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News Junction > Blog > World News > Dr Phil says you need $11,434 more a year now than in 2021 — here’s the White House data
Dr Phil says you need ,434 more a year now than in 2021 — here’s the White House data
World News

Dr Phil says you need $11,434 more a year now than in 2021 — here’s the White House data

Published August 25, 2024
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Don’t missDid you get a raise?Battle against inflationWhat to read next

‘Did y’all get a raise?’: Dr Phil says you need $11,434 more a year now than in 2021 — here’s the White House data

TV personality Dr. Phil McGraw is renowned for delivering direct, no-nonsense advice to guests facing a wide range of personal challenges. But in this episode, the focus shifts from an individual struggle to a broader national concern: inflation.

In Episode 13 of “Dr. Phil Primetime,” Dr. Phil spoke with Jordan and his wife Latisha, a couple who both work full-time as teachers, yet struggle to cover basic necessities and can’t afford extracurricular activities for their children.

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“This is frustrating, right? Because you both work really hard — you work an extra job, you work an extra job — and you still can’t make it work,” Dr. Phil observed. Jordan echoed this sentiment, responding, “It’s a sad situation.”

Rather than offering immediate advice, Dr. Phil turned to the big screen, where he presented some alarming statistics:

“When you take a look at what’s going on — electricity 25% increase, auto insurance up 33%, used cars up 35%, hotels up 15%, groceries — this matters — up 25%,” Dr. Phil read aloud.

Then came the most shocking figure: “This is a big one — you need $11,434 additional just to maintain the same living standard that you had in 2021. Did y’all get a raise between now and then?”

“No,” the couple answered, shaking their heads in unison.

But how does their situation stack up against federal data?

Did you get a raise?

Dr. Phil did not specify the source of the $11,434 figure, but it appears to stem from an analysis conducted by Republican members of the U.S. Senate Joint Economic Committee using government data.

In November 2023, CBS News reported on the analysis, stating, “The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs.”

Though, the Biden administration has criticized this analysis, labeling it “flawed.”

“Fourteen million more Americans have jobs today than when President Biden took office and household disposable income is up by almost $21,000 since December 2020,” a White House spokesperson told CBS MoneyWatch.

The latest employment report from the Bureau of Labor Statistics also indicates that the average hourly earnings for all employees on private nonfarm payrolls in the U.S. reached $35.07 in July 2024, up from $29.93 in January 2021 — an increase of just over 17%.

Read more: Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that. Here’s how you can save yourself as much as $820 annually in minutes (it’s 100% free)

Battle against inflation

Americans have grappled with rising prices in recent years. In June 2022, the U.S. Consumer Price Index (CPI) saw an annual increase of 9.1%, the largest since November 1981.

However, after significant interest rate hikes by the Federal Reserve, the headline inflation rate in the U.S. has subsided. In July 2024, the CPI showed a 12-month increase of only 2.9%.

Several experts have even declared victory over inflation.

Last October, Nobel laureate Paul Krugman proclaimed on X, “The war on inflation is over. We won, at very little cost.”

Jeremy Siegel, professor of finance at the University of Pennsylvania Wharton, shared a similar view in a November interview with CNBC.

“We are not going to have any more inflation,” he said.

But while the rate of inflation has slowed down, the prices of many necessities remain elevated. For example, the food index within the CPI has risen by more than 21% since January 2021, and the shelter index has surged by 22% during the same period.

Considering this, Jordan and Latisha are not alone in taking on extra work to make ends meet. A recent Economic News Release shows that as of July 2024, 4.793 million Americans were working a full-time job and a part-time job, while 464,000 Americans were holding down two full-time jobs.

“We’re being crushed,” Jordan said. “The middle-class are the ones that are hurting, that bracket where we make too much to get help and we make enough to where we still feel the pressure of gas prices.”

There’s something to be said for the discrepancy between rising hourly wages and a plethora of cash-strapped Americans. It’s possible, like Jordan expressed, some of those in the middle — not poverty-stricken but still living paycheck to paycheck — face a unique struggle yet to be solved.

What to read next

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

#Phil #year #heres #White #House #data

TAGGED:AmericaDataDr. PhilHeresHouseJordanLatishaPhilstock marketWhiteWhole Foodsyear
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