Households Archives - The Michigan Star

Inflation Has Cost Average Americans over $11,000 per Year Under Biden

November 30, 2023November 29, 2023 Michigan Star Staff

Just to maintain the same standard of living that Americans had at the beginning of President Joe Biden’s term, households have to spend an additional $11,434 per year, according to CBS News.

Since January 2021, when Biden first took office, inflation has risen 17%, far outpacing the 2% per year that the Federal Reserve aims for, while average hourly wages have only increased 13.6%, according to the Congressional Joint Economic Committee’s (JEC) state inflation tracker. As a result, more Americans reported that they are struggling financially than they did before the COVID-19 pandemic as persistent inflation continues to take its toll, according to CBS News.

Report: 1.9 Million Households Owe $15 Billion in Back Rent as Eviction Moratorium Expires

July 31, 2021July 30, 2021 The Center Square

Up to 1.95 million households across America will owe a collective $15 billion in back rent when the eviction moratorium expires Saturday, the Federal Reserve Bank of Philadelphia estimates.

That number will reach 2 million by December, according to the report released Friday. In Pennsylvania, about 60,000 renter households will owe $412 million come August.

The U.S. Centers for Disease Control and Prevention (CDC) made one final 30-day extension of the Emergency Rental Assistance Program through July 31. President Joe Biden’s administration said its “hands are tied” by the courts on the matter and any further relief must come from Congress itself.