A new report details the impacts inflation is having on regular American families, and Trish Regan is not letting it go unnoticed.
“What happens to the the family with the working mom and the working dad that needs to put their young children in daycare?” Trish Regan said on her podcast.
A new report from the University of Pennsylvania Wharton Business school, one of the leading schools in the nation, released a report showing that rising prices from inflation will cost families $3,500 this year alone.
“We estimate that 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 as in recent previous years (2019 or 2020),” the report said. “Moreover, we estimate that lower-income households spend more of their budget on goods and services that have been more impacted by inflation.”
Trish Regan tackled this issue on her podcast, pointing out it hurts poorer families are hit the hardest.
“That hurts. I mean, the money has to come from somewhere,” she said. “According to the [Wharton] study, lower income groups spent relatively more on food, energy and shelter, while higher income groups spent relatively more on other commodities and services. And when you look at consumption across all those income groups, what you see is that the bottom 20 percent of American families…the price of the things they consume–what they need, their food, their energy, their shelter–increased 6.8 percent.”
Trish Regan said things are likely only going to get worse.
“You know what, for your average American, it hurts a whole lot more,” she said on her podcast. “Inflation hurts. Inflation is a tax. And instead of acting appropriately and saying, ‘we’re going to fix this, we’re going to lower inflation.’ What does he do? He says we need to spend more! I mean, tell me if that makes sense to you? How do you spend more to lower the cost of goods? This is basic Econ 101, right? If you suddenly put more money into the system, you’re going to have higher prices for things!”