Godlike Productions - Discussion Forum
Users Online Now: 1,786 (Who's On?)Visitors Today: 374,179
Pageviews Today: 592,485Threads Today: 204Posts Today: 2,948
07:28 AM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

What Will You Do When Inflation Forces U.S. Households To Spend 40 Percent Of Their Incomes On Food?

 
Jwnlwplus4Moderator
Forum Moderator

User ID: 80238870
United States
05/06/2021 02:34 PM

Report Abusive Post
Report Copyright Violation
What Will You Do When Inflation Forces U.S. Households To Spend 40 Percent Of Their Incomes On Food?
Did you know that the price of corn has risen 142 percent in the last 12 months? Of course, corn is used in hundreds of different products we buy at the grocery store, and so everyone is going to feel the pain of this price increase. But it isn’t just the price of corn that is going crazy.

We are seeing food prices shoot up dramatically all across the industry, and experts are warning that this is just the very beginning. So if you think that food prices are bad now, just wait, because they are going to get a whole lot worse. Typically, Americans spend approximately 10 percent of their disposable personal incomes on food.

The following comes directly from the USDA website… In 2019, Americans spent an average of 9.5 percent of their disposable personal incomes on food—divided between food at home (4.9 percent) and food away from home (4.6 percent). Between 1960 and 1998, the average share of disposable personal income spent on total food by Americans, on average, fell from 17.0 to 10.1 percent, driven by a declining share of income spent on food at home. Needless to say, the poorest Americans spend more of their incomes on food than the richest Americans.

According to the USDA, the poorest households spent an average of 36 percent of their disposable personal incomes on food in 2019… As their incomes rise, households spend more money on food, but it represents a smaller overall budget share. In 2019, households in the lowest income quintile spent an average of $4,400 on food (representing 36.0 percent of income), while households in the highest income quintile spent an average of $13,987 on food (representing 8.0 percent of income).

Needless to say, the final numbers for 2020 will be quite a bit higher, and many believe that eventually, the percentage of disposable personal income that the average U.S. household spends on food will reach 40 percent. That would mean that many poor households would end up spending well over 50 percent of their personal disposable incomes just on food. At one time that would have been unimaginable, but now everything is changing.

[link to endtimeheadlines.org (secure)]

[link to www.ers.usda.gov (secure)]

Food prices typically move in the same direction as fuel prices, often with a slight lag as it takes time before fuel costs are incorporated into food prices. While the direction is often the same, the sizes of the price swings differ. Over the past 2 decades, motor fuel and household energy prices have experienced double-digit annual price swings, while food prices have posted annual increases of between 0 and 6 percent, for an average annual increase of 2.4 percent.

Last Edited by Jwnlwplus4 on 05/06/2021 02:38 PM
“You've gotta dance like there's nobody watching,
Love like you'll never be hurt,
Sing like there's nobody listening,
And live like it's heaven on earth.”
William W. Purkey
EBE2021

User ID: 77378452
United States
05/06/2021 02:43 PM

Report Abusive Post
Report Copyright Violation
Re: What Will You Do When Inflation Forces U.S. Households To Spend 40 Percent Of Their Incomes On Food?
Well, considering a majority of Americans are overweight and obese I would assume buying less food will help them lose weight.





GLP