American families who want to enjoy the same standard of living under President Trump are set to spend an extra $11,500 this year due to soaring inflation, according to a new estimation.
A recent NerdWallet study shows that the average American household spent $61,300 in 2020 when inflation was only 1.23 percent.
“This number includes everything we spend our money on: housing, food, entertainment, clothing, transportation, and everything else,” the researchers wrote.
In 2022, with inflation at 8.3 percent, households will have to spend $72,900 for the same goods, a staggering $11,500 dollar increase.
The researchers noted that this is an estimate and the numbers are not exact for everyone.
“Those who earn (and therefore spend) more will see more dramatic dollar increases. Those who earn less may see less dramatic dollar jumps, but the impact of these rising prices could be more significantly felt,” the NerdWallet analysts explained.
The estimates in this study were based on the U.S. Bureau of Labor Statistics’ (BLS) inflation and spending data.
The analysts chose 2020 rather than 2021 so the numbers would be less impacted by the COVID-19 pandemic.