Hot Dogs and 4th of July Picnics are going to cost more this year for Americans
You may recall last year when the Biden Administration made a big deal about announcing that everyone was going to save $0.16 on their 4th of July Cookout. Below is a screenshot from a tweet that was put out by the Official White House page on July 2nd, 2021. Washington Examiner also published an article referencing the Tweet.
With inflation higher than ever, Americans are feeling the pain at the fuel pump and at the grocery store. It is being reported that the average American 4th of July Picnic will cost 11% more this year than last year. On June 27th, 2022 the New York Post published this article referencing a Wells Fargo analysis showing a breakdown of the cost increase for American Families this year.
Are you noticing the increase in prices affecting your household budget? If your answer is yes, you are not alone. According to a new Lending Club Report, published on June 1st, 2022, as of May, 58% of Americans are living paycheck to paycheck. Even those who earn $250,000 and more per year are feeling the effects of inflation. This report shows that 30% of those high earners are living paycheck to paycheck.
CNBC published an article on June 27, 2022 with more sources and information about this phenomenon.
We are hearing reports that a lot of retailers are seeing decreases in their sales, including Bed Bath and Beyond. Check out this article from MarketWatch, Bed Bath and Beyond is reportedly reducing store hours and turning down the AC according to Bank of America analysts.
But maybe that is because they stopped carrying MyPillow products! 😂
Let me know your thoughts in the comments. How has the current economy affected you and your household? Have you had to make any changes financially?