Inflation is whipped, except that the most significant cost for a typical person remains unaffordable (the “housing affordability crisis”), with government intervention required. The latest affordability crisis (i.e., Americans not being rich enough to afford what used to be considered American life) is for cars (San Jose Mercury News):
The good news is that expert assistance has arrived:
Bay Area residents wanting — or needing — to buy a car are steering this winter into what experts call an affordability crisis.
“The price of new cars, in general, has become alarming for a lot of people,” said Brian Moody, executive editor of Autotrader.com.
Nationwide, the average monthly payment for a new vehicle in November was $753, up more than 30% from just five years ago, said Jessica Caldwell, a head analyst at Edmunds, which tracks the auto industry.
Adding to buyers’ woes is the high price of most everything else. A recent Edmunds study found 54% of people surveyed who were planning to buy a new or used car in the next year said they would have to work extra hours or take a side job to afford it. “This wasn’t an issue 10 years ago,” Caldwell said.
Prior to the November 5, 2024 election, the same newspaper said that inflation was finished. October 31, 2024:
auto insurance rates is up to. By the way everyone knows but the insurance companies canceling home insurance in California, and in the same time auto insurance got canceled too.
Anyway would they would write now in we had Madam President now
I just renewed my 6-month full-coverage FL auto insurance with Progressive and it went down $10 (-1.1%)! $859 for six months, full coverage, for an ’01 Ford Taurus and an ’08 Honda Ridgeline. (But it was up 30% over the past three years!).
this is same as republicans(PhilG also) blaming Biden for the inflation even though Trump spent more money.
Under Trump
The Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (Total $7.8B)
The Families First Coronavirus Response Act (Total $15.4B)
The Coronavirus Aid, Relief, and Economic Security Act, (CARES Act) (Total $2.1T)
Paycheck Protection Program and Health Care Enhancement Act (Total $483B)
under Biden
The Coronavirus Response and Relief Supplemental Appropriations Act, 2021 Consolidated Appropriations Act, 2021 (Total $900B)
The American Rescue Plan of 2021 (Total $1.9T)
Under the Biden-Harris administration, nearly $180 billion was spent for student loan forgiveness. [1].
In summary, approximately 5 million people had about $36,000 each “forgiven.” Meanwhile, $0 was offered for my kids. Thanks, Biden-Harris!
[1] https://www.ed.gov/about/news/press-release/biden-harris-administration-approves-additional-428-billion-student-debt-relief-nearly-55000-public-service-workers-0
The reality of government debt of 2-3x GDP. They’ll keep offsetting rising car prices with falling wages.