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Investing Future, 6/13/23
"15 Things That Became Priceless For The
Average American Families, with Clayton Morris"
"Once upon a time, the average U.S. household could afford more than the bare minimum. But as the inflation monster was unleashed, pushing the value of our dollars downhill, the sole goal of most of our society became surviving month by month. As the things that made life a little more livable became way too expensive for us to have, it is actually insane to think how much the cost of living has gone up in just a few years. We went from on the path to prosperity to on the verge of a cliff alarmingly fast. Today, most people have little to no money left to spend after they pay all their bills, and no matter how much we work, it seems that it's never enough to achieve a comfortable living.
In today's video, we've decided to gather some goods and services whose prices are soaring well above what most of us can pay. Before moving on, we kindly ask you to support our work with a thumbs up, and don't forget to subscribe to our channel. Without further ado, let's check this list.
1. Computers and electronics, including cameras, smartphones, TVs, video doorbells, and even electric toothbrushes, need semiconductor chips to function. But the shortage of microchips is still plaguing the industry and driving the price of all products that depend on these tiny devices to soar. Over the past two years, the electronics category has seen overall prices rise by 30 percent, with some large TVs more than doubling in price since 2021. Experts predict that the chip shortage will last for another year or two, especially because severe storms caused a slowdown in production in Taiwan, which produces 65 percent of the semiconductors we use. In other words, expensive prices for electronics are going to stay with us for quite some time.
2. Rental cars: If you are planning to take a road trip this year, you may have to reevaluate your plans because the average cost to rent a car in 2023 is 73.5 percent higher than a year ago. This massive surge was largely caused by the sudden drop in demand during the pandemic when no one was traveling. Rental car companies reported declining revenues, and many of them were forced to sell off large chunks of their fleets to stay afloat. The stunning increase in car prices that followed over the next two years made it difficult for them to purchase new vehicles to rebuild their inventories. So, demand for rental cars continues to outstrip the available supply, making them a less viable alternative for those who are looking to save some money.
3. Gas: Even after falling almost one dollar fifty after its five-dollar peak in June 2022, gas prices are still 42.7 percent higher than they were in 2019. This led 56 percent of Americans to drive less in December compared to the same time a year prior. Our domestic production of gasoline remains below historical levels, and in many parts of the country, supplies are already dwindling. Extreme weather events also shut down nine refineries, which are just now resuming operations, and we're seeing this being reflected at the pump. In recent days, just a week ago, the national average was 3.27 cents per gallon. Today, it reached 3.48 per gallon, which is an increase of 21 cents in just seven days. Also, refinery maintenance season will soon be in full force, putting upward pressure on prices. On average, gasoline prices rise between 35 and 85 cents per gallon between March and Memorial Day.
4. Clothing: Even as major retailers mark down prices to get rid of excess inventory, apparel prices rose by almost a percent in January and were 5.2 percent higher than in January 2022, according to the Bureau of Labor Statistics. Demand has stayed strong, with Walmart reporting a 6.5 percent increase in apparel sales in the last quarter."
Continued in video.
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