Why Is The Cost of Living So High in America?
Why is the cost of living so high in America? Americans have been watching almost helplessly as the cost of living continues to aim for the sky. Everything, from diapers to gas, is adding more to its cost. This is trimming down the size of Americans’ wallets. Last year, for instance, the Organization for Economic Cooperation and Development (OECD) says prices in the US jumped at the rate of 4.7 percent, faster than any other G7 country. Are Americans getting close to their breaking point? Even living in suburbs in the U.S. can be pricey. In this video, we will look at facts and figures surrounding the cost of living in the US. The focus shall be answering the question, why is the cost of living so high in America?
Facts From Key Observations
According to the data from the Labor Department, the cost of cooking dinner on weekdays and fueling the car for average users has already shot up by 38 percent within one year. What about the cost of food, rent, utility, and transportation? The same source says, in the 12 months that ended February, prices of each of these have gone up by at least 13 percent. That’s the least percentage of increase in items making up the cost of living. That month, according to a global chief economist and strategist at Manulife Investment Management, Frances Donald, consumer prices increased at a level the country has not seen since the start of 1982. He added that these were more optional types of inflation.
The True Living Cost in America
The true living cost or TLC reveals what inflation numbers are hiding. The question, then, is what's the way to measure in America, and by extension, everywhere the cost of living? Those hitherto indicators like the consumer price index (PCI) and unemployment rates are no longer able to provide reliable snapshots of modern economic realities. Why do they fall short? A former comptroller of the currency the Ludwig Institute for Shared Economic Prosperity boss described what he termed the TLC as an alternative metric called TLC. It provides a more accurate analysis of the struggles of families with median or lower incomes. It also factors the cost of those items we earlier mentioned together with food, housing, utilities, child care, health care, technology, and other miscellaneous expenses.
What is the True Cost of Living?
We would try to give you certain figures as presented by dependable numbeo.com and other reputable websites. But before then, it will be nice to provide some caution. First, it has to be noted that the cost of living varies from state to state. It even varies within the same state. Therefore, any figure you find will be the average of what obtains in America at best. If you want the basic lunchtime menu in the business district, you will be spending around 19 dollars for one. In an expensive restaurant, it averages around 17.50. Domestic beer costs somewhere between 2.97 dollars to 5 dollars per 0.5 liter. One bottle of good quality red wine costs between 12 dollars to 15 dollars. Still on food; bread for two people for one day costs about 3.10 dollars. Now, let’s talk about rent. The monthly rent for 900 square feet home in an expensive area averages 3,073 dollars. A 1-bedroom apartment in the city center on average costs 1,704.18 dollars while the same outside of the city center costs 1,376.65 dollars. If you compare these figures with what those items cost in other countries, you will realize that they’re more expensive. Comparing those prices to what those items cost within the past 5 years, the increase in the cost of living in the U.S. will become really alarming. We can say the same thing about utilities such as electricity, heating, cooling, water, and garbage disposal. Even prepaid mobile tariffs and internet are not cheap either. Let’s look now look at some of the reasons the cost of living is so high in America.
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#america
Пікірлер: 27
This is what happens when corporations take over all three major levers of power. And it's all about corporate greed.
@FireAndIce-j2f
Ай бұрын
"The World Built Upon Wealth"--In Order To Obtain This. Everyone In The World Would Have To Get Along. It's Stealing From Everyone's Sanity....
Its called inflation, its caused when government prints to much money devaluing the existing currency. It looks like price rises but it is really currency devaluation.
@kevinstfort
6 ай бұрын
Incorrect.
@rrmackay
6 ай бұрын
@@kevinstfort really, then explain how hyperinflation happens ?
@realbigtuna667
6 ай бұрын
@@kevinstfort Every FIAT currency ever created throughout history eventually fails due to hyperinflation going all the way back to the Roman empire. Inflation is caused by too many dollars chasing too few goods. When you increase the number of dollars in circulation without a comparable increase in the number of good produced, inflation is the result. This is basic stuff. The US has printed 50% of all dollars ever created in the last 3 years. To say there are other factors at play is fair. But to say printing a massive amount of currency is not the primary driver of inflation is just flat out incorrect.
@conybrown991
3 ай бұрын
you probably have forgotten what happended over the last few years in the US. 1. During the epidemic, the savings in people’s pockets hit a record high. 2. Millions of people quit their jobs without finding new jobs. 3. When the epidemic is over, Americans "revenge spedning". 4. Demand surges and everything on the market is sold out, causing shortages. Labor shortage -> sharp rise in wages. 5. Insufficient supply and rising prices. The labor market is expected to be hot -> price increases to cater for rising wages. 6. Russia’s invasion of Ukraine and the war have caused oil and food prices to rise sharply, further pushing up prices.
@rrmackay
3 ай бұрын
@@conybrown991 I haven't forgotten the news but most of what you are pushing is establishment propaganda created to cover up the collapsing economy and US dollar. Inflation is on the rise again, it wasn't transitory. If as you propose its all just supply and demand causing all of it then it should have corrected by now and we should see deflation. People have stopped spending, companies worldwide are seeing a drop in orders and a rise in inventory which should result in lower prices. We don't see that because the price function is not whats driving it, too many dollars is driving it.
The cost of living isn't increasing. The value of the dollar is decreasing. When Nixon took us off the gold standard in 1972 it assured the dollar would someday be worthless. The decline then accelerates every time the government prints more money (Supply and Demand). If people think things are bad now, hold on.
Don't forget Greedflation
@judithgrace9850
3 ай бұрын
Corruptflation. High treason inflation.
Hello HYPERINFLATION America 😊😄
Last 20-25 when you have low cost living?
You fight wars that are not yours, leave Palestinians in peace.
@E4_MAFIA
Ай бұрын
I love when mohr-rhonic mohr-rohns comment on something they know nothing about. “Palestinians” are vigh-oh-lint, ex-stream-mist ag-ress-ohrs with colon-nizing ancestors. They need to leave the Jews alone and leave their archaic religion, which tells them they must slot-tohr them all to bring about judgment day.
Insurances have all massively increased last few years… Health Home Auto All these insurances unforced by law with severe penalties little choice.
Check prices in Denmark
@user-nj4pt2yh5z
3 ай бұрын
Check minimum wage in Denmark check health insurance in Denmark check college price check rent taxes America is last couple years nightmares
@user-nj4pt2yh5z
24 күн бұрын
I think in Denmark they not increase rent 400% welcome to America if you think it's dreams country
What do you mean we have the best economy ever. We have the greatest growth of new citizens ever. They get more money than most retirees. The military is hiring more than ever.
Move to Mexico.