By NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — If you think keeping the same standard of living is costing you more money, you're right.
"Inflation in 2021 will require the average U.S. household to spend around $3,500 more in 2021 to achieve the same level of consumption of goods and services in recent years," said economist Michael Austin, quoting from a study from Penn's Wharton School of Business. "To put this in context, the average American household will have to increase their budget by 7%, just to buy the same amount of goods and services they did two years ago."
If you haven't changed jobs, it's likely you're effectively making less than you did before the pandemic.
"Ask yourself, is your income 7% higher than it was in 2019?" Austin said. "If not, you're now poorer, despite having no change in tax rates. That's the burden of inflation. That's the burden of excessive government spending."
Austin sees the government buying too much and giving too much.
"They are making it way too easy for Americans to spend without end and then stay home without having to work," Austin said. "Fixing bloated government, I think, is the only way out of this mess. Biden's free lunch is simply too expensive for Americans to afford."
Austin is running for State Treasurer in Kansas on the Republican side. You can find out more about his campaign at austinforkansas.com.