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What Will You Do When Inflation Forces U.S. Households To Spend 40 Percent Of Their Incomes On Food?
mystery-ak:
What Will You Do When Inflation Forces U.S. Households To Spend 40 Percent Of Their Incomes On Food?
May 5, 2021 by Michael Snyder
Did you know that the price of corn has risen 142 percent in the last 12 months? Of course corn is used in hundreds of different products we buy at the grocery store, and so everyone is going to feel the pain of this price increase. But it isn’t just the price of corn that is going crazy. We are seeing food prices shoot up dramatically all across the industry, and experts are warning that this is just the very beginning. So if you think that food prices are bad now, just wait, because they are going to get a whole lot worse.
Typically, Americans spend approximately 10 percent of their disposable personal incomes on food. The following comes directly from the USDA website…
--- Quote ---In 2019, Americans spent an average of 9.5 percent of their disposable personal incomes on food—divided between food at home (4.9 percent) and food away from home (4.6 percent). Between 1960 and 1998, the average share of disposable personal income spent on total food by Americans, on average, fell from 17.0 to 10.1 percent, driven by a declining share of income spent on food at home.
--- End quote ---
Needless to say, the poorest Americans spend more of their incomes on food than the richest Americans.
According to the USDA, the poorest households spent an average of 36 percent of their disposable personal incomes on food in 2019…
more
http://theeconomiccollapseblog.com/what-will-you-do-when-inflation-forces-u-s-households-to-spend-40-percent-of-their-incomes-on-food/
mountaineer:
9999hair out0000
Idiot:
Get cattle? :laugh:
DefiantMassRINO:
I already fork over 40% in payroll taxes.
I guess I'll have to sign-up for free government cheese.
Wingnut:
C'mon man. Let them eat cake.
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