Originally posted by: MaxFlavor
I guess I'm lucky being in Denver, both my wife and I have increased our income over the last 4 years, yes things cost more, but it hasn't impacted our lifestyle in the least. I keep a certain spend amount for our basic stuff like groceries, eating out, or going to a festival or event, I did increase it by about 20% over 4 years. Now I see that I have money left over in that spend, so now I'm thinking of reducing it. Of course, this doesn't count our ongoing investment contributions, travel, home improvements ect.
I'm pretty disciplined with money, from what I've seen, MAGA seems to struggle with that and blames the government for everything they fail to do.
My experience has been that my overall basic living expenses have increased about 25% since Biden took office, and I'm making 27% more--AFTER taxes--than I was at that point. So since my income tax liability has increased due to those higher wages, but even counting that, I'm putting about 2% more money in my pocket.
How much the recent inflation has impacted a person will depend heavily on what kind of goods and services they purchase every month and whether their income is fixed. Those on a fixed income, such as from a pension or annuity, are the most adversely affected. On the flip side of the coin, those who have greater leftover disposable income after taking care of necessities have benefited from inflation.
If you made $2000 a month and spent $1500 of that, then both wages and prices increased by 25%, you were saving $500 a month before, but now you're saving $625.