tax rate from 35 percent to 21 percent via the Tax Cuts and Jobs Act of 2017 (TCJA). At the time, the Trump administration claimed that its corporate tax cuts would increase the average household income in the United States by $4,000. But two years later, there is little indication that the tax cut is even beginning to trickle down in the ways its proponents claimed."
   
   https://www.americanprogress.org/articl … trickling/
   
   The corporate tax cuts came nowhere close to paying for themselves, as conservatives insisted they would. Instead, they are adding more than $100 billion a year to America’s $34 trillion-and-growing national debt, according to the quartet of researchers from Princeton University, the University of Chicago, Harvard University and the Treasury Department.
   
   The researchers found the cuts delivered wage gains that were “an order of magnitude below” what Trump officials predicted: about $750 per worker per year on average over the long run, compared to promises of $4,000 to $9,000 per worker.
   
   The study is the first to use vast data from corporate tax filings to draw conclusions about the Tax Cuts and Jobs Act. https://www.nber.org/papers/w32180

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      Sharlee01posted 13 days agoin reply to this

      Beating a dead horse. Just responded to a like message you posted on another thread. Plus your links are far left offerings Skewed all to hell--- LOL

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