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Prepare to pay more in 2022. I want to show you some truths about the economy and make sense of some numbers that just came out this week from the Fed, and then I’ll show you we’re all going to pay a lot more for in 2022.
Did you know that 2021 was one of the best years on record for wage growth? It smashed all records in the last few decades. The average person got a 4.7% increase to their hourly wages – that translates to about $1.46 per hour.
However, the inflation report shows that December’s inflation is at 7% – the highest it’s ever been since 1982 – 40 years worth. Even though we’ve had a record year of wage growth of 4.7% – when you subtract inflation away from that number – you actually get -2.3% wage growth which means the average person actually lost more than the increase to their paycheck.
ARE PEOPLE BACK TO WORK?
Weekly jobless claims totaled 198,000 for the end of December – that’s the lowest since 1969 – in 52 years. The stock market is almost at a record all time high, wages are at a record high, job openings are at a record high, and unemployment is almost at a record low back down to 3.9%. Since February of 2020 – before the pandemic started – there were 152.5 million jobs – today we’re only missing 3.6 million jobs from that February number and that’s not because there’s not enough jobs, there’s just not enough workers.
SO WHAT’S MORE EXPENSIVE NOW?
GAS:
Gas Buddy made a prediction that in 2022 – gas prices would go up by 40 cents per gallon and that gas prices could easily go up to $4 a gallon on average by Spring time.
FAST FOOD:
For the first time in 25 years – little caesars is increasing the prices of their $5 dollar Pizzas by 11% to $5.55. To offset that – they’re increasing the servings of pepperonis by 33%. Hey instead of 10 pepperonis, give em 13. Chipotle has also increased their prices by about 4% – that’s 30 to 40 cents more per meal in order to offset the $15 an hour minimum wage increase. Even McDonalds raised food prices by 6% over 2020. Dunkin’ Donuts increased prices by 8%. And Taco Bell increased their prices by 10%. In the last 12 months, the unadjusted 12 month inflation reading of eating away from home – is 6%.
From December 2020 to December 2021Bacon is up 19%, steak 21%, cereal 6%, eggs 11%. Another big reason is that there’s a shortage of truckers who’s incomes have also gone way up.
WHAT’S THE MOST EXPENSIVE THING?
Watch the video!
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
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