by Michael Snyder, The Economic Collapse Blog:
Our standard of living is being systematically destroyed, but for a lot of years many Americans didn’t fully understand what was taking place because it was happening so slowly. But now we have reached a stage where the purchasing power of our money is collapsing and the cost of living has become exceedingly painful. Thanks to our rapidly rising cost of living, the middle class is becoming “the impoverished class”, and the poor are increasingly being pushed out into the streets. If we do not find a way to turn these trends around, it won’t be too long before we have tremendous societal turmoil on our hands.
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Earlier today, I came across an article about a woman that found a receipt from Burger King that was dated August 10, 1986.
At that time you could buy a Whopper for just $1.54.
Today, that same Whopper will cost you $6.79…
A woman has been left stunned after discovering a retro Burger King receipt from the 1980s which reveals the staggering price increases that the fast food chain has implemented over the past four decades.
US-based Liza took to social media to share the receipt after her mother found it in a box in the garage while remodeling her home.
The faded paper from the fast food chain dates back to August 10, 1986, and lists three Whopper burgers purchased for $4.62 – which works out at $1.54 each.
A single Whopper burger currently costs $6.79 in today’s money – over four times the price listed on the vintage receipt.
In other words, if you had $6.79 back then, you could buy four whoppers and you would still have money left over.
This is what inflation does.
It destroys our purchasing power.
Another woman named Melanie that makes 34 dollars an hour is so stressed financially that she literally tries to make one loaf of rye bread last her for the entire week…
“What I’ve started doing is I buy a loaf of rye bread, and I work really hard to keep that one loaf of rye bread lasting me the whole week. And I eat peanut butter, so I’ll eat peanut butter toast whenever I’m hungry.”
In the old days, if you were making 34 dollars an hour you were living the high life.
But now most people making 34 dollars an hour are just barely scraping by from month to month.
Of course it isn’t just food that has become absurdly expensive.
At this point, homes in the U.S. have never been more unaffordable than they are right now.
The following was recently posted on Twitter by The Kobeissi Letter…
Inflation adjusted home prices are now 85% above their average dating back to 1900.
Even after accounting for inflation, home prices have never been more expensive than they are now.
In fact, inflation adjusted home prices are now 20% above their 2008 peak, the previous all time high.
The median home now sells for an alarming 530% of the median annual income.
Meanwhile, the median house payment is now a record 49% of median PRE-TAX income.
Affordability has never been worse.
We have never seen anything like this in the entire history of our country.
Since the beginning of 2019, the median price of a home in the U.S. has risen by more than a hundred thousand dollars…
In fact, comparing present prices to levels before the virus panic, St. Louis Fed numbers show a median priced U.S. home rose from $313,000 in the beginning of 2019 to $416,000 today.
Rental prices have gone completely nuts as well.
As I discussed last week, the median asking rent in the United States is now over $2,000 a month.
Over the past couple of years we have seen unprecedented rent hikes, and vast numbers of renters have been getting the boot.
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