Bidenflation will cost families an additional $3,500 this year, impacting low-income families the hardest, a study released Wednesday showed.
According to the University of Pennsylvania’s Wharton School’s budget model, Americans on average will have to spend $3,500 more in 2021 to sustain their consumption of years past in 2019 and 2020.
The study also suggests low-income families will be disproportionally impacted. The study estimated lower-income families will have to spend seven percent more money to maintain their previous consumption patterns, while higher-income families will only have to spend six percent more.
“Lower-income groups spent relatively more on food, energy, and shelter, while higher-income groups spent relatively more on other commodities and services,” the study states.
